WA racing will receive its biggest-ever uplift with a three-year financial commitment, which will see an extra $30 million in recurring funding by 2025.
Strong revenue growth and careful financial management has allowed Racing and Wagering Western Australia (RWWA) to raise funding for all three codes of racing and provide the certainty of a three-year plan for participants.
Increases in annualised funding for the racing sector for the 2023 season includes:
Stakes funding rose by $7 million in February across the three racing codes and Chief Executive Officer Ian Edwards said RWWA was now delivering on its commitment to a three-year baseline of further benefits.
“Confidence is high in racing and we’re enjoying a golden period due to the stakes strategies developed in recent years which benefit the entire sector,” Ian said.
“Our key lead indicators are moving in the right direction and the economic conditions created by the COVID-19 pandemic have fallen in our favour by providing a revenue boost which allows us to invest heavily for further growth.
“We are delighted to announce this year’s increase to funding will be the largest ever provided by RWWA in its 20-year history.
“Increases next year, which are significantly above CPI, are well earned due to the dedication of all participants across the three racing codes.
“We are also mindful of the need to give participants greater certainty, so we are making a three-year commitment for the first time in our history.
“In the animal welfare arena, we are expanding the capacity of our Greyhounds as Pets program. An additional property and extra resources have been secured to enhance our ability to help greyhounds make the transition from racing to home life.
“While good financial management remains important so we can meet new challenges and provide certainty into the future, we are pleased to provide the rewards the racing community deserves and we are looking forward to an exciting future.”
The WA racing industry contributes almost $1 billion to the State’s economy each year and supports more than 8400 full-time equivalent jobs.
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