Tabcorp's Annual Results Show '16-17 Returns To Victorian Racing Dropped To A$325M

Financial returns to the three codes of Victorian racing from its joint venture with TAB "have dipped for the second successive year," according to Patrick Bartley of the SYDNEY MORNING HERALD. Tabcorp's release of its annual results to the stock exchange highlighted '16-17 returns to Victorian thoroughbred, harness and greyhound racing were A$325M, down more than A$6M. Proceeds from the joint venture are the Victorian racing industry's "primary source of revenue." Returns have declined almost A$25M in the last two years. In contrast, TAB payments to the NSW industry grew 7.3% to A$312M in '16-17. Tabcorp said that its total return of A$813M to Australian racing included A$76M from Sky broadcast fees and the sale of Australian racing overseas amounted to A$100M in race field fees. Total wagering with Tabcorp in '16-17 was A$1.69B, "in line with the previous year" (SMH, 8/6).