Wagering Activity Payment (WAP) for March
Greyhound Racing SA Limited (GRSA) wishes to advise participants that the Wagering Activity Payment (WAP) for the month of March 2021 will amount to $330,000. The payment will be processed on Wednesday April 21 along with the weekly prizemoney payments.
Total WAP payments for the nine months to the end of March now amount to $2,162,000 compared to the initial total estimate of $600,000 for the full year. While GRSA are delighted by the additional payments being received by participants, the model will be amended in the next financial year to incorporate an increase in base stakemoney and modest monthly WAPs. This is consistent with feedback from consultation with industry in December 2020. GRSA is modelling those changes currently and it’s anticipated that an announcement in that regard will be made in late May.
At the end of the current financial year, a calculation will be made which identifies any shortfall in the payments to trainers, breeders and owners below the committed level of 50% returns from net wagering revenue. That payment will be distributed in line with total WAP distributions over the 12 months and specifically excludes the $1 million discretionary payment in February.
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.