STAKES AND BONUSES SET TO RETURN TO 100%

23
Jun

Racing and Wagering Western Australia (RWWA) is pleased to advise that prizemoney and bonuses across all three codes of racing will be returned to 100% effective from 1 August 2020.

Since Monday 6 April, in addition to reductions in its own cost base, RWWA made the decision to reduce prizemoney and associated breeding bonuses by 20% to assist in mitigating the impact of declining income as a result of COVID-19.

RWWA Chairman Jeff Ovens said that the decision was a difficult, yet necessary one, to ensure the industry’s future sustainability.

“Racing has been fortunate to continue operating throughout the COVID-19 period, allowing RWWA to actively support the continuation of racing at 80% of stakes levels at a time where our income was impacted by at least 50%,” Mr Ovens said.

“We recognise how difficult the situation has been for our racing participants. However, this decision was made to mitigate some of the impacts from COVID-19, to ensure the long-term survival of the WA racing industry.”

“RWWA’s cost mitigating measures, along with the robust recovery of the WA TAB business with the re-opening of the retail network, and strong receipts from the Racing Bets Levy has enabled RWWA to return stakes and bonuses to their full pre-COVID-19 levels within just four months.”

“With the upcoming breeding season in the equine codes it’s important that we give the WA racing industry certainty and confidence as we move into the 2020/21 season.”

The reinstatement of prizemoney and bonuses to 100% will return the equivalent of over $20 million annually to the WA racing industry.

Since 16 March 2020, RWWA has implemented a number of strict bio-security measures to ensure the continuation of racing in the State, protecting the 24,000 people who are employed or participate in the industry.