WAP announcement - December

18/01/2023
Industry Updates


WAP announcement – anticipated release date of Wednesday 18th January

Greyhound Racing SA Limited (GRSA) wishes to advise participants that the Wagering Activity Payment (WAP) for the month of December 2022 will amount to $30,000.  Total payments for the financial year now amount to $456,000.

Payments will be made to participants on Friday, 20th January.

GRSA notes that the Chief Operating Officer, Mr. Gavin Bosch is planning to visit each club during February to provide an update on prizemoney and wagering trends.  The WAP for December is the lowest recorded this year and is a sign that a re-calibration of lower wagering revenue appears to have arrived.  Separately, base stakes have increased by 7.5% from 1st January 2023 which will result in lower WAP’s going forward.

The WAP calculation for the month is as follows:

Current Month

Net Wagering Revenue *

$2,018,000

Multiplied by

X

WAP Benchmark Return (50%)

50%

equals

=

Payout

$1,009,000

less

-

Prizemoney ^

$817,000

Trainer Fees

$79,000

Breeder bonuses

$83,000

Total payments to Participants

$979,000

$979,000

Equals

=

WAP for the month

$30,000

*     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.

^    Prizemoney includes payments to winners, places und unplaced of all South Australian races.  Following feedback from participants in December 2020, additional money for feature races is averaged over the year.

The table below shows the total WAP position for the year to date.

Month

Indexed Net Wagering Revenue (NWR)

NWR x 50%

Returns

(ex WAP)

WAP

WAP

YTD

A

B

C

B less C

($’000)

($’000)

($’000)

($’000)

($’000)

Jul 22

2,022

1,011

947

64

64

Aug 22

2,130

1,065

967

98

162

Sep 22

2,248

1,124

1,032

92

254

Oct 22

2,268

1,134

1,010

124

376

Nov 22

1,926

963

913

50

426

Dec 22

2,018

1,009

979

30

456

 

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.

Comparison table showing the impact of WAP on a selection of prizemoney levels

Month

Category 1

Meetings

GRADE 5

530m

Category 2

Meetings

GRADE 5

531m

Category 3

Meetings

GRADE 5

512m

Category 2

Meetings

GRADE 5

400m

Category 3

Meetings

GRADE 5

400m

Base stakemoney levels excluding WAP:  [Minimum paid out to participants].

Base

$3,585

$1,645

$1,005

$1,430

$880

Final stakemoney levels paid out including WAP:

Jul 22

$3,908

$1,793

$1,095

$1,559

$959

Aug 22

$4,094

$1,879

$1,148

$1,633

$1,005

Sep 22

$4,044

$1,856

$1,134

$1,613

$993

Oct 22

$4,191

$1,923

$1,175

$1,672

$1,029

Nov 22

$3,850

$1,767

$1,079

$1,536

$945

Dec 22

$3,736

$1,714

$1,047

$1,490

$917

Example to help participants understand the WAP they receive

It is not uncommon for GRSA to receive requests for more information in relation to how the WAP is calculated for their particular dogs(s).  The example below is provided to assist in the general understanding of the calculation.

Assumptions:

In this example, assume the owner/trainer received $1,000 in prizemoney for any/all races for the month.

EXAMPLE

Net Wagering Revenue

$1,800,000

Multiplied by

X

WAP Benchmark Return (50%)

50%

equals

=

Payout

$900,000

less

-

Prizemoney

$700,000

Trainer Fees

$80,000

Breeder bonuses

$70,000

Total payments to Participants

$850,000

$850,000

Equals

=

WAP for the month

$50,000

In this the total prizemoney (paid to all participant) is $700,000.

In this example, the total WAP is $50,000.

In this example, the owner/trainer would receive a WAP of $71.43, calculated as:

$1,000   ÷   $700,000    x    $50,000    =    $71.43

Participants should note that:

  • WAP is not payable for any prizemoney received in relation to feature races [where total stakes are above $5,000];
  • Trainers’ fees and other bonus payments are not included in the calculation of the share of the WAP; and
  • It is a requirement that a greyhound has to have raced and received prizemoney during a month to be eligible to receive the WAP payment for that month.