The Board of New Zealand Thoroughbred Racing (NZTR) has announced further stakes increases.
An increase of $2.4 million has been allocated for the period of 3 April until 26 August 2022 and includes stakes lifts across the board.
As outlined in July when announcing the $7 million injection into stakes NZTR Chairman Cameron George reemphasised that the NZTR Board has created a rolling funding policy.
“As opposed to announcing increases across a full racing season, this policy enables the Board to provide increased funding to the industry off the back of good performance. We are delivering off money earned, not anticipated earnings,” George said.
“We are operating in a different environment and our decisions regarding stakes increases are designed to be both strategic and sustainable.
“In the Board’s view the traditional blanket approach to funding will not generate greater returns to the overall industry.
“It is important that we invest wisely, into those parts of our racing calendar which will encourage growth in both wagering and participation. This is a strategic pattern, and one that we will continue to execute and ultimately create opportunities from, particularly in our strongest performing times.”
George said that this phase of funding will see a significant increase across the period outlined and an additional increase into stakes at the Grand National Carnival at Riccarton in August.
“This carnival stimulates interest in winter racing and again this demonstrates our Board’s new thinking around strategically investing in parts of the calendar which are not only important to the racing industry, but also have the potential to provide growth in returns through wagering interest,” he said.
The prizemoney increases from 3 April will be as follows:
Industry Days –
• R74 - $11,000 to $12,000
• R65, MAAT, 2,3&4YO and Maidens - $10,000 to $12,000
Feature Days –
• Open - $32,500 to $35,000
• R74 - $27,500 to $30,000
• 3&4YO - $25,000 to $30,000
• R65, MAAT, 2YO - $22,500 to $30,000
• Maiden - $10,000 to $15,000
The NZTR Board will consider the next round of prizemoney increases following a mid-year review of NZTR finances in February.