GRV Declares Big Loss Amid Organisation Reset

A $15 million downturn in wagering and vision rights revenue has led to Greyhound Racing Victoria (GRV) posting a $22.6 million deficit for the 2023/24 financial year.

The result comes on the back of a $7.3 million loss for the previous year.

Back in April, GRV embarked on an organisational overhaul to deliver crucial cost savings, slashing as many as 35 full-time jobs.

That move followed reductions to prize money which had surged to unprecedented levels during the Covid-19 wagering boom.

READ: Laing Q&A: ‘Decisions Made To Ensure Future'

Last year, returns to participants reached $72.9 million, down from the record $77 million returned the previous year.

But to give the figure greater context, it dwarfs the $45.7 million returned to participants just five years ago in 2019/20.

In delivering the report, GRV CEO Stuart Laing said that the organisation responded to the sharp revenue decline with a series of cost cutting measures, including a reset of the organisation "to ensure the future sustainability of the industry." 

"As difficult as those decisions were, they were necessary to ensure the industry remained viable during a turbulent time, and four months into the 2024-25 financial year, the impacts of that cost reduction program are now being realised," Mr Laing said. 

"GRV's commitment to welfare and transparency is highlighted in this 2023-24 Annual Report, which includes a breakdown of euthanasia and injuries among other additions. 

"Maintaining world-class integrity and greyhound welfare programs remain essential components for the ongoing success and viability of greyhound racing in Victoria, and this commitment includes holding those people who choose to transgress the rules to account for their actions. 

"To complete 1603 investigations and 2818 property inspections during the year, up from 755 and 1711 respectively in 2022-23, is a demonstration of our integrity team's strong capability and commitment. 

"There are green shoots on the horizon from a wagering and financial standpoint and I remain confident that with the support of the Victorian government, our hard-working people, club managers, staff and volunteers, the participants and our key partners including major sponsors Sportsbet, Victorian greyhound racing's future remains strong."

Wagering turnover on Victorian greyhound racing for 2023/24 reached $2.98 billion down from the $3.4 billion wagered in 2022/23.