Wagering Activity Payment (WAP) for June 2021
Greyhound Racing SA Limited (GRSA) wishes to advise participants that the Wagering Activity Payment (WAP) for the month of June 2021 will amount to $425,000.
Separately, the annual reconciliation (for the financial year ending 30 June 2021) has determined that a further amount of $125,000 is payable. The end of year reconciliation payment is an adjustment to bring the total annual payment to exactly 50% of net wagering revenue, and will be distributed in proportion to WAP payments made across the full 12 month period. Both payments will be processed on Wednesday 24 July.
Total WAP payments for year will amount to $3,194,000 which is more than five times the initial total estimate of $600,000 for the full year, reflecting the extent of unexpected growth during the year. As announced on 31 May, base stakemoney increased from 1 July 2021 and, in combination with the expectation of lower wagering revenue, this will foreseeably result in much more modest WAPs across this next financial year and, quite possibly, some months for which there is no WAP payable. Importantly, however, the minimum 50% benchmark payout ratio will continue to be adhered to throughout the 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 (excluding trainer ‘Away’ payments and Remote Trainer Fees in FY21).
Distribution between Trainers and Owners
GRSA would like to remind all participants who receive a WAP that the payment is the equivalent of prizemoney. If you are currently responsible for distributing prizemoney to another party (eg owners) 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 of 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.
Presentation to Industry
Matt Corby (CEO) and Gavin Bosch (COO) will be making presentations to industry at each Club in late August in relation to:
· Wagering revenue outcomes for July (actual results compared with budget);
· Forecast participant returns for FY22; and
· General discussion regarding recent and future stakemoney changes.
The sessions will also provide an opportunity for participants to ask questions.
Further details in relation to session times will be provided in mid-August. In the meantime, if there are specific questions that participants would like addressed, they can email: [email protected]