Racing industry gets long-awaited boost

From the gloom only months ago of reduced revenues and disbursements to stakeholders, it’s almost as if in one fell swoop the racing industry has been turned around.
A week ago New Zealand Thoroughbred Racing was the first of the three codes to announce what the new age of Entain’s joint venture with TAB NZ will look like in tangible terms. Last month’s very welcome news that Government had approved the long-mooted partnership between the racing industry’s primary provider with an offshore entity of substance, followed by revelations of what the money looked like – a cumulative boost amounting to something like $1 billion – still had an intangible element.
However, when NZTR bosses Cameron George and Bruce Sharrock announced last Thursday that 2023-24 stakes would be boosted by more than $20 million, or close to 30 per cent on current stakes levels, that was something every stakeholder could grasp.
Having had time to pull together their own formula off the back of Entain predictions, from the top down NZTR’s announcement provided plenty to celebrate. Group One minimums of $400,000, comparative increases to lower level Group and Listed races, Iconic, Premier, Feature and Industry minimum increases, boosts to already established races and the introduction of previously unheard of races made for a comprehensive and optimistic package.
While across-the-board stake increases to the traditional schedule were expected, few realised there would be another tranche in the new season. A $1 million race open to all four-year-olds on the Karaka Million programme, four new races at $350,000 spread across the country, $100,000 races at each of New Zealand’s synthetic tracks and a $100,000 boost to the already proven ODT Southern Mile final headline the initiatives.
Fresh thinking included a well-endowed race for horses from outside the top 10 stake-earning operations, another mid-season race for horses that were maidens months earlier, and lesser but still significant things such as lifting Industry twilight meeting stakes to $25,000.
Stakes aren’t the only target of NZTR’s cash injection. Racing clubs, a key provider in race meeting enhancement, have been circulated a 2023-24 funding proposal with significant increases, while human and equine welfare will be targeted to a greater degree, as will much-needed racing surface investment.
“I’m pretty happy with where we’ve landed,” NZTR CEO Bruce Sharrock told RaceForm earlier this week. “We’re really keen to emphasise to the industry that the whole objective is to grow the pie, whereby everyone has a part to play and will in turn be a beneficiary.
“NZTR had done a lot of work in anticipation of the positive outcome from Entain/TAB NZ joint venture and it’s very satisfying to now be able to deliver significant increases across the board.
“There’s no denying that the New Zealand racing industry has a partner that is expert in what it does, so on top of what’s already been announced there’s plenty to look forward to.
“Over the next month or two we’ll be dropping more in, but what everyone should understand is that everyone has a part to play, from clubs, to licence-holders, all the way through to our stablehands.
“Racing has a wonderful product to put before current and potential customers and we have to be professional in lifting our game. That includes not only a domestic audience but offshore as well, which with the involvement now of Entain, will expand well beyond our own borders.
“There’s so much low-hanging fruit that we have yet to capitalise on, so we’re heading into some exciting times, which is great news for everyone.”
Key stakeholders recognise the significance of NZTR’s funding announcements in the wake of the Entain deal, and likewise look forward to the flow through to their sectors.
“The reality of the situation was that the way things were tracking we were faced with a grim future,” commented New Zealand Thoroughbred Breeders’ Association President John Thompson.
“We’ve now been delivered a lifeline with the Entain joint venture and the future looks a whole lot brighter. NZTR has been quick to deliver a string industry to the industry and there’s real potential for the whole industry to benefit.”
New Zealand Trainers’ Association President Shaun Clotworthy speaks for all his colleagues and those they depend upon in celebrating what the new season holds.
“The sort of stakes increases that NZTR have been able announce are great news for everyone,” he said. “Every trainer and their owners can look forward to greater rewards for their hard work and investment.
“Any stakes increases are welcome and they’re pretty much across the board. I’m especially encouraged by things like the innovation races, that’s something that hasn’t really been tried before and it’s very encouraging to see that sort of thinking.”