Increase in stakes for lower grade races  

A funding boost has been announced for 230 races for May, June and July.

For those three months races that are currently funded at $8,100 will be increased to $9,000.

"The new rate will apply to races, right around the country," says Harness Racing New Zealand Chair John Coulam, "and we are very pleased that it has come about."

Last year the TAB reduced funding to all three racing codes by a total of $15m.

HRNZ was impacted to the tune of $4.4m. In response, it decided to use $2.1m of its reserves to make up the shortfall, reduce spending, and reduce stakes by 10 percent (from February 1 2023).

At the time the Board requested that all savings be monitored by management.

"We have made more savings than we were anticipating so have passed on the difference to increasing stakes - it's a good result all-round."

So for all of May, June and July there will be a $900 increase on all base races with a stake of $8,100 to a new base rate of $9,000.

"We will continue to monitor progress and options if any more savings are achieved," says Coulam.

The TAB is yet to announce the funding level from August 1 2023 and beyond.


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