Wagering tax parity legislation passed in the New South Wales parliament this week will see an additional A$235 million funneled into racing in the state over five years as the government progressively changes its share of TAB gross wagering revenue. The industry will receive an additional A$90 million annually thereafter.
The change in legislation secures the future of The Championships, Sydney's end-of-season carnival introduced two years ago at Royal Randwick over two Saturdays in April.
“With parity commencing in the present financial year, The Championships are assured in terms of longevity and can now be driven forward off the excellent platform established over the past two years,” said Racing NSW Chairman John Messara. “Our ambition has been to develop a destination Thoroughbred racing event of international stature, with landmark races that are attractive to the best horses within Australasia and further abroad.”
Following the recent announcements of purse hikes for the G1 Sydney Cup (next year worth A$2 million) and the country and provincial championship finals, next year's edition of The Championships will be worth A$20 million, with A$10 million offered each day.
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