Despite the recession and almost half the country seeing the racing industry as negative, the New Zealand Racing Board’s net profit nearly doubled over the past five years.

The unaudited – before industry expenditure and distributions – net profit for the 2009/10 racing season, which runs from August 1, 2009 to July 31, 2010, saw a 7.7% growth on last year ($9.2m increase) and a 49.7% increase on 2005/06 ($42.6m increase).

The growth does not come as a surprise for the board as it only exceeded last season’s budget by 0.53%.

Auckland Racing Club’s push to improve its facilities for corporate punters appear to be working, with the club announcing an improved annual result.

The racing club, which is headquartered at Ellerslie, returned a surplus of $1.07 million from operations for the year ended June 30, 2008. This compares to a surplus of $658,960 the previous year.

But after depreciation, the net deficit for the year was $52,532, compared to a deficit of $439,997 in 2007 and a deficit of $1.316 million in 2006.

A $9 million budget package committed by the Government to New Zealand's racing industry has been slammed by the Problem Gambling Foundation.

The money, earmarked for some stakes races, was announced by Racing Minister Winston Peters and will be split proportionately between three codes -- gallops, harness racing and greyhounds -- over three years.

Problem Gambling Foundation chief executive John Stansfield said it was "obscene" that the racing industry would get more taxpayer money on top of the pokie funding and tax concessions it already got.