WAP Announcement - March 2023
WAP announcement - March 2023
Greyhound Racing SA Limited (GRSA) wishes to advise participants that the Wagering Activity Payment (WAP) for the month of February 2023 will amount to $67,000. Total payments for the financial year now amount to $587,000.
Payments will be made to participants on Friday, 17th March.
The WAP calculation for the month is as follows:
|
|
Current Month |
|
|
Net Wagering Revenue * |
|
$1,892,000 |
|
Multiplied by |
|
X |
|
WAP Benchmark Return (50%) |
|
50% |
|
equals |
|
= |
|
Payout |
|
$946,000 |
|
less |
|
- |
|
Prizemoney ^ |
$719,000 |
|
|
Trainer Fees |
$75,000 |
|
|
Breeder bonuses |
$85,000 |
|
|
Total payments to Participants |
$879,000 |
$879,000 |
|
Equals |
|
= |
|
WAP for the month |
|
$67,000 |
* Net Wagering Revenue is the combination of all corporate race field fees and Tabcorp product fees, less the fees associated with the generation of Tabcorp product fee from wagering on interstate racing product.
^ Prizemoney includes payments to winners, places und unplaced of all South Australian races. Following feedback from participants in December 2020, additional money for feature races is averaged over the year.
The table below shows the total WAP position for the year to date.
|
Month |
Indexed Net Wagering Revenue (NWR) |
NWR x 50% |
Returns (ex WAP) |
WAP
|
WAP YTD |
|
A |
B |
C |
B less C |
|
|
|
($’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 |
|
Jan 23 |
2,192 |
1,096 |
1,032 |
64 |
520 |
|
Feb 23 |
1,892 |
946 |
879 |
67 |
587 |
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 (e.g. 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 |
$3,854 |
$1,768 |
$1,080 |
$1,537 |
$946 |
|
Final stakemoney levels paid out including WAP: |
|||||
|
Jan 23 |
$4,178 |
$1,917 |
$1,171 |
$1,666 |
$1,025 |
|
Feb 23 |
$4,247 |
$1,949 |
$1,191 |
$1,694 |
$1,042 |
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 dog(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 |
|
|
|
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.