Split prize money payment scheme for harness racing owners

21 June 2022 | RQ Media
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Racing Queensland has today introduced a split prize money system to assist owner partnerships.

Prize money can now be sent directly to each individual owner under a payment distribution system that will ease the burden on harness racing syndicate managers.

Under the new disbursement scheme, RQ can pay each owner their percentage of harness racing prizemoney into their chosen account.

It comes following a successful trial of the system by Harness Racing New South Wales, which was developed by Racing Information Services Enterprise (RISE), that started in January.

Racing Queensland’s Senior Harness Racing Manager David Brick said it was an opt-in system that would save harness racing syndicate managers or owners from having to double handle payments. 

“The system has been successfully trialled in NSW and will be a great tool for syndicate managers who will no longer have to redistribute prizemoney,” he said.

"Existing owners or syndicates, who want prize money to be continued to be paid into a common or joint bank account, need not do anything."

The ‘managing’ owner of a syndicate will need to initiate split payments through an online portal called Harnessweb and provide bank details of all owners.

Any request for prize money to be dispersed proportionally to separate bank accounts will be sent to connections to be ratified.

All owners must accept the request for split payments to be approved.

“This is a safety net to ensure all owners can check their details and their percentage of ownership to ensure there are no data entry errors,” he said.

“It will make managing a syndicate or even a small group of owners, less stressful.”

Click here for more information on Harnessweb, and to create an account. 

Click here to access RISE's self-help guide.

 

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