Racing Victoria has returned to a statutory surplus of AU$773,000 for the financial year ended 30 June 2026, reversing an AU$8.9m deficit a year earlier. Total revenue rose 1% to AU$531.9m (US$367.2m) as the governing body completed its first full year under a revised industry funding framework.
On a normalised basis, excluding one-off and non-business-as-usual items, Racing Victoria reported a surplus of AU$3.1m. That compares with a normalised AU$2.7m deficit for FY25. The annual report follows two years of planned deficits during a restructuring of the body and its media operations.
A business-wide efficiency programme has generated AU$21.4m in cumulative gross operating expenditure savings since FY24, exceeding an AU$20m target. Gross operating expenditure fell a further AU$7.9m in FY26.
Racing Victoria said spending directed to owners, participants and clubs accounted for 76% of revenue, with prizemoney and VOBIS bonuses exceeding AU$316m.
The financial recovery came despite a softer overall wagering market. Domestic turnover on Victorian thoroughbred racing fell 2.8% to about AU$7.4bn, with 18 fewer race meetings held to align the programme with the available horse population.
Racing Victoria said average turnover per race increased on an underlying basis for the first time in several years.
Race fields income rose 2.2% to AU$228.8m, while the group's media business generated AU$28.7m in gross profit in its first full year within Racing Victoria's corporate structure. The body separately paid AU$33m to clubs for media rights. Its annual report says wagering-related revenue supplies approximately 84% of total income, underlining the importance of betting activity to its funding model.
Attendance reached 1.17 million across Victorian race meetings during FY26, compared with 1.16 million a year earlier. Racing Victoria also spent AU$5.55m on equine welfare operations and capital. It ended the year debt-free, with net assets of AU$177.3m. The report does not disclose a group EBITDA measure.
Tabcorp's FY26 results showed 0.9% growth in domestic wagering turnover and an operating expense adjustment linked to the Victorian Wagering and Betting Licence, providing a comparison for the state's racing economy.
Racing Victoria said turnover on the 2025 Melbourne Cup was more than six times that of any other Australian race
