The New Zealand Racing Board will inject $24 million into prize money across the three codes over the next two years with thoroughbred racing to get $6.5 million.
The thoroughbred code has already raised minimum stakes to $10,000 in anticipation of extra funds.
“This will see distributions to the industry increased to a minimum of $148.2 million in 2017/18 and 2018/19 from the current baseline, in anticipation of the future financial benefits of NZRB’s key strategic work currently underway,” NZRB chief executive John Allen said.
“This additional funding will enable all industry participants to have greater confidence in the successful future of our industry.
Allen said an announcement on the NZRB’s investment in an automated fixed odds betting platform would be made in the next month after ongoing discussions with Paddy Power Betfair/Open Bet for a number of months.
He said NZRB hoped the improvements in fixed odds betting would help win back any New Zealand-based customers who may have been lost.