New Zealand Thoroughbred Racing (NZTR) has announced a $20.3 million stakes increase for the 2023-24 racing season.
NZTR Board and management believe that increasing prizemoney provides all stakeholders with the confidence to invest and grow New Zealand's racing industry.
“At the top of this priority list is the enhancement to stakes funding, increasing by $20.3 million and taking our total stakes funding to $90.8 million for next season,” NZTR chairman Cameron George said.
“This is a fantastic opportunity for our industry and the recent approval of the TAB NZ Entain strategic partnership has allowed NZTR to plan with certainty for the next five years and prioritise areas of the business to promote growth.”
NZTR chief executive Bruce Sharrock said the increase in funding will benefit the entire thoroughbred industry.
“We are pleased to see stakes funding spread across all categories and regions of racing,” he said.
“NZTR has also introduced eight new innovation races, as well as further funding to the very successful Southern Mile.
“We have also outlined key strategic priorities to be addressed over the next 12 to 36 months that will continue to improve all facets of our industry, which is paramount to improving wagering growth.
“NZTR has also provided commentary on the recent TAB NZ Entain strategic partnering arrangement, with an explanation of what it means to our industry, as well as answering a number of frequently asked questions surrounding the agreement.
“Our entire industry can all be very excited for what the future holds off the back of this announcement. We see this as our opportunity to lay the platform of improved professionalism and standards across the industry, leaving a legacy for generations to come.”