Racing Board hopes large profit will convince Peters it's doing its job

Racing Minister Winston Peters met with some tough questions today.

The Racing Board hopes a large profit will help convince minister Winston Peters the board is doing its job.

A profit of $145.9 million – up $1.9m from last year – has been revealed today.

The board’s future is under a cloud following the release of the Messara Report into racing, which recommends a major overhaul of the industry.

That includes selling off racecourses across the country and outsourcing the TAB.

CEO John Allen says an additional $12m was given back to the industry to boost much needed stakes money.

A record 230,000 people placed bets with the TAB in the past 12 months, up 20% on last year's figure. This comes as the board raises concerns about the plans to outsource the TAB and what it will mean for racing and other sports codes in New Zealand.

“The potential outsourcing of the TAB will need to be thoroughly analysed to ensure any decisions which are made are in the best, long term interests of our customers and the industry” says Mr Allen.

Mr Allen says he hopes the financial results – and expected higher profits next year – will give the Racing Minister more confidence in the board.

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