AFTER recording a massive loss in 2011-12, Tasracing dramatically improved its financial performance last financial year - without any negative impact on the racing industry.
The annual report tabled in Parliament yesterday stated that the racing industry's controlling body lost $500,000 in 2012-13, compared with $10.4 million the previous year.
It attributed the turnaround to "disciplined financial management and robust commercial strategies".
Chairman Brian Speers said it had been achieved while maintaining industry services and delivering on Tasracing's responsibilities.
"Importantly, industry funding was not impacted in any way," he said.
"The allocation of prizemoney and industry funding increased by CPI (1.6 per cent) or $339,000 to more than $21.7 million.
"Of the total allocation, the thoroughbred code received $11.7 million, harness $5.9 million and greyhounds $4 million."
Speers said wagering turnover on the Tasmanian racing product rose by 7.7 per cent across the three codes, building on 8.4 per cent growth from the previous year.
"Wagering turnover grew by $28 million to $403.7 million, thanks to commercial strategies developed and implemented by Tasracing," he said.
"This growth was achieved in the face of significant competition from other entertainment options and at a time when there is increasing pressure on consumers' disposable income."
The annual report also listed a number of other achievements, including a 20 per cent rise in web site visitors and a 300 per cent rise in "likes" for its Facebook page.
A three-year exclusive naming rights sponsorship for the Tasmanian summer racing carnival had been signed with Betfair and Magic Millions and TasBreeders had signed a three- year agreement to conduct the annual Magic Millions Tasmanian yearling sale.