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SBD Global/July 3, 2012/Leagues and Governing Bodies

Racing New South Wales Prize Money Increases Take Effect

Horseracing "ushered in a new dawn" when Racing New South Wales' long-awaited prize money increases took effect, according to Craig Young of the SYDNEY MORNING HERALD. Racing NSW CEO Peter V'landys said, "The battle has always been to make racing in this state viable and, in order to do that, prize money levels are the benchmarks because that determines the economic drivers for all the industry." Racing NSW pocketed about $100M from wagering operators following the race-fields legislation win. V'landy's added: "The bookies have continued to pay and we'll receive around $40M a year from them." The money has been used to "bolster prize money." The Racing NSW board is in the "final stages of implementing its strategic plan" (SYDNEY MORNING HERALD, 7/2). Young also reported that "premier trainer" Chris Waller was a "huge fan" of the stakes money increase from $70,000 to $85,000. Waller said, "It is a massive kick for the industry. What other sport, business, in the current climate can increase returns by 22 percent in one hit?" (SYDNEY MORNING HERALD, 7/2).
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