Thoroughbred Breeders Australia has congratulated Racing NSW on its High Court victory in the Racefields Legislation case.
TBA Chairman Trevor Lobb and State breeding associations around the nation are looking forward to the flow on effect now that corporate bookmakers and betting exchanges will pay on a turnover-based fee instead of gross profit.
“On behalf of 9,000 registered thoroughbred breeders around Australia, we are grateful for the High Court decision,” Lobb said. “We thank Racing NSW for its steadfast handling of the case, which will enable owners – our customers – better returns on their investments.”
Prizemoney increases for NSW races will begin as early as next week following the High Court’s rejection of appeals by Betfair and Sportsbet. Racing NSW has a reserve of around $100 million awaiting the decision of the High Court.
Racing NSW chairman John Messara said it was a happy day for racing in the State. “It ends four years of uncertainty,” Messara said. “The decision establishes our right to charge a fee for the product and we will now set our sights on becoming a leading jurisdiction in the world.”
The timing of the decision works perfectly for Victoria. The current RVL deal with the corporates is based on gross profit and it lapses in July. “It gives our industry four months to prepare for a new model incorporating the new turnover based fee,” TBV president Tim Johnson said. “Victorian breeders have had the benefit of the RVL decision to accept the gross profit fee and it kept the money flowing.
“The revenue streams are increasing with VOBIS Gold being funded by returns from unclaimed dividends. The new joint-venture partnership with the Victorian TAB will underwrite further increases to prizemoney and that will flow on to our breeding industry.”
Thoroughbred Breeders Queensland will step up its campaign for increased prizemoney in the Sunshine State following Friday’s High Court decision. “It’s an excellent outcome,” TBQA President Basil Nolan said. “Former CEO Peter McGauran put a lot of time and effort into the case and has been justly rewarded. It will have far-reaching ramifications for racing nationally.”
Nolan said the newly elected Queensland Government now has the chance to put its money where its mouth is and ensure Queensland is looked after in a similar way to NSW. “Queensland is already lagging behind in the prizemoney stakes,” Nolan declared. “And we are about to fall even further behind with this ruling.
“We now have a perfect opportunity to ensure Queensland’s racing participants get a similar turnover-based fee to that in NSW. We will meet with the relevant Liberal – National Party Ministers as soon as possible to discuss the issue.”