In Australia, the local subsidiary of UK-licensed online betting exchange Betfair has announced that it will increase its funding of the Tasmanian thoroughbred horseracing industry by 12.9 percent.
The Tasmanian Thoroughbred Racing Council (TTRC) revealed that it had received confirmation from the London-based firm that it would give an additional $287,000 over the next twelve months to take its total sponsorship to $2.49 million. The TTRC said the additional funding would be spent on grassroots racing to coincide with the recent announcement of new Tasmanian spring and autumn carnivals and newly implemented showcase races structured to increase returns for local participants.
'Betfair continues to be a great supporter of Tasmanian racing,' said Rohan Mitchell, Chief Executive for TTRC.
“This new initiative in conjunction with the overall prize money allocation for the 2008/09 season is targeted at offering extra opportunities and returns to owners who participate and support the local industry throughout the entire year.
“It is also extremely important that Tasmania continues to focus on the group and listed status of its races and continues to support these key events. These feature races play an extremely important role for all participants and organisations within the industry.
“A proportion of the funding will also be focused to implement a new minimum prize money level for group and listed races within Tasmania to ensure the long-term viability of the pattern races currently within the Tasmanian calendar,”
Mitchell revealed that, from October, allocations for the 63 individual showcase and carnival supporting races would increase from $14,000 to $15,000 per race while the rate for class and rating-based meets would grow from $12,000 to $15,000 per race. The new minimum prize money benchmark for listed races would also increase to $80,000 per race.