MEDIA RELEASE
Tuesday, 6 September 2016
Watershed Day for NSW Thoroughbred Racing
Racing NSW and the Australian Turf Club today announced that as of 1 October 2016 the minimum prizemoney for Saturday metropolitan races will increase to $100,000 per race.
“This increase headlines several prizemoney initiatives totaling almost $53 million annually which has been announced this year, capping off a surge in NSW prizemoney over four years,” said Racing NSW Chairman, Mr John Messara AM.
“Today’s announcement is a further step towards achieving a vital component of Racing NSW’s Strategic Plan, intended to financially stimulate the NSW Thoroughbred Racing Industry.
“In 2012, total NSW prizemoney was $118.9 million. Following today’s announcement, I’m delighted to advise that annual prizemoney in NSW will be more than $204 million, an increase of $85 million over that time.
“These increases are entirely sustainable and are fully-funded from the proceeds of the sale of digital media rights, Race Fields legislation fees and parity,” Mr Messara added.
Increases to prizemoney are highlighted as follows:
- Metropolitan Saturday minimum prizemoney increasing to $100,000 per race or almost 18% on 1 October 2016 from $85,000 per race.
So is this good news for Punters?? We don’t think so. Firstly the money comes from you as race field levies etc. are levied directly on punters via the betting markets and on the commission that Betfair collects. So where does the money end up going? The owners you might think, well yes there’s some of that BUT it actually goes to the breeders…why? If there is more prizemoney to be earned then they can ask a bigger price for stud fees, better prices at the auctions and so on. In the end it costs owners more and punters more so don’t be deceived. Any comments?By the way, we are also owners and breeders in a very small way via our Winform Gold Club so maybe we will get something back down the track but it’s not the point.