Greyhounds in Australia: GRV posts full-year results

National domestic turnover was down 13 per cent in year-on-year terms.

Australia.- Greyhound Racing Victoria (GRV) has shared its financial results for the 2023/24 financial year. It posted an AU$13.1m (US$8.59m) operating loss and a net loss after depreciation and infrastructure projects of AU$22.7m (US$14.89m). National domestic turnover was AU$2.98bn (US$1.96bn), down 13 per cent year-on-year. The downturn has led to the introduction of a cost reduction programme.

Participant returns reached AU$72.87m (US$47.81m). That’s an increase of 35 per cent increase compared to the 2020-21 year.

The GRV reported that 2,581 greyhounds were rehomed, 1,009 of them first-time adoptions facilitated by its Greyhound Adoption Program. Over 2,800 property inspections were conducted, an increase from 1,711 in 2022-23.

During the 2023/24 financial year, the GRV completed an AU$3.5m (US$2.30m) upgrade of the Sale facility which included track improvements, new rail and lure systems and track lighting. A new racing operations centre and kennel block were completed at Ballarat. Meanwhile, the rollout of GRV’s digital greyhound tracking initiative continued following an AU$1.67m (US$1.10m) commitment from the Victorian government.

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GRV chair Peita Duncan said: “The growth of Victorian greyhound racing has been remarkably rapid over the past five years, having prevailed through the Covid-19 pandemic, where wagering turnover on the sport and prizemoney returns to participants ballooned to record heights. However, we saw signs emerging during 2023 that macroeconomic conditions were contributing to a softening national wagering market and that downward trend accelerated throughout 2024. 

“Despite this, more than AU$70m was distributed to participants in the form of prizemoney and other returns, a figure which sits second in the sport’s Victorian history behind 2022-23. Across the board, cost reductions were made to weather the storm, however, at no stage have our commitments to greyhound welfare or integrity outcomes been compromised. 

“The completion of construction of the new Racing Operations Centre and kennel block at Ballarat marked a wonderful outcome for that club and greyhound racing in the region, while on the track, the third running of The Phoenix provided the ultimate storyline when owner/trainer Jihad Talgi’s Schillaci prevailed in the world’s richest greyhound race. The story transcended our sport, which is exactly why The Phoenix as a slot holder race was established, to reach a new audience and grow our fan base.”

GRV CEO Stuart Laing added: “To ensure the future sustainability of the industry, GRV responded to the sharp revenue decline with a series of cost-cutting measures including a reset of GRV’s organisational structure. As difficult as those decisions were, they were necessary to ensure the industry remained viable during a turbulent time, and four months into the 2024-25 financial year, the impacts of that cost reduction program are now being realised. 

“GRV’s commitment to welfare and transparency is highlighted in this 2023-24 Annual Report, which includes a breakdown of euthanasia and injuries among other additions. Maintaining world-class integrity and greyhound welfare programs remain essential components for the ongoing success and viability of greyhound racing in Victoria, and this commitment includes holding those people who choose to transgress the rules to account for their actions. 

“To complete 1603 investigations and 2818 property inspections during the year, up from 755 and 1711 respectively in 2022-23, is a demonstration of our integrity team’s strong capability and commitment. “There are green shoots on the horizon from a wagering and financial standpoint and I remain confident that with the support of the Victorian government, our hard-working people, club managers, staff and volunteers, the participants and our key partners including major sponsors Sportsbet, Victorian greyhound racing’s future remains strong.”

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