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Racing Vic Promises To Maintain Minimum Prize-Money
Racing Victoria chief executive Rob Hines has written an open letter to industry participants "regarding the future funding of our industry in light of the increased competition to the TAB from corporate bookmakers & betting exchanges". Hines notes:
- In 2007-08 net income "from the TABCorp Joint Venture & through product fees from wagering operators was $215 million";
- In the current 2008-09 year "we are on target to receive $234 million" (an increase of $19m or nearly 9%) which "in conjunction with cost reductions at RV enabled us to increase minimum prize-money in February 2009, the only state in Australia to do so this year":
- In 2009/10 "we expect net income of $248 million" (an increase of $14 million or nearly 6%) which "will enable us to maintain minimum prize-money at the current levels despite all the speculation otherwise".