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Wagering turnover on Tasmanian racing increased by 12 per cent to a record $576 million in 2017-18.

The figures were released when Tasracing’s annual report was tabled in the Tasmanian Parliament on Thursday.

Tasracing chairman Dean Cooper said the strong performance in a highly competitive industry was the result of a clear commercial focus, an expanding national digital presence and a quality racing product.

“As a result, Race Field Fee revenue increased by $2.6 million, and Tasracing was able to pass on two funding increases during the year,” he said..

“Total prize money for the industry in 2017/18 reached $23.3 million following two funding increases during the reporting period of 6.2 per cent and six per cent respectively as a result of a strong commercial performance.”

The annual report noted that the following amounts were allocated across the three codes:

• Thoroughbred - $12.76 Million, an increase of $1.39 million compared to the previous financial year.

• Harness - $6.13 million, an increase of $660,337.

• Greyhound - $4.37 million, an increase of $475,144.

Cooper said the company recorded a loss of $106,517 as a direct result of an increased workers’ compensation liability of $1.4 million.

However at the end of the financial year Tasracing had cash reserves of $16.3 million for infrastructure investment.

“With the support of industry, the Tasracing Board signed off the construction of a single 28-metre wide track at Elwick Racecourse,” he said.

“Projections are on course to start construction immediately after the running of the 2019 Hobart Cup.”