WAP Update - December
Greyhound Racing SA Limited (GRSA) wishes to advise participants that the Wagering Activity Payment (WAP) for the month of December 2020 will amount to $292,000. The payment will be processed today and should appear in recipient bank accounts over the next 24 hours if not already available.
Total WAP payments for the six months to the end of December now amount to $1,276,000. GRSA are delighted at this outcome. When the WAP model was introduced it was forecast that the total WAP payments over the course of the year would amount to $600,000. Given that we are only half way through the year and the WAP paid is double that original forecast it is evidence of the benefits of the model.
The table below is provided for the benefit of those participants wishing to better understand the computation of the WAP.
| Month | Standardised Net Wagering Revenue* | WAP Benchmark Returns [50%] | A x B = C | Total Returns to Participants (excluding WAP)^ | WAP [Month] | WAP [Cumulative total] |
| A | B | C | D | C less D |
| |
| ($’000) |
| ($’000) | ($’000) | ($’000) | ($’000) | |
| Jul 20 | 1,998 | 50% | 999 | 709 | 290 | 290 |
| Aug 20 | 1,890 | 50% | 945 | 674 | 271 | 561 |
| Sep 20 | 1,748 | 50% | 874 | 730 | 144 | 705 |
| Oct 20 | 1,796 | 50% | 897 | 893 | 4 | 709 |
| Nov 20 | 1,712 | 50% | 856 | 581 | 275 | 984 |
| Dec 20 | 2,168 | 50% | 1,084 | 792 | 292 | 1,276 |
* 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.
| Month | Category 1 Meetings GRADE 5 515m | Category 2 Meetings GRADE 5 515m | Category 3 Meetings GRADE 5 515m | Category 2 Meetings GRADE 5 388m | Category 3 Meetings GRADE 5 388m |
| Base stakemoney levels excluding WAP: [Minimum paid out weekly to participants]. | |||||
| Base | $3,280 | $1,505 | $920 | $1,310 | $805 |
| Final stakemoney levels paid out including WAP: | |||||
| Jul 20 | $4,910 | $2,253 | $1,377 | $1,961 | $1,205 |
| Aug 20 | $5,028 | $2,307 | $1,410 | $2,008 | $1,234 |
| Sep 20 | $4,185 | $1,920 | $1,174 | $1,672 | $1,027 |
| Oct 20 | $3,306 | $1,517 | $927 | $1,320 | $811 |
| Nov 20 | $5,366 | $2,462 | $1,505 | $2,143 | $1,317 |
| Dec 20 | $4,923 | $2,259 | $1,381 | $1,966 | $1,208 |
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.