New Zealand’s Racing Industry Transition Agency (RITA) reported revenues of NZD$348 million (about US$159 million) for the fiscal year ending July 31, a figure which was 3.1 percent lower than the previous year.
The total turnover for the fiscal year amounted to NZD$2.77 billion.
RITA CEO John Allen attributed the decline in the annual report as being the result of “reduced turnover in the first half of the year with lower betting activity from Elite punters; lower margins in the second half, particularly in sport; and customer disruption in January as we launched our new betting platform.”
He continued, “The 2019 year saw significant investment that will set the business up for the future. We invested heavily to ensure our betting and broadcasting businesses provide customers with a world-class experience and as a result, increase funding for New Zealand racing and sport.”
Racing Minister Winston Peters commented, “This industry is undergoing a period of transition. We welcome the support of all those investing in the future to ensure the racing industry is turned around from a state of decline.”
In July, the former New Zealand Racing Board (NZRB) was reconstituted as RITA.