Increase in Non TAB Races Prize money from $1,500 to $2,000 = $55,000
HRNSW Chief Executive John Dumesny said that there will be effectively over $2million in additional prize money funding available in the next financial year.
“The FY17 Industry Budget already allows for an additional 50 races, which equates to $809,000 in stakes; therefore, there is a total additional $2million prize money on offer to participants next year,” Dumesny said
“With an increase in the number of programmed races there are more opportunities for breeders and owners to collect Breeders Challenge bonuses as well.”
The $1.21 million Tax Parity Fund prize money in year one increases to $4.3million in year five and is not inclusive of other bonuses paid direct to breeders or owners.
The Drivers Superannuation Guarantee, which commences from July 1, will be paid on behalf of the owners in NSW and not deducted from the prize money which is already in place.
“In order to avoid owners becoming responsible for the Drivers Superannuation Guarantee which becomes effective from 1 July 2016, HRNSW will assume this cost. The fee will be met out of the tax parity funding and avoid a reduction in owner revenue,” Dumesny stated.
Returns from wagering revenue must be sustained and strategies to increase these revenues are vital to the long term funding, according to the HRNSW Chief Executive.
“As we drive for capacity fields across the State to generate maximum wagering returns the unplaced funding initiative to compensate in part the costs to owners of every starter, yet not decrease the total prize money, has proven to be a positive boost. This requires funding of the 10th to last horses,” Dumesny said.
Owners requested certainty of racing opportunities, especially for younger horses; the guarantee of two year old races in NSW is a first step with the Two Year Old Races Guarantee.
These races can be additional to the standard eight race meetings at tracks and therefore won’t impact on other prize money distribution. This presents increased opportunities for breeders and owners bonuses.
As from July 1, races which are currently listed for $3,000 will carry prize money of $3,500.
Ten meetings will be elevated from Category C $3,000 prize money meetings to Category B $5,000 prize money meetings which theoretically allows for an additional 80 opportunities for eligible horses to win Breeders Challenge bonuses for breeders and owners.
All Non TAB races will carry prize money of $2,000 as from July 1.
“Basically the strategy is bottom up with prize money,” Dumesny stated.
“Over the course of the coming years with the incremental increases from the wagering tax rebates, races of less than $3,500 will be nonexistent on all tracks.
“Prize money for current Category A and B races will be constantly under review and adjusted whenever possible in the future,” Mr John Dumesny confirmed.
Ends
