Written by Jessica Owers
Cover image courtesy of New Zealand Thoroughbred Racing
A day out from the New Zealand Bloodstock (NZB) National Weanling and Broodmare Sale, the Kiwi industry received a shot in the arm when it was announced on Thursday that New Zealand Thoroughbred Racing (NZTR) will inject an additional NZ$20.3 million into prizemoney next racing season.
NZTR released its Strategic Funding Document for the 2023/24 racing season, with the organisation’s Board and management stating a prizemoney increase was the obvious way to grow stakeholder confidence and incite further investment into the growth of the country’s racing industry.
Cameron George | Image courtesy of NZTR
“At the top of this priority list is the enhancement to stakes funding, increasing by NZ$20.3 million and taking our total stakes funding to NZ$90.8 million for next season,” said Cameron George, NZTR chairman.
“This is a fantastic opportunity for our industry, and the recent approval of the Entain strategic partnership has allowed NZTR to plan with certainty for the next five years, and prioritse areas of the business to promote growth.”
“This is a fantastic opportunity for our industry, and the recent approval of the Entain strategic partnership has allowed NZTR to plan with certainty for the next five years, and prioritse areas of the business to promote growth.” - Cameron George
On May 23, a strategic partnership between Entain and TAB NZ was approved by government, paving the way for one of the New Zealand industry’s most beneficial alliances.
Entain is a leading global sports betting, gaming and interactive entertainment group, and its 25-year partnership with TAB NZ will committ NZ$900 million to the Kiwi racing industry over the next five years, injecting enormous confidence into the product.
The alliance was approved by New Zealand’s Minister for Racing, Kieran McAnulty, which effectively handed Entain the TAB’s betting and broadcasting operations in New Zealand for the term of the partnership.
Entain’s chief executive in Australia, Dean Shannon, described the partnership as a “game changer” for sports betting south of the Tasman.
Entain’s chief executive in Australia, Dean Shannon, described the partnership as a “game changer” for sports betting south of the Tasman.
At a grassroots level, the partnership has bred plenty of confidence into industry participants. This week, TDN AusNZ has spoken to a number of breeders and buyers at this week’s NZB sale, all of whom mentioned it as a reason to have confidence going forward.
On Thursday, that confidence was further escalated by the NZTR announcement on spiked prizemoney, with the CEO of NZTR, Bruce Sharrock, saying widely that the funding increase will benefit the entire Kiwi industry.
“We are pleased to see stakes funding spread across all categories and regions of racing,” he said. “NZTR has also introduced eight new innovation races, as well as further funding to the very successful Southern Mile.”
Bruce Sharrock | Image courtesy of NZTR
Breaking it down
The NZTR Strategic Funding Document on Thursday acknowledged that ‘stakes increases are hugely significant to the rejuvenation of this industry’. NZTR has made some critical increases to its prizemoney funding next season.
Group 1 races will escalate to NZ$400,000 from NZ$300,000, while iconic and premier Group 2 events go up to NZ$175,000 (from NZ$140,000) and feature and industry Group 2s go up from NZ$120,000 to NZ$150,000.
Group 3 events are going up from NZ$100,000 to NZ$120,000 and NZ$85,000 to NZ$100,000 in respective categories, while Listed races will increase by NZ$10,000 and NZ$15,000 respectively.
Group 1 races will escalate to NZ$400,000 from NZ$300,000 | Image courtesy of Trish Dunell
The eight new innovation races will generate plenty of chatter, not least because they include a NZ$1 million Karaka Million 4YO feature, which will be worth NZ$500,000 to the winner and which will occur on a Karaka Million Twilight Meeting. It will be a set-weights affair and horses will not be limited to NZB graduates.
New six-figure races include a NZ$350,000 South Island feature (Riccarton) and similar conditions races at Te Rapa, Wellington and Ellerslie.
The Southern Mile will increase by NZ$100,000 to be worth NZ$200,000 next season, while three NZ$100,000 all-weather championship will also occur as a sprint, mile and cup.
The increases bring total stakes investment next season up by 29 per cent, from NZ$70.5 million to NZ$90.8 million, which represents that key increase of NZ$20.3 million year-on-year.
The increases bring total stakes investment next season up by 29 per cent, from NZ$70.5 million to NZ$90.8 million, which represents that key increase of NZ$20.3 million year-on-year.
Additionally, the regional breakdown is fairly similar to that of the current season, if not marginally up.
The Northern Region is budgeted to receive 43 per cent of the total stakes funding (up from 42.3 per cent), the Central Region 33.4 per cent (down from 33.9 per cent), while the South Island is budgeted to receive 23.6 per cent of the total stakes funding (down from 23.7 per cent).
Strategic priorities
The NZTR document on Thursday outlined five ‘strategic areas of action’ which will be allocated resources and funding in aid of delivering initiatives.
These five areas are specific to: industry training and enhancement of horse and people welfare, track/surface enhancement, accountability for performance among clubs, sustainable revenue growth and the enhancement of public relations to ‘improve the image and reputation of the industry’.
The document outlines in detail how NZTR aims to achieve each of these strategies, and it also outlines how the Entain Agreement may transform the fortunes of the Kiwi industry.
“NZTR has provided commentary on the recent TAB Entain strategic partnership,” Sharrock said, “with an explanation of what it means to our industry, as well as answering a number of frequently asked questions surrounding the agreement.”
Central to NZTR’s statement, in this respect, is that it believes the partnership will provide a better presentation of the racing product in New Zealand, that it will bolster wagering growth and lead to better funding distribution across the codes.
Central to NZTR’s statement... is that it believes the (Entain) partnership will provide a better presentation of the racing product in New Zealand, that it will bolster wagering growth and lead to better funding distribution across the codes.
The offshoots of this are improved fan engagement, new fans to the sport and better animal welfare standards.
Thursday’s release also features a lengthy breakdown of the Agreement’s funding particulars specific to NZTR, which will be welcomed as transparent detail by industry stakeholders.
“Our entire industry can all be very excited for what the future holds off the back of this announcement,” Sharrock said. “We see this as an opportunity to lay the platform of improved professionalism and standards across the industry, leaving a legacy for generations to come.”
