Friday, July 5, 2024
Greyhound Racing NSW (GRNSW) is pleased to announce that a record $55.1 million in prizemoney and other payments was disbursed to industry participants in 2023-24.
GRNSW Chief Executive Officer, Mr Rob Macaulay, said the figure represented a 4.6% increase on returns to participants the previous year, despite a recent 22.5% decline in income from wagering.
“GRNSW made a deliberate choice to do everything we could to maintain record prizemoney levels for our participants during a tough economic year as cost-of-living pressures surged across the State,” Mr Macaulay said.
“The result reflects our unwavering commitment to safeguarding the livelihoods of greyhound industry participants who rely on a consistent level of prizemoney.”
Mr Macaulay said the NSW Greyhound Racing Industry remains a significant economic contributor to the State.
“The NSW Greyhound Racing industry is a powerhouse, contributing over $655 million in value-added economic benefits to the NSW economy, more than half of which is generated in regional NSW.
“Revenue comes through various channels including betting, tourism, hospitality, and breeding. However, the prizemoney paid to our participants is a vital ingredient that keeps money circulating within the industry, supporting jobs and businesses tied to racing.”
A recent independent report revealed the NSW greyhound racing industry supports over 12,300 roles - comprising participants, employees, and volunteers.
It includes 4,344 full-time equivalent jobs, with the majority located in regional areas of NSW, where employment opportunities are often scarce.
“Greyhound racing is an essential part of regional, rural, and suburban NSW towns, where most of our people and greyhounds live,” Mr. Macaulay said.
“These heartland regions are the backbone of our industry, and we recognise their critical importance to NSW.”
Mr Macaulay said that to maintain prizemoney levels, GRNSW made significant adjustments to its operational cost base, including staff reductions and other cutbacks.
For more information: media@grnsw.com.au