Tasracing has finalised code funding for the 2011/12 financial year.
The allocations, determined following the introduction of a new funding model that recognises and rewards the performance of each of the codes, are as follows:
Thoroughbreds – $11.59 million (an increase of more than $75,000 compared to last financial year).
Harness – $5.83 million (an increase of more than $36,000 compared to 2010/11).
Greyhounds – $4 million (an increase of more than $490,000 compared to last year).
The introduction of the new model follows a comprehensive review of the former funding model for all three codes in Tasmania.
The recognition of performance in allocating code funding provides an initial base stakes adjustment, which in the first year highlights the relative performance of the greyhound code.
Tasracing CEO Gary Lottering said improved wagering performance figures of the thoroughbred and harness codes in 2010/11 had resulted in a higher funding allocation than originally foreshadowed.
“As Tasracing has noted previously, the funding model we have introduced takes account of individual code performances,” he said.
“Before final figures for 2010/11 were available, based on turnover of previous years, we predicted that the thoroughbred and harness codes would have their funding reduced by 1.5 per cent and 1.2 per cent respectively.
“But simply because of their improved performance in 2010/11, their respective allocations have increased. There is an obvious link here between performance and funding.”
Mr Lottering said while it was important to reward performance, it was also important to take account of other factors to provide appropriate funding to each code.
“The model also takes into account relative cost to participants, the economic benefit delivered by each code, the attraction of the product to wagering customers and funding history,” he said.
“The model is a common sense approach that reflects normal commercial practices.”
Mr Lottering said Tasracing had written to and met with industry representatives seeking their input on funding for specific races for the 2011/12 season.
“Tasracing will consult further with industry in the coming weeks regarding this specific funding detail,” he said.
Released on 26 August 2011