Greyhound Racing NSW (GRNSW) today welcomed the first report tabled by the Legislative Council Select Committee on Greyhound Racing in NSW.
The Select Committee found that the greyhound racing industry may be unsustainable due to its current structure and sources of revenue. The Select Committee recommended that the NSW Treasurer provide financial modelling of the economic impact on state revenue and the greyhound industry of a number of scenarios, or combinations that best reflect optimum outcomes for the future of the greyhound racing industry and the racing industry overall.
GRNSW looks forward to working with the Select Committee and Treasury on the financial modelling of options that will ensure a future for greyhound racing in NSW, prior to the Select Committee tabling its second report on 30 June 2014.
The joint industry submission, led by GRNSW to the Select Committee made a number of recommendations to address long term viability and GRNSW argues that these must be among the options modelled.
GRNSW and the industry maintains that the major challenge confronting greyhound racing in NSW is its economic viability and therefore its medium to long-term future.
The popularity of greyhound racing as a betting medium has never been stronger, with total turnover on NSW greyhound racing growing by 11.2% ($59.5 million) in the first half of the 2013/14 financial year.
However under current funding arrangements, the greyhound racing industry is locked into a 13% share of the revenues received by the entire NSW racing industry, despite the sport generating almost 20% of that same revenue.
As a result, the greyhound racing industry has forgone $154 million dollars since the privatisation of the NSW TAB, and at the present rate is subsidising the other codes to the tune of $15 million a year.
The report also makes recommendations to do with industry governance, integrity and animal welfare. It is pleasing that a number of the recommendations build on the work already undertaken by GRNSW or are supportive of the position put forward by GRNSW to the Select Committee.
These recommendations will require a considered approach and GRNSW is looking forward to working with the Select Committee and the NSW Government to achieve this.
