Prize Money

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Prize Money

3 years 11 months ago
#791551
PHUMELELA-KENILWORTH RACING-RACING ASSOCIATION MEDIA RELEASE
SUBJECT: Prize money Highveld, Western Cape, Eastern Cape in August
DATE: Thursday 16 July
RELEASED BY: Phumelela Gaming

The interim arrangement in respect of minor-race stakes for the Highveld, Western Cape and Eastern Cape in June and July has been extended for the month of August.
Racing resumed behind closed doors on 1 June and due to the significantly lower betting revenues generated by the racing operators, stakes levels were reduced to reflect this. Although betting shops have been allowed to open from 1 July under strict COVID-19 regulations, the flow of revenue from these sources remains slow with the majority of tote turnover coming from online and call-centre platforms.
The racing operators will therefore continue to contribute 40% of previous stakes levels, with the Racing Association topping this up by a further 20% to achieve the current 60% levels. Feature-race stakes, where applicable, will also remain at existing reduced levels for the time being.
During this interim period, the racing operators and the Racing Association will continue to meet monthly to analyse betting-revenue trends before making further decisions regarding stakes levels on a monthly basis.
The parties have also agreed to further defer the negotiation of the new stakes agreement until more certainty emerges on a number of issues affecting the industry.
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