Greyhound Racing Victoria (GRV) has announced a record breaking $6 million increase to prize money for the 2012/2013 financial year, with total stakes to reach $36 million in the state.
GRV Chairman, Peter Caillard, commented that the prize money increase will directly benefit greyhound racing industry participants and is a result of the new 12 year Joint Venture Agreement that was signed in December 2011.
“This increase to prize money is the biggest there has ever been in Australian greyhound racing and GRV are proud to give such great returns.
“The extra funds have been made available through the new 12 year Joint Venture Agreement with Tabcorp coupled with the sport’s increasing popularity, which is assisted by the product being fun, exciting and easy to wager on.
“Greyhound racing in Victoria accounts for 20 per cent of wagering turnover with one in four bets placed on Victorian racing being on the greyhounds,” Caillard said.
The $6 million increase will be spread across all Victorian greyhound racing clubs in which there are two metropolitan tracks and 11 regional tracks.
Metropolitan clubs - Sandown Park and The Meadows – will receive an extra $900,000 to go towards Victoria’s metropolitan feature races in order to maintain Victoria’s position as the state with the richest and most exciting feature racing calendar.
In addition to these increases, The Meadows and Sandown Park will hold a 12 race card at their Saturday and Thursday meetings respectively.
The 11 regional clubs will receive an additional $100,000 directed to country feature race allocations.
Minister for Racing, Dr Denis Napthine, commented that the positive relationship between GRV and the State Government had contributed to the increase in prize money.
“The Victorian Coalition Government is a strong supporter of greyhound racing. This positive government partnership with GRV has helped to deliver this record increase in prize money,” Dr Napthine said.
“These prizemoney increases closely follow major State Government supported track redevelopments at Bendigo, Geelong and Healesville and improvement to patron facilities at Shepparton and The Meadows.
“Along with the Coalition Government’s recent injection of funds to significantly enhance the GOBIS program, this announcement cements Victoria as the number one place in Australia and, indeed, the world to own and race a greyhound.
“The Baillieu Government supports greyhound racing because it provides 2000 jobs for Victorians and is a large contributor to the State’s economy," Dr Napthine said.
The 12 year Joint Venture Agreement was signed in December last year and will come into effect in August. Tabcorp Chief Executive, David Attenborough, highlighted the relationship the organisation enjoys with greyhound racing when applauding the record increases to prize money.
“I congratulate Greyhound Racing Victoria on its announcement to increase prize money levels in 2012. The Victorian greyhound racing industry is a world leader and Tabcorp looks forward to being part of its ongoing success,” Attenborough said.