STELLAR news has come out of Harness Racing South Australia’s office coupled with a ‘watch this space’ attachment.
Following the state government’s announcement it is increasing the share of betting operations tax to the racing industry, HRSA has declared the additional funds will result in a much-needed stake rise.
As of July 1, the SA Government is increasing the share from 10 to 20 per cent, which is predicted to deliver a funding boost of almost $28million over the next four years.
It’s believed the three codes will divide – based on market share – an extra $8.2 million during the 2023/24 financial year.
In 2017, South Australia was the first jurisdiction to implement a 15 per cent betting operations tax on corporate bookmakers based on the location of where a bet was placed – also known as ‘point of consumption’ – rather than the jurisdiction where a bookmaker was registered.
This ensured corporate bookmakers are paying taxes in the jurisdiction where they make money.
With more of that money heading back into the industry, HRSA has confirmed it will lift prizemoney to “bridge the gap on a national level”.
“This is a positive step forward for racing in the state, and demonstrates an appetite and commitment from the government to work with us into the future,” HRSA CEO Dean Elliott said.
“For harness racing in SA this will afford us the opportunity to continue to drive prizemoney levels and collaborate effectively with key stakeholders, which are crucial factors in remaining nationally competitive and relevant.”
HRSA is expected to reveal its plans for the funds next month.
“There is some exciting prizemoney news coming in the following weeks in relation to prizemoney that will help bridge the gap on a national level,” Elliott said.