Free bet turnover and corporate bookmaker bounties hit new heights as Racing Victoria’s turnover topped $9 billion for the first time in 2021-22.
But new chief executive Andrew Jones has warned that the “strong” numbers are already showing signs of slowing this financial year and may not be sustainable in the future.
At the end of 2018-19, Victorian racing turnover topped $7 billion for the first time, and two years later soared to $8.7 billion thanks to punters locked in home under COVID-19 restrictions.
But instead of receding, the numbers rose again in 2021-22, rising 5% to $9.16 billion to mark an incredible 30% growth in four years.
Interestingly, the growth of free bets and bounties from bookmakers has been even faster. Four years ago, $110 million in free bets were handed out by bettors on Victorian races. Last year, these generosities reached a record $437.7 million, or nearly 5% of all revenue.
“A new revenue record was set in FY22 thanks to strong customer engagement and a favorable market
conditions as total betting revenue increased by 5.3% to $9.16 billion,” Racing Victoria said in its annual report.
“COVID lockdowns in the first half of the year provided the platform for continued growth, while betting service providers continued to support Victorian thoroughbred racing as a flagship product in their generosity campaigns.
But despite record betting levels, betting revenue fell 0.5% last year due to Racing Victoria’s joint venture agreement with the VicTAB, which was affected by the COVID shutdowns and shutdowns. retail sites.