Tasracing’s 2015 annual report has revealed that wagering turnover grew by nearly seven per cent to $475 million in the last financial year.

Tasracing has achieved wagering turnover growth of $100 million or 30 per cent over the past three financial years and as a result Racefield revenue increased by nearly 15 per cent to $10 million

Tasracing recorded a loss of $1.2m compared to the $0.3m loss last year, largely driven by a widening funding gap of $1m, a $1.7m write-off of obsolete assets and increased superannuation provisions of $0.4m.

Acting Chairman Dean Cooper acknowledged the Tasmanian Government’s decisive action regarding the funding reset decision that concluded the long-running funding challenge the company had been managing since its inception.

“The reductions introduced on 1 October 2015 were planned to minimise the impact on local participants, looked to preserve race field fees and be applied on an equitable basis ” he said.

“Importantly, without the growth in revenue driven by commercial decisions taken by Tasracing, the ‘reset’ amount would likely have been much higher.

“Tasracing has done much to address the funding gap issue itself and delivered $1m of cost savings and efficiencies in 2012/13 that have been maintained to date.”

In the annual report Mr Cooper acknowledged the sudden passing of Chairman Brian Speers and his significant contribution to the organisation and the industry.

“Involved in the racing industry as an administrator and participant for more than 40 years, he was a founding member of the Tasracing Board,” he said.

“He was instrumental in overseeing the development of the changes to close Tasracing’s funding gap and underpin the racing industry’s sustainability going forward.”

Mr Cooper said the Board was pleased with the continuing strong wagering performance of Tasracing.

International revenue grew to a record $0.5m thanks to the close working relationship that exists between Sky and Tasracing and the focus both parties place on promoting Tasmanian racing overseas.

“The annual report notes a record return from Sky Racing’s international business, generating revenue from international jurisdictions including France, New Zealand, Singapore, the United Kingdom, the United States and South Africa,” he said.

“We also have a strong focus on digital promotion that has seen the tasracing.com.au brand and promotional messages reach nearly seven million national wagering customers during the financial year.”

A new industry funding model was introduced in financial year 2015 following extensive industry consultation, based on stability and commercial performance.

Specifically, thoroughbred funding increased to $12.6m, an increase of $0.4m or 2.83 per cent, harness funding increased to $6.0m, up $0.2m or 2.93 per cent, and greyhounds received $4.3 m, increase of $0.1m or 3.05 per cent.

Tasracing’s 2015 annual report also detailed a number of other achievements / highlights, including:

• The interstate performances of a number of Tasmanian participants – thoroughbreds Mongolian Khan, The Cleaner and Banca Mo, harness horses Beautide and Barynya and greyhound Buckle Up Wes.

• The Greyhound Adoption Program (GAP) successfully adopted out 63 greyhounds in 2014/15. The greyhound industry provided $0.1m from the code’s funding allocation for GAP in 2014/15. This will double in 2015/16.

• Thoroughbred Wednesday night racing continued to provide significant benefits over Sunday racing. Total turnover on Wednesday night thoroughbred racing increased by more than 16 per cent to $70.8m compared to last season.

• The installation of a new irrigation system at UBet Park in Hobart for the thoroughbred tracks.

• Tasracing continued to meet its statutory obligations in meeting quarterly with peak industry groups through the year. This has been very important as the industry transitions through a significant period of change.