The Tasmanian Government understands the importance of the state’s racing industry. It injects around $103 million a year into the Tasmanian economy and involves more than 5,000 Tasmanians as either employees or participants.
Last month I was thrilled to announce a six per cent increase in stakes money for this financial year and today I can confirm how that money will be distributed amongst the three racing codes.
The additional stakes money will go towards increased stakes per race or on increasing the number of races, which means more opportunities for participants to win prizemoney.
Thoroughbreds will receive an extra $705,000 this financial year:
- Base stakes for all $17,000 races will be increased to $18,500 (representing an 8.8 per cent increase) from 1 October 2020.
- The Tasbred scheme will be boosted by $150,000 to $600,000 providing further incentive to breed and buy Tasmanian bred horses.
- The extra money will also fund additional races.
Greyhounds will receive an increase of $266,000:
- All races will receive a $400 increase to prizemoney from 1 October 2020 representing an increase of at least 14 per cent.
Harness racing will receive an extra $347,000 in stakes this financial year:
- The increase will go towards additional races shown on the Sky 1 television channel which will deliver more opportunities for harness participants to earn prizemoney and build a national profile.
The six per cent increase in 2020/2021 means that there have been stakes increases totalling more than 12 per cent over the past three years, or more than $2.53 million extra a year for the industry.
As I have previously stated, I expect a further uplift in stakes next year and we will continue to look at further ways to support Tasmania’s racing industry as we recover and rebuild from COVID-19.
I also welcome that our Government, together with Tasracing, is investing more money than ever before in welfare measures for animals before, during and following their racing careers.