New Year stakes increase for Tasmanian racing

Sunday 27 December 2020

18 December 2020

Jane Howlett, Minister for Racing

The Tasmanian Liberal Government is committed to supporting the state’s racing industry.

As Minister for Racing I am excited to announce, just a week out of Christmas, that a further 6 per cent increase will be implemented for Tasmanian racing from 1 February.

This follows a 6 per cent stakes increase announced last August.

It was a tough start to Tasmanian racing in 2020 with the impact of COVID, but with this total extra stakes increase, I am confident we are now heading for a strong period of growth. It provides enormous confidence for our local racing industry and helps attract further investment.

At the last election, our Government committed to increasing stakes by an average of 4 per cent a year over four years.

With today’s announcement, we have now well and truly exceeded this commitment. Stakes in 2018 were $20.75 million and will grow to $24.6 million, an annualised increase of $3.86 million or 18.6 per cent since 2018.

While this is a significant achievement, it is also sustainable and affordable for future years.

This additional stakes increase has been enabled by strong wagering turnover, including on Tasmanian racing, particularly since the return to racing in June.

Tasracing will consult with the three codes during January to determine the exact distribution of stakes for when they are implemented from 1 February.

Tasmania’s racing industry injects around $103 million a year into the state’s economy and supports jobs in rural and regional areas, with over 5,500 Tasmanians directly participating in the industry.

I wish everyone in our fantastic racing industry – thoroughbreds, harness and greyhounds – a very happy and safe Christmas and look forward to experiencing some fabulous racing in 2021.