An independent report has detailed the importance of Victoria’s racing industry, which generates almost $5 billion to the state economy.

The Size and Scope Report, which was conducted on figures from 2018/19 and was released on Monday, highlights the role that thoroughbred, harness and greyhound racing have to the state.

It reveals the industry had a real gross value to the Victorian economy of $4.7 billion, which was up 123 percent on a similar study conducted in 2004/05, when the real gross value was $2.1b.

It also outlined that the racing industry supports 147,952 employees or participants in Victoria.

Other key findings of the detailed report were that the Victorian Racing Industry:

Racing Victoria chairman Brian Kruger said the report highlights just how import racing is to the state of Victoria.

“The release of the latest Size and Scope Report confirms that the racing industry continues to play a crucial role to the state’s economy with impacts extending well beyond those seen at the racetrack,” Kruger said.

“The lifeblood of racing is our people, and we are proud that 147,952 people are involved in, or supported by, the industry with racing continuing to be a major employer in Victoria.

“These figures highlight the economic and social importance of the Victorian Racing Industry in both metropolitan and regional areas, and we are committed to seeing racing in this state continue to grow and prosper.”