Racing Queensland has published its 2023/24 Annual Report after it was tabled in Parliament today.
Highlights include:
- Total revenue reached $479.0 million in FY24, decreasing by 1.9% from FY23, but remains the second highest year on record;
- Total prize money reached $263.7 million, which represents an 8.2% increase from FY23; and
- Queensland’s market share across the three codes rose to 17.4% – up 1.2% from 17.2% in FY23 – in the midst of a challenging wagering market.
RQ Chair Steve Wilson AM said the size, strength, and resilience of the Queensland racing industry once again came to the fore in 2023/24.
“Over the past decade, the industry has had to confront many issues including flood, drought, and more recently, a global pandemic” Mr Wilson said.
“During that time, it has not only survived, but thrived, whilst RQ has maintained a laser focus on increasing revenue to reinvest through returns to participants.
“The challenges refuse to dissipate, however, with the overall degradation of the Australian wagering market, recalibrating after the highs experienced during the global pandemic, impacting all jurisdictions.
“Nonetheless, RQ was all but able to maintain its financial position, with total revenue reaching $479.0 million in FY24, which represents a slight decrease of 1.9% from $488.3 million in FY23.”
Click here to view the 2023/24 RQ Annual Report.