The gradual death of racing has been grossly exaggerated.
In fact, it could be argued that the sport – if properly managed – could be set to boom.
Analysis of Melbourne’s two major carnivals – the Melbourne Cup Carnival and the Caulfield Cup Carnival – plus the wildly successful Everest in Sydney shows not only big surges in crowds, but evidence that a new generation may be embracing racing in big numbers.
The Everest, where, over nearly a decade, the race has grown into one of Australian racing’s biggest success stories.
A crowd of 52,110 attended the race’s 10th running at Randwick, with the Australian Turf Club planning to increase crowd sizes next year.
Crucially for Racing NSW, it has been embraced by young Sydneysiders.
According to the ATC, women accounted for 53% of general admission ticket purchasers, up from 43% last year. The raceday continues to attract a young crowd, with attendance among 18–24-year-olds up 20% year-on-year.
Big, young crowds
Combined crowds for the two Victorian carnivals hit 361,168 – but a deeper dive shows just why the sport, if it’s smart, could nurture the next generation of racegoers.
The Melbourne Cup Carnival’s attendance was up 7.4% – the highest in nine years – to 307,889 people on course, increases across all four days.
But it’s the demographics that are encouraging – 60% of all general admission tickets were bought by people under the age of 35 – a 7% increase ear-on-year.
The numbers at Caulfield tell a similar story – with indicators of even greater reasons for optimism.
While the Melbourne Racing Club celebrated its biggest Caulfield Cup Day crowd in a decade, with 30,092 attendees, figures suggest young and female attendance is on the rise.
In figures released to Betsy from the MRC, 8,482 attendees aged 18–24 across General Admission and Members attended their Carnival, an increase of 37.8% year-on-year.
The club also revealed that 11,365 female attendees across General Admission and Members attended the Carnival, an increase of 16.8% year-on-year.
The numbers are hugely encouraging to the sport after years of concern racing was failing to attract a new generation of racing fans.
Racing leagues, whip-free races and relaxed racewear were all touted as solutions to attract people back on course – but better entertainment with the likes of international DJs and acts like Robbie Williams have turned race carnivals into an elite entertainment experience.
Figures released by Racing Victoria also indicate a small surge in race numbers across the year.
According to RV, 1,171,750 people attended a race day in the 2025-26 financial year, an increase of 1% despite holding fewer meetings across the same period.
Racing’s reach grows well beyond the track
Crucially, engagement away from the racecourse was up across the Melbourne Cup Carnival.
The VRC says that 2.216 million viewers tuned into the Melbourne Cup alone – an increase of 6.6 per cent on last year. Across all platforms, the race attracted a total audience of 3.345 million, up 2.5 per cent on 2025, while National Total TV Reach climbed to 2.4 million from 2.3 million.
Streaming was another big winner, with the average audience on Nine’s 9Now platform jumping 24.6 per cent year-on-year to 578,000 viewers.
VRC CEO Kylie Rogers said her club’s figures show the next generation of racegoers embracing the Carnival.
“The 2026 Melbourne Cup Carnival has been an outstanding success, with our largest Carnival attendance since 2017 and our biggest Lexus Melbourne Cup Day crowd in a decade highlighting the strong momentum behind both the Carnival and the broader racing industry,” she said.
“What is particularly exciting is the next generation of racegoers embracing the Carnival. Sixty per cent of general admission tickets were purchased by people aged 35 and under, while the Lexus Melbourne Cup reached more Australians than ever before.”
Cup betting holds strong as wagering pressures bite
Punting, too, was encouraging, but not off the charts.
Turnover on the Melbourne Cup race reached $229 million, the second-highest figure on record. Turnover on TAB Champions Stakes Day also recorded year-on-year growth, driven by the meeting’s three Group 1 races.
Betsy has been told most wagering providers were slightly down on 2025 across the Cup Carnival, elements they attribute to favourites getting rolled and an interest rate rise on Cup Day.
At Caulfield, punters wagered $130.1 million across Sportsbet Caulfield Cup Day, an increase of 9.2 per cent, or $11 million, on the $119.1 million recorded in 2025. The MRC also reported an 8 per cent increase in club-wide wagering turnover compared with the previous year, growth it said was well ahead of broader industry trends.
