Image courtesy of Trish Dunell
Written by Paul Vettise
The Board of New Zealand Thoroughbred Racing (NZTR) has announced stakes increases with an injection of NZ$7 million to be allocated for the period from August 28, 2021 to April 2, 2022 which represents a 20 per cent increase on the same period last year.
Today’s announcement includes stakes lifts across the board, among them increases in minimum prizemoney levels for industry and feature days.
The prizemoney increases, which are across the board and designed to be sustainable, are achievable following a strong wagering performance and changes to the TAB New Zealand operating model.
“We are operating in a different environment to what we did under the old Racing Act,” NZTR Chairman, Cameron George, said. “The Board’s decision regarding stake increases is aligned with the TAB New Zealand funding cycle and is strategically focused to enhance returns, with all stakeholders benefiting.
Cameron George
“The NZTR Board has created a rolling funding policy across periods of time, as opposed to a full racing season. This enables the Board to produce increased funding to the industry off the back of good performance. Basically, if the industry, including TAB New Zealand, performs then the industry benefits.
“Basically, if the industry, including TAB New Zealand, performs then the industry benefits.” – Cameron George
“The rolling model allows us to manage and mitigate financial risks and, most importantly, target times of the racing year when we receive the greatest response, both in participation and revenue. A blanket approach does not create growth and better returns, so we need to be creative."
In addition to stake increases, NZTR’s commitment to free nominations and acceptances, which provides savings of $1.7 million to owners, remains in place. The payment back to 14th place, which was initially introduced in the return to racing following lockdown, has been amended with payment back to 10th.
Key prizemoney increases
Industry meeting minimum stakes will increase from NZ$10,000 to NZ$12,000.
Iconic meeting minimum prizemoney increases from NZ$40,000 to NZ$50,000.
Premier meeting minimum prizemoney increases from NZ$30,000 to NZ$40,000 per race, excluding maiden races.
Feature meeting minimum prizemoney increases will apply across various levels including maiden minimums moving from NZ$10,000 to NZ$15,000, and open minimums from NZ$32,500 to NZ$40,000.
Listed Races move from NZ$50,000 to NZ$60,000, Group 3 from NZ$70,000 to NZ$80,000, Group 2 races from NZ$100,000 to NZ$110,000 and the Group 1 minimum from NZ$200,000 to NZ$220,000. The increase in Group and Listed flat races will apply to the full season.
“This initiative achieved its purpose off the back of COVID-19 and now is clearly the right time to amend it,” George said.
A key feature of the stakes increase policy is the creation of a NZ$500,000 innovation fund for clubs.
“There are lots of good ideas out there and we see this as an opportunity to incentivise innovation by clubs. We encourage them to apply to the fund to further improve their race meeting performance,” George said.
Additionally, NZTR has prioritised an infrastructure fund which will promote much needed investment in vital components in the delivery of a safe, marketable and modern racing footprint.
