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%.

ABOVE: Paul the Octopus conveys his World Cup picks to humans by opening one of two flag-painted boxes before each game.