Cover image courtesy of The Image Is Everything
Dear NSW Racing Industry Participants,
One of the main Key Performance Indicators (KPIs) of a public company is the dividends it pays to its shareholders. In the racing industry, the equivalent KPI is the total returns paid to participants.
Accordingly, it should bring great satisfaction and pride to NSW participants that the thoroughbred racing industry in NSW receives more distributions than any other State in Australia.
Dr Saranne Cooke | Image courtesy of Racing NSW
Racing Australia has just released the 2025 Fact Book, detailing national thoroughbred racing statistics for the season ended 31 July 2025.
The results confirm the continued strength and success of New South Wales.
In 2025, Total Returns to Owners and Participants in NSW reached $420.2 million - $110 million higher than any other State in Australia.
This represents a clear and measurable demonstration of the scale, sustainability and financial strength of our industry.
| Total Industry Distributions | $376.7m | $286.4m | $177.8m |
| Incentive Scheme Distributions | $13.8m | $9.8m | $9.0m |
| Other Returns to Participants | $37.8m | $24.5m | $16.7m |
| Fees Paid by Participants | $8.1m | $10.8m | $7.8m |
| TOTAL RETURNS 2025 | $420.2m | $309.9m | $195.7m |
Table: A summary of the relevant figures
A decade of continued growth
The long-term trend is even more compelling.
Just 10 years ago, Victoria’s Total Returns exceeded NSW by $7.3 million. In the decade since, NSW has not only reversed that position, but increased annual Total Returns by $117 million more than Victoria.
On a cumulative basis since 2016, NSW has delivered $421 million more in returns than any other State— with NSW distributing $3.02 billion compared to $2.6 billion over the same period for the next highest State.
It is clear that, for anyone wishing to invest in any facet of the Australian Thoroughbred Racing Industry they should do so in NSW. As has been highlighted above it provides, the best returns on investment.
Sharing success across the industry
These figures represent far more than statistics. They reflect real income supporting thousands of owners, trainers, jockeys, stable staff, breeders and industry participants whose livelihoods depend on a strong and growing racing industry.
Importantly, NSW remains the only State that allocates 2% of all prizemoney directly to stablehands, providing meaningful additional support to some of the industry’s lowest paid but most essential workers.
This initiative reflects our commitment to ensuring that success is shared across all levels of the industry.
Securing the future of the industry together
The continued growth of NSW racing has been achieved through disciplined financial management, strategic investment, and a clear focus on maximising returns to participants.
In order to ensure that the returns to participants are not affected by changing economic circumstances or any other unforeseen occurrence, Racing NSW has set aside $104 million in reserves to ensure prizemoney levels can be retained. Pleasingly, these reserves have not been needed in any of the past three years, and are also not going to be needed this year.
It is therefore disappointing that a small minority of agitators have chosen to engage in divisive and personality-driven politics at a time when industry unity and stability are critical.
Actions that undermine confidence in the industry risk harming revenue growth and, ultimately, participant returns. Constructive engagement and collective effort will always deliver better outcomes than internal disruption for self-interest.
NSW racing is strong. It is financially secure. And right now, it is delivering record returns to the people who give this sport its heart and soul.
Our job, my commitment to you, is to protect what we have built and keep pushing it forward, for every participant who depends on a thriving industry.
Yours faithfully,
Racing NSW
Dr Saranne Cooke
Chairman
