Harness Racing Victoria announces operational savings and changes to participant returns for 2025 as part of the industry’s pathway to sustainability.

From January 1, 2025, feature race prizemoney, breeders and first-win bonuses, and baseline prizemoney will be reduced.

Five full-time positions, including the Chief Operating Officer role, will also exit HRV, part of operational cuts that have seen the authority’s workforce reduced by about 23 percent since July 1, 2023.

HRV Chief Executive Officer Matt Isaacs said the savings were critical steps towards harness racing in Victoria’s sustainable pathway.

“No racing authority wants to reduce participant returns, but Harness Racing Victoria pays two-thirds of its revenue to prizemoney, which is unsustainable,” Isaacs said.

“We need to move to a model that is in line with Victoria’s gallops and greyhound codes and return about 50 percent of revenue to prizemoney and bonuses.

“I appreciate this will not be the news the industry wants to hear, and I empathise with those who are already doing it tough, but these decisions are needed to ensure we can sustain harness racing in Victoria long into the future.”

As part of the changes:

  • February’s A. G. Hunter Cup will be reduced from $500,000 to $350,000, while the 2025 Victoria Cup and Great Southern Star will be reduced from $300,000 to $250,000. These are part of $1 million in savings across 46 features. The updated key race calendar for the 2024-25 financial year can be viewed here.
  • HRV will cease breeders’ bonuses, responding to feedback that money was better allocated to base prizemoney.
  • A single-tier Vicbred first win bonus will be introduced, with a flat $5000 bonus for two and three-year-olds and $3000 for four-year-olds. These changes collectively save the industry $1.7 million.
  • Regular prizemoney allocations will be adjusted to align more closely with wagering revenue, including the lowest race band starting at $4000 (previously $4500). Those allocations will be continually reviewed against revenue, with sustained positive wagering results to be returned to prizemoney.

“At present, Harness Racing Victoria loses on average $45k per race meeting primarily because prizemoney outstrips direct wagering revenues,” Isaacs said. “This is unsustainable.”

Isaacs said HRV made significant operational cuts in August 2023 and May 2024 and would make further changes from December 2024, collectively saving more than $14 million.

The changes have been required because stagnating revenue from a stressed wagering market have not kept pace with rising prizemoney and operational costs.

“Our strategy has been to make operational cuts first, which we have done, and gradually stage any prizemoney impacts,” Isaacs said.

“During consultation across the past 12 months, the participants and industry stakeholders have been clear – they have asked we move swiftly to ensure harness racing in Victoria’s long-term sustainability.”

Changes in this announcement are forecast to help HRV return to a balanced budget by the 2026-27 financial year.

HRV has also announced staff changes from December 1, reducing a further five full-time equivalent roles, including the departure of Chief Operating Officer Luke Spano, who joined HRV in February 2018 as General Manager – Finance.

“Luke has made a historically significant contribution to HRV in his more than six years,  including securing vitally important funding for projects such as the Shepparton and Charlton training facilities and assisting the industry to navigate the COVID-19 challenges,” Isaacs said.

“We are working towards reforming HRV to minimise operational costs while still delivering our requirements under the Racing Act, which means high standards of integrity and animal welfare remain central to all we do, but there will be other service limitations.

“We need to put on the best racing, which engages the widest audience and produces the greatest returns for harness racing in Victoria. This is the challenge for all passionate about this sport.”

Have a question? Email askhrv@hrv.org.au