Prize money injection for New Zealand Thoroughbred racing
NZRB announces $24 million boost to stake money
The New Zealand Racing Board’s latest funding announcement is a no strings attached boost to stake money.
An additional $24 million will be provided to the three
codes – thoroughbreds, harness and greyhounds - over the next two years with
the thoroughbred industry’s share at $6.5 million.
"This is all for stake money and nothing else,” NZRB chief
executive John Allen said.
"The money will come from the NZRB balance sheet, which has
strengthened over the last few years having sold buildings etc in order to
invest in projects and there will be a small amount of borrowing to support the
progression of investment.”
The thoroughbred code has already raised minimum stakes to
$10,000 in anticipation of extra funds.
"We have a great racing product in New Zealand with amazing
skills of horsemen and women and we want them to invest here and stay and
further their careers and we certainly hope this latest announcement boosts
confidence levels,” Allen said.
"Our return to the codes will go from $136.2 million last
year to $148.2 million this year and I would like to think that in the next
three to five years that figure could go as high as $200 million.
"The next two years are guaranteed at $12 million extra per
year though and not only is that number sustainable, it is just a starting
point.”
Meanwhile, Allen said that an announcement on the NZRB’s
investment in an automated fixed odds betting platform will be made in the near
future after ongoing discussions with Paddy Power Betfair/Open Bet for a number
of months.
"A final decision on our partner has yet to be made, but
will be within a month. We would expect an investment of $25 million to be made
over a period of years.
"With the fixed odds platform improvements, we have seen
overseas agencies increase their turnovers through them and they will also give
us the chance to win back large New Zealand-based customers we may have lost.” – NZ
Racing Desk.