Tasracing has announced details of its $1.24 million funding increase across the three codes of racing to be distributed between January and June next year.
CEO Vaughn Lynch said following an initial 6% code funding allocation increase earlier this financial year, recent turnover growth on Tasmanian racing had enabled the company to further increase industry funding for 2017/18.
“The latest $1.24 million increase was announced by the Minister for Racing, Jeremy Rockliff on 6 December and took total funding for the racing industry to $23.29 million,” he said.
“Following extensive consultation with industry participants, Tasracing will increase the allocation to thoroughbreds by $678,000, $325,000 for harness and $232,000 for greyhounds,” Mr Lynch said.
“In summary, the increases in the thoroughbred and harness codes have been spread across base stakes and feature races, while new race series and meetings are proposed for the greyhound code.”
“Optimising the benefits to all industry participants through an increase to base stakes was a primary consideration for Tasracing when distributing this new funding increase, as well as the increase earlier in the year.”
“Of the total thoroughbred increases announced, 70% will be allocated to base stakes, 23% to mid-tier feature races and 7% to top end feature races,” Lynch said.
“The 2018 Hobart and Launceston Cups, Tasmanian Derby, Gold Sovereign Stakes and Tasmanian Oaks each receive a $50,000 prize money increase.
“In the harness code, taking account of both increases, 82% will be allocated to base stakes, 14% to mid-tier races and 4% to top-end harness racing.
Mr Lynch said in the greyhound code, Tasracing had initiated a number of new race series, including a trial program of distance racing from April 2018 to June leading into the winter distance carnival.
“Nearly $80,000 would also be available through stakes increases of $100 per race from 1 January 2018, and $110,000 for additional greyhound races,” he said.
Mr Lynch said Tasracing would provide further information directly to industry participants after Christmas.