Sound half year for Queensland racing

Racing Queensland has released its first half results for the 2021/22 financial year with sound progress being realised across the industry.

On a quarterly basis, RQ publishes its Key Objectives dashboard, with year-to-date highlights including:

• Revenue remains steady on a year-on-year basis at $188 million despite the cessation of the QTAB minimum payment obligation;
• Returns to participants have grown by 13.6% or $15.2 million to $126.9 million; and
• An improvement in attendances and participation – an increase of 16.8% to 394,139 - has been achieved after navigating the COVID-19 pandemic.

Following the recent South East Queensland floods, a challenging second half awaits with club recovery, and hardship assistance, on the radar.

“The Queensland racing industry continues to make sound progress thanks to the support and investment of the Palaszczuk Government through initiatives such as the share of Point of Consumption Tax and the Country Racing Program,” RQ Chairman Steve Wilson AM said.

“The size, scope and significance of our industry is enormous, and continues to be realised across the state.

“During the first half of FY22, wagering turnover on Queensland product has reached a new half year record of $3.7 billion which represents a $411 million (+12.5%) increase.

“We know that further challenges are ahead, however, as we get our industry back on its feet following the SEQ floods.”

Whilst turnover with corporate bookmakers has grown by $438 million (+14.1%), turnover declines continue to be realised by QTAB (-13.9%) with ongoing pandemic issues with its retail channel.

With Tabcorp’s ‘Minimum Payment Obligation’ expiring at the start of 2021, the need for QTAB to meet its merger benefit expectations remains an ongoing concern.

Across the three codes, wagering turnover on Queensland product increased by 12.5% with greyhounds again leading the way.

Turnover figures include:

 
Returns to participants included an additional $8 million in prize money (+9.5%), $500,000 for jockeys and drivers’ fees (+4.9%), $6 million for critical racing infrastructure and club funding (+33.2%) and $800,000 for animal care initiatives.

“RQ continues to provide record-breaking returns to participants,” Mr Wilson said.

“The majority of last month’s prize money increases have been directly returned to grassroot participants, sustaining the 13,569 Queenslanders now employed in the industry across the state.

“In recent weeks, we’ve also provided a further $500,000 in direct support through the Training Assistance Fund to support participants through the floods.”

With the TAB Queensland Summer Racing Carnivals recently concluding, the full results will be included in the third quarter dashboard.

Once again, The Star Magic Millions Raceday set a new Queensland turnover record of $78 million – eclipsing last year’s mark of $69 million – whilst turnover for The Wave was $40 million.

The Summer Carnival will be further enhanced next year with the introduction of two new world-first innovative races, along with an additional $1.5 million in prize money for the Magic Millions meeting to increase it to $11.75 million.

As a result, the Magic Millions will expand to a 10-race card in 2023 through the addition of two new races: Magic Millions The Syndicate (1200m, 3YOs & up) and Magic Millions The Debut (900m, 2YO).

It will also become the first raceday in Australia to stage eight million-dollar plus races, with only the Dubai World Cup meeting and day two of the Breeders’ Cup World Championships offering more across the globe, with nine apiece.

The design and delivery of key infrastructure projects including the $39 million Greater Brisbane Greyhound Centre and the $38 million re-development of the Gold Coast Turf Club will continue throughout FY22 and beyond.