The Anzac Day Trust was established in 1970 following an agreement between the Returned Services League (RSL), horse racing authorities and the State Government to allow horse racing and other sporting events to be held after midday on Anzac Day.
In exchange for allowing sporting events on Anzac Day, the RSL negotiated that a portion of the profits from those race meetings should be provided to a fund, administrated by the Trust, to assist ex-service personnel and their dependents.
When it was established, the Trust was to receive an amount equal to half the net profits of race meetings held on Anzac Day. However, it was very rare that Anzac Day race meetings resulted in a net profit, which led to a change in the legislation in 1981 to allow a payment in lieu of the sum derived from race meetings.
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