Greyhound Racing Victoria (GRV) has announced a reduction in prizemoney for the remainder of the 2023/24 financial year due to a “significant softening in the national wagering market,” according to GRV CEO Stuart Laing. The changes, effective January 15, primarily impact 4th-grade races and above, while maintaining minimum prizemoney for other race categories.
Laing stated, “The downturn in wagering has been prevalent since January this year and suppressed market conditions are expected to continue for the foreseeable future. We have to make these changes now to ensure the financial viability of the industry.”
The CEO highlighted efforts to mitigate the impact, saying, “GRV has also made cuts to its operating expenses in a range of areas without compromising the commitment to, and expenditure on, core integrity, welfare and rehoming operations.”
Laing expressed optimism about the temporary nature of the adjustments, stating, “Prizemoney and other participant returns in Victorian greyhound racing have been increased by $30 million over the past four years as revenue has grown.”
The new funding model, agreed upon with the state government, aims to provide a more stable revenue outcome for the Victorian racing industry in the future.
