By Annette Shailer

The NSW and Victorian racing industry incomes for 2008/09 are up significantly on the previous year, Tabcorp Holdings Limited announced yesterday (Aug 6).

The income generated for the NSW racing industry in 2008/09 was a record $237m, up 10.8 per cent on the previous year, while the income generated for the Victorian racing industry through the Joint Venture partnership in 2008/09 was a record $321m, up 6.9 per cent on the previous year.

TAB revenue is the primary funding source of NSW’s thoroughbred, harness and greyhound racing industries, while Joint Venture revenue is the primary funding source of Victoria’s.

During the year, Tabcorp implemented a number of initiatives to improve the growth and competitiveness of the NSW and Victorian wagering businesses, including the introduction of the BIG6, increased marketing, product and price promotions and a new premium customer offer.

Tabcorp’s CEO, Elmer Funke Kupper, said the revenue and margin pressure that was building in the wagering market would inevitably start to impact racing industry funding.

“The only way we can secure industry funding is to recognise that racing and wagering are national activities, not state based activities. This means putting in place a national tax rate and a national industry funding regime that applies equally to all operators,” Kupper said.

“In other words, we need to close the loopholes that exist as a result of differences between states in both tax rates and product fees”.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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