With a crowd of only 2000, organisers are fearful for the future of the event should next year's cup lose money.

Devonport Racing Club chairman Barry Milton said COVID was the main reason for the profit loss.

"Had there not been an outbreak I'm pretty confident we would have had another 1000 people," Mr Milton said.

"That would have made it a profitable cup."

Mr Miltson said they didn't realise until the final stages of organising the cup that the event was going to run at a loss.

"We wanted to keep the show on the road, because we started to pre-plan back in September - to procure all our supplies and everything like that," he said.

"So, once December 15 came and the borders opened we had no choice - we had to continue with the event."

However, Mr Milton is hopeful they will be compensated for their loss.

"Tasracing may support us," he said.

"They don't want people to run at great losses, so there is support there."

While he is hopeful for next year's event, Mr Milton said the 2023 Devonport Cup could not afford to operate at a loss.

"We can't run two years without a profit, because that's what the club lives off, it's their main event every year," he said.

Regarding COVID safety measures, Mr Milton said there were no issues.

"Everyone's compliant out there," he said.

"Everyone's wearing masks and social distancing, and that's a great thing with 2000 people."

Mr Milton said health department workers were at the cup, making sure protocols were adhered to.

"We've done everything the health department asked us to do," he said.

"We've got hygiene stations, QR codes and signs everywhere."

Despite financial concerns, Mr Milton said the day was successful in other aspects.

"The day has been great - we've kept our sponsors on board, the patrons are happy and the marquee area is rocking," he said.

"It's a great atmosphere out there and the racing has been excellent."