Engagement with Melbourne Cup Carnival soars as Cup Week registers record turnover

10 November 2022 Written by VRC

Engagement with Australia’s premier racing festival, the Melbourne Cup Carnival, continues to reach new heights in 2022, achieving a total domestic wagering turnover of $776 million with an additional $95 million in international turnover which resulted in a record A$871 million for the four days.

Turnover across Cup Week was up 7 per cent from last year, complementing strong audience numbers across broadcast, digital and social platforms.

Record domestic turnover was seen on Penfolds Victoria Derby Day ($166 million), Kennedy Oaks Day ($95 million) and TAB Champions Stakes Day ($144 million), with the revamped TAB Champions Stakes Day recording a significant uplift of 21 per cent year-on-year.

Turnover for Lexus Melbourne Cup Day continues to be the highest of any race day in Australia and was the second highest ever at $371 million (just behind last year’s record of $375.6 million), including an increase in turnover on the Lexus Melbourne Cup to $226 million, despite challenging weather conditions which traditionally impacts wagering.

Internationally, turnover on Lexus Melbourne Cup Day set new benchmarks in Hong Kong with wagering up 20 per cent on 2021 and it was another record year in the USA, with turnover increasing on all four days including a 55 per cent increase year-on-year on the Lexus Melbourne Cup.

New Zealand is a key market for racing, tourism and wagering, and turnover was up 13 per cent across the Carnival in a week that saw 10 New Zealand-trained runners compete at Flemington. 

Victoria Racing Club (VRC) CEO Steve Rosich said record turnover was an indication of the strength of the world-class racing program and engagement during the Melbourne Cup Carnival.

“We are pleased to announce the Melbourne Cup Carnival wagering results today, which has been an annual and transparent process, with the results from this year a new record,” Mr Rosich said.

“Flemington hosted 37 races across Cup Week featuring some of the world’s best horses, riders and trainers which drew global interest, and record wagering is a sign of the Carnival’s continued popularity and global engagement.

“Record wagering turnover across the week and significant increases in international markets was strongly supported by extensive digital, social, broadcast and online coverage of Cup Week.

“The new innovation of TAB Champions Stakes Day clearly resonated with the market with significant growth of 21 per cent for a record result for this day, which added to the record results for Penfolds Victoria Derby Day, Kennedy Oaks Day and the Lexus Melbourne Cup race.

“We thank the more than 244,000 people who turned out at Flemington despite challenging weather conditions on the first two days, and the many millions more across the world who watched with interest.

“Credit must also go to Senior Manager Flemington Racecourse Liam O’Keeffe and his team for preparing a racing surface that is fair and safe for horses and jockeys and gives people across the world the confidence to wager, even with some of the weather challenges on the first two days.

“Planning has already begun for the 2023 Melbourne Cup Carnival and we look forward to elevating engagement in Australia’s greatest racing and social event again next year.”