Stronger than expected wagering revenue and a targeted cost reduction program has led to Greyhound Racing Victoria recording a half-year operating profit of $5 million and is on target to deliver a $23 million year-on-year net improvement by June 30.

For the first half of the financial year to the end of December 2024, total wagering turnover on Victorian greyhound racing was flat with the same time last year, while average turnover per race across the program was up around 5 per cent on last year, as a result of a reduction in total races run and a revamp of the racing program.  This has led to revenue being $3.8 million higher than budget, while operating costs have been reduced by around $11 million compared to the same period last year.

In describing the positive financial results and wagering turnover figures in his latest CEO Update, GRV’s chief executive officer Stuart Laing said a reduction in staff and operating costs and an improvement in wagering revenue was generating a much quicker return to profitability than expected.

“We’ve had a very good start to the year,” Laing said.

“That’s been achieved with an $11 million reduction in operating costs year-on-year. At this stage, we’re travelling pretty well.

“Taking into account that first half result, we’re now forecasting around about a $4.5 million operating profit for the year, and when we factor in things like infrastructure and depreciation expenses, that’s a $23 million turnaround  on the same comparative period last year.”

Laing said the trial to remove the second Sunday meeting from the racing schedule in favour of 13 and 14-race cards had also reaped significant benefits, and would become a permanent part of the schedule.

“Overall, they’re doing about 16 per cent better average turnover per race than what we would have got out of a Sunday day meeting,” Laing said.

“Overall it’s a net positive. We’re being able to program those races in the right time slots – getting Sky 1 coverage is important – and overall it’s produced a very solid net benefit for the organisation. Now we’re embedding that into the program on a permanent basis.”

Laing said wagering turnover for the financial year-to-date was about even on last year, despite running about 400 fewer races and 60 fewer race meetings in the 2024-25 season, which was better than the overall market trend, adding that the feature meetings of the Dream Chasers Festival recorded a 9 per cent year-on-year uplift.

“Some really encouraging signs, particularly on our feature race meetings,” he said.

Laing’s March CEO Update also included details on a new tier of racing being trialled, the latest on GRV’s rehoming efforts and an update on Cranbourne and Traralgon.

FY25 First Half  (H1) results to 31 December 24

• Operating Profit: $5.0 million; up $11 million on H1FY24
  • Revenue: $72 million; steady with H1 FY24
  • Operating Expenses: $67 million; down $11 million on H1 FY24