The Queensland racing industry is set to receive an additional $31 million in increased prize money from next year.
With the Palaszczuk Government poised to return 80% of Betting Taxes back to the industry from next month, Racing Queensland has unveiled its latest Investment Growth Plan, which will commence from February 1, 2023.
A further $6 million will be allocated to increase club related payments with $4 million being allocated to asset management and $2 million to club operational funding.
Over the past two years, RQ has provided $35 million in additional prize money, with next year’s annualised increase set to take the tally to $66 million since the beginning of 2021.
Racing Minister Grace said the funding increase was made possible thanks to the up-coming Betting Tax changes.
“From today, 80 per cent of revenue generated by the betting tax will go straight back to the industry, up from 35 per cent, creating greater funding certainty for country racing in Queensland,” Minister Grace said.
“The change in the funding model has allowed Racing Queensland to bolster prize money, and I’m pleased to announce there will be a $31 million increase in prize money across all codes next year.
“That’s an extra $17 million for thoroughbreds, $9 million for greyhounds and almost $5 million for harness racing.”
To determine the funding for each code, the distribution model for thoroughbreds, greyhounds and harness racing was revised by RQ and that model considers four key inputs. They are:
> Wagering turnover;
> Wagering revenue;
> Economic contribution delivered through the industry’s size and scope reports; and
> Cost of ownership index.
With RQ providing $133 million in prize money in FY17, more than $260 million is expected to be delivered in FY24.
“The Queensland racing industry continues to go from strength-to-strength with prize money all but doubling in seven years,” RQ Chair Steve Wilson AM said.
“But we’re not prepared to rest on our laurels. RQ boasts a relentless focus on growing revenue which enables growing returns to participants beyond $330 million by 2025 and a $450 million infrastructure pipeline over the next five years.
“This includes the redeveloped Gold Coast tracks and lights, the approved Greater Brisbane Greyhound Centre, the proposed state-of-the-art Queensland Harness Centre of Excellence and an Eagle Farm Events Centre.
“With ongoing support to all sectors of the industry through increased prize money, club funding and strategic infrastructure investment across the state.”
Among the increases the three codes will receive include:
> $9.2 million in increased prize money for metropolitan, provincial and country TAB meetings;
> $1.5 million in black-type prize money increases for non-Group 1 races;
> $2.4 million in QTIS increases including the removal of Category A registration fees; and
> $1.7 million in non-TAB prize money increases with all races uplifting from $8,500 to $10,000.
> $5.4 million in general prize money increases primarily targeted towards higher grades and longer distances;
> $1.9 million in Group prize money increases;
> $930,000 increase in unplaced prize money to $50 for short distance races, $70 for sprint distance races, $90 for middle distance races and $110 for long distance races.
> $550,000 increase in QGOLD initiatives including sustainability payments to Queensland-bred greyhounds for first and second wins; and
> $230,000 increase to non-Group features including a minimum of $5,000 to the winner.
> $2.7 million in general prize money increases including base stakes on all days bar Friday;
> $1.2 million in QBRED increases including a $3,000 third win bonus being introduced for state-bred QBREDs;
> $1 million increase in feature prize money increases; and
> Drivers’ fees increased to $75 per drive.
Click here for further detail relating to the prize money increases across the three codes.