Wagering Activity Payment - August
Wagering Activity Payment for August 2020
GRSA are very pleased to announce that a Wagering Activity Payment (WAP) of $270,760 will be distributed amongst participants for August. This takes the total WAP payments for the year thus far to $561,000. The result underlines the benefits that can accrue from the WAP model when wagering performance is strong. August was another unusually strong month for wagering and it is important to stress that the expectation of WAP is far lower for the remainder of the year; especially in the latter half of the year as the economy adjusts to reduced government support for COVID. For the benefit of participants, a breakdown of the WAP calculation for August is shown below.
| Wagering Activity Payment - August 2020 |
| |||||
| Step 1 - Calculate standardised Net Wagering Revenue for August | $ 1,888,951 | |||||
| Step 2 - Multiply Net Wagering Revenue by set % | 50.0% | |||||
| Equals WAP benchmark | $ 944,475 | |||||
| Step 3 - Calculate total payments to participants for August | $ 673,715 | |||||
| Step 4 - Calculate the Wagering Activity Payment for August | ||||||
| Deduct the result at Step 3 from the result of Step 2 | $ 270,760 | |||||
Participants will be paid their share of the WAP on Monday 21st September 2020.
Advice in relation to the distribution of the WAP
Since the WAP payments were introduced, we have received some queries in relation to the distribution of the WAP between owners and trainers. WAP payments are additional prizemoney and should be treated in the same way as other prizemoney received. In terms of whether a trainer needs to pass on a share of the WAP payment received, it will depend on the what is recorded in OzChase. In short:
- If GRSA have been notified of an ownership split [which is recorded in OzChase] then you DO NOT need to make a payment to owners for the WAP because GRSA will do this automatically; however
- If you ordinarily forward on payments to owners on your own accord, then you DO need to do the same for the WAP. Each remittance will include the name of the dog to assist each trainer with calculating that distribution to the owner.