Wagering Activity Payment (WAP) for February 2021
Greyhound Racing SA Limited (GRSA) wishes to advise participants that the Wagering Activity Payment (WAP) for the month of February 2021 will amount to $296,000. The payment will be processed tomorrow (Friday 19th March 2021).
Total WAP payments for the eight months to the end of February now amount to $1,827,000. When the WAP model was introduced it was forecast that the total WAP payments over the course of the year would amount to $600,000. It is highly likely that WAP payments for the full year will easily exceed $2 million. It is noteworthy that the interrelationship between the WAP model and base stakes will be the subject of review as part of the budgeting and forecasting process for the coming financial year. While GRSA are delighted by the additional payments being received by participants, it is highly likely that the model will be modified to derive higher base stakes and lower WAPs in the coming financial year.
The table below is provided for the benefit of those participants wishing to better understand the computation of the WAP.
* Net Wagering Revenue is the combination of all corporate race field fees and Tabcorp product fees, less the fees associated with the generation of Tabcorp product fee from wagering on interstate racing product.
^ Total Returns to Participants is the combination of all prizemoney and trainers’ fees paid out by GRSA.
Another way of assessing the WAP results is to include the WAP’s in the standard graded stakemoney for non-feature events. The table below does this for a selection of regularly run races (for place-getters only). As noted previously, the results are much better than GRSA’s budget estimates and the expectation is that future levels above the base will be more modest.
Distribution between Trainers and Owners
GRSA would like to remind all participants that receive a WAP that the payment is the equivalent of prizemoney. If you are currently responsible for distributing prizemoney to another party then the same approach applies to WAP payments.
From GRSA’s perspective the position in relation to third parties is reflective of OzChase records and is as follows:
· 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 for which the WAP is being made.