WAP Announcement - December 2023
Greyhound Racing SA Limited (GRSA) wishes to advise participants that there is no Wagering Activity Payment (WAP) for the month of December 2023.
As participants are aware, the WAP calculation is based on the net wagering revenue generated each period. Despite wagering being 7.6% higher in December 2023 compared to the same month of the previous year, increased prizemoney totalling 12.5% in calendar year 2023 (January 2023 7.5% and December 2023 5%) has resulted in there being no WAP payable.
As can be seen from the second chart below, overall wagering revenue year to date for financial year 2024 is down 9.8% on the previous year. GRSA is continuing to monitor revenue trends closely and notes that this reduction in revenue is being felt across most racing jurisdictions. It is considered the reduction is an indication of the negative impact that higher inflation and interest rates are having on the disposable incomes of the wagering public.
As listed in the calculation below total payments to participants exceeded the 50% WAP benchmark return and thus no payment will be made for December 2023.
The WAP calculation for the month is as follows:
|
|
Current Month |
|
|
Net Wagering Revenue * |
|
$2,044,000 |
|
Multiplied by |
|
X |
|
WAP Benchmark Return (50%) |
|
50% |
|
equals |
|
= |
|
Payout |
|
$1,022,000 |
|
less |
|
- |
|
Prizemoney ^ |
$913,000 |
|
|
Trainer Fees |
$87,000 |
|
|
Breeder bonuses |
$92,000 |
|
|
Total payments to Participants |
$976,000 |
$1,092,000 |
|
Equals |
|
= |
|
WAP for the month |
|
$0 |
* 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.