RACING NSW CUTS PRIZE MONEY
Racing NSW has cut prize money across the state until the end of June and is reviewing the black-type program as it attempts to sustain the industry through the coronavirus crisis, which has smashed its TAB distribution.
The state’s governing body announced further prizemoney cuts on Sunday to go with the $10 million it took from The Championships races last week. They will start from next Sunday.
The general rule will be races worth more than $100,000 in stakes will cop a 20 per cent cut, including the All Aged and Champagne Stakes which will be run for $480,000 and $400,000 respectively on the final day of the carnival.
Group races could be held at $150,000 minimum, with programming to be decided this week as the Hawkesbury, Gosford and Scone standalone meetings were shifted to Sydney.
A black-type and feature program for the rest of the financial year will be announced by Racing NSW on Monday or Tuesday.
Prizemoney between $25,000 and $100,000 will be cut by 10 per cent, while minimum country stakes will drop to $20,000.
The changes come as the TAB distribution, which is the lifeblood of the industry, is projected to drop by 30 to 50 per cent. While wagering on racing is up, the component from sports betting in the deal is now almost non-existent.
The effects of the coronavirus downturn will be felt for the next couple of years and Racing NSW is anticipating a massive drop in revenue.
With no Brisbane carnival, Racing NSW wants to give horses the chance to run their grand finals in Sydney over the next couple of months.
