A Huge Boost for Racing Stakes
It’s good news for the racing industry. The New Zealand Racing Board recently informed the various racing code chiefs that up to $24 million will be fed back into the industry over the next two years. The $12million annual boost will be used exclusively for racing stakes, and there is a promise of much more to come. Coming into effect on August the 1st, New Zealand thoroughbred racing will receive an additional $6.5 million more per year than in previous seasons. Harness racing will receive an additional $3.55 million while Greyhound racing will have an extra $1.95 million added to the kitty.
Speaking to the press, NZRB chief executive, John Allen has said this is just the beginning. Allen has said that over the next season, the return to the codes will jump from $136.2 million to $148.2. He is optimistic that in three to five years, the figure could reach the $200 million mark. For the next two years, the industry is guaranteed a solid $12 million per annum. But this figure is just the start of much bigger things to come. A good portion of the extra funds will come from the passing of the race field’s legislation.
According to the new legislation, overseas corporate bookmakers will be forced to pay a percentage for betting on New Zealand racing product. The legislation is expected to be up and running before the general election. New strategies implemented by the New Zealand Racing Board will also have a major impact on the bottom line, which positively affects the return to the NZ racing industry. According to Allen, a new fixed odds betting platform is set to take effect as well as improved performance in the overall betting channels.
Improvements in Fixed Odd Betting
The biggest improvement will be found online. Allen says that with overseas agencies, improvements in fixed odds betting platforms has yielded higher turnovers. The new system will give the industry a chance to win back New Zealand based customers that chose to go elsewhere. Allen has also said that the optimisation of the racing calendar with meeting and specific race dates will be crucial in driving turnover.
The first $24 million that is being returned to the industry will be targeted exclusively for racing stakes. This is to ensure sustainability and raise confidence in the industry as a whole. The additional funding is expended to enable racing participants to have a greater confidence in the future of New Zealand Racing. This dramatic boost in funds comes on top of the $4.77 million allocated in January to support youth development, infrastructure and stakes.
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