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New Zealand Racing Board announces net profit of $146.7 million

New Zealand Racing Board (NZRB) announced net profit before distributions of $146.7 million for the year ending July 31, 2016, as well as the commencement of a new, independent inquiry for greyhound racing.

Total turnover was up 11.9 percent year-on-year to $2.7 billion in FY16, while total revenue was up 4.6 percent year-on-year to $351.9 million.

"Our focus on our customers has seen nearly 181,000 account customers placing a bet over the past year, up 9.6 percent, with our digital channels continuing to grow in popularity and accounting for 55.9 percent of betting activity and our TAB Mobile App up 214.4 percent on last year." said NZRB chief executive officer, John Allen.

The chief said his focus will be in assembling its leadership team “with the right skills and experience”, as well as focusing on animal welfare, infrastructure, youth development and stakes money.

"We are working on a series of pilot enhancement funds to help support and grow the industry by tactically boosting stakes to attract higher quality racing, investing in key infrastructure and helping build the next generation of racing by encouraging and incentivizing the development of career paths into and through the industry," said Allen.

The greyhound racing inquiry, according to local media, will be carried out by former High Court judge Rodney Hansen and will review breeding and racing practices, life-cycle tracking of New Zealand-bred and imported greyhounds, and will look into the fate of the animals after they retire from racing.

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