Racing Victoria gave Betfair a free ride on Caulfield Cup day


“If this initiative was something Betfair sought to implement more regularly then we will review our racefields framework and consider any changes in that context.

“Broadly speaking, we would be hopeful that Betfair’s trial attracts new customers to Victorian thoroughbred racing who continue to engage with our racing beyond the trial. We will be interested to see their learnings from it.”

Betfair boasted an 84 per cent increase in turnover on the Caulfield Cup meeting, while Racing Victoria had a 100 per cent decrease in fees from the betting exchange, which are paid on gross profit.

Betfair are still assessing how many new clients it signed up from the promotion.

It came only days from Racing Victoria announcing its 2020 financial year results on Monday, where revenues are expected to take a massive hit because of the COVID-19 crisis.

RVL will also have to reveal what has happened to the $80 million in the Industry Sustainability Fund, which was more aggressively invested last year before the impact of COVID-19.

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“During the year, the consolidated entity shifted its investment mandate to balanced from conservative, with investments made in various financial assets including cash, interest rate securities, Australian and international equities, property and infrastructure and alternative funds,” RVL’s 2019 annual report stated.

“The investment mandate and asset allocations are reviewed on an annual basis together with the governing investment policy.”

Racing Victoria have refused to reveal the impact on the fund despite requests.

A similar future fund at Racing NSW of more than $180 million is split between the National Australia Bank and Commonwealth Bank and invested at cash rates giving a consistent return to the industry.

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