GRV Announce Record Prizemoney Increases

PRIZEMONEY for Victorian greyhound racing will soar to new heights with a record $58 million to be distributed in the 2021-22 financial year.

Greyhound Racing Victoria (GRV) chairperson Peita Duncan made the landmark announcement on RSN Radio Friday, which will see an annual increase in stakes of approximately $6 million.

The majority of the increases will go to ensuring the future of GRV's newly introduced Pink Diamond series while also supporting rises to distance events and provincial racing.

The inaugural $1.1m Phoenix, slated to be staged at The Meadows in December, will also receive funding under the increases.

"The prize money increases we announce today benefit all our hard-working participants across Victoria at every level of racing,” Duncan said.

“It gives back to those trainers, breeders and owners who help to make our sport the leading greyhound racing code not only in Australia but in the world.

"It's about making sure that all participants, especially those with small to medium sized racing operations, can continue to thrive and invest in their dogs and facilities." 

Duncan said that the increases are a direct result of the continued growth the sport is experiencing, particularly in the wagering sector.

"We are able to increase prize money because of a very strong wagering performance over the past year and a strategic focus to ensure that GRV as an organisation can deliver growth for the future success of the sport,” Duncan said.

"We are continuing to build a fit for purpose organisation where we develop new skill sets,  deliver more services through automation and digital platforms, and bring our customer,  commercial and marketing business areas further into the digital age, all while creating an  easier to do business service delivery model." 

"These changes will lead to a reduction in administrative costs of at least $1.5 million over  the next 12 months and ensures that GRV can continue to deliver for participants whilst  maintaining our focus on integrity and animal welfare outcomes."