Harness Racing Victoria’s (HRV) 2022 Annual Report has been tabled in Victorian Parliament.
FY22 saw significant investment in delivery of the TROTS24 strategic plan. As a result of this investment coupled with other factors, HRV reported an operating loss before revaluations of $4.1 million.
These factors include:
- A reduction in the expected Joint Venture distributions from Tabcorp as a result of COVID-19 retail store closure
- Additional funding support provided to country clubs to assist in navigating through extended periods of lost sponsorship and hospitality revenue opportunities
- The impact of COVID-19 on the expected profits at Tabcorp Park Melton, which was either closed or trading under severe restrictions for a large part of FY22.
In FY21, HRV was able to offset the above reductions in operating revenues or club funding increases through COVID-19 Emergency Funding and JobKeeper payments which were not maintained by government in FY22.
HRV Chairman Dale Monteith said the Annual Report showed just how much HRV is committed to the future of the industry.
“Eighteen months ago HRV unveiled a deliberately ambitious strategic plan – TROTS24 – with a bold vision to be globally recognised as the home of harness racing in Australia. The plan was to create innovative racing and events that are underpinned by a commitment to the highest standard of welfare and integrity across the industry,” Monteith said.
“HRV’s Board is pleased with progress made to date and the recent support of the Victorian Government for the plan.”
“For several years, harness racing jurisdictions across the globe have struggled with declining participation and wagering turnover. Additionally, there has been more competition than ever before for mainstream media attention in the highly competitive, modern-day sporting and wagering landscape.”
“In developing TROTS24, HRV was mindful of the unacceptable risks of merely maintaining the status quo approach to the years ahead. To not prioritise growth would be to consign the industry to decline. While achieving growth across the industry is challenging, the alternative is not a viable option if our industry is to achieve long-term financial sustainability.”
HRV secured $4.1 million in Victorian Government funding in FY22, which partially contributed to major projects aligned to TROTS24, including:
• Construction of a new Shepparton training centre
• Expansion of the Charlton training centre
• Investment in race day infrastructure, such as photo finish and timing equipment, a video management system and live GPS sectional software, to strengthen our position in the broadcast space
• Investment in HRV’s resource capability and infrastructure to drive the strategic plan
“It was pleasing that wagering turnover on Victorian harness racing reached just under $1.2 billion, making it the most wagered on harness racing product in Australia. This was an increase of 9% on the previous high mark set in FY21.”
“In FY22, prize money of $47.4 million was paid, including a $1.5 million increase to base-stake races. This saw 43% of $7,000 races from 1 January 2022 receive a lift to either $8,000, $9,000 or $10,000.”
“On another positive note, our digital and online audience continued to grow in FY22. Highlights included a 62% increase in the number of 18-24-year-old visitors to thetrots.com.au, and overall website audience growth of 16% year on year to 517,513 users. Page views on the website eclipsed 4.4 million (up 6.5%). On social media, HRV platforms registered 90.7 million impressions, 44.4 million video views and 5.2 million engagements.”
