Racing and Wagering WA commits record $215 million in distribution, benefitting the iconic Perth Cup

WA racing is set for a record $215 million cash injection for the next financial year, with the iconic Perth Cup on New Year’s Day to be run for $1m for the first time in its 136-year history. On Wednesday, Racing and Wagering WA will detail the funding model from its biggest-ever distribution total, focusing on increased prize money across the racing, pacing and chasing codes, and infrastructure and animal welfare investments. And in an attempt to restore the Perth Cup to its former glory, prize money for the historic race will be doubled from $500,000. “A highlight this year is the boost for the Perth Cup, which first ran in 1887 and has a cherished place in WA history,” RWWA chief executive Ian Edwards said. “It’s time for our favourite New Year’s Day event to regain the status it deserves.” RWWA’s first TAB-funded distribution came a year after its inception in 2003 with a total of $66.6m. That had risen to $154.8m in 2019 and $202.1m last year. “Despite the economic headwinds we are currently facing, WA racing is holding its ground, and we are fulfilling our commitment to provide a significant increase in funding for the year ahead,” Edwards said. “Racing contributes more than $1.3 billion to the WA economy annually and generates more than 10,000 full-time jobs. “As we move into uncertain times, careful financial management remains essential to meet new challenges and continue making an important contribution to our State.” Edwards said an additional $9m would be put towards infrastructure projects at racetracks around WA, including new lighting at the Bunbury Trotting Club. A new greyhound adoption centre will also be built to prepare dogs for life as pets and match them with suitable homes when they retire from racing. A funding increase of almost $11m across racing’s three codes includes: $5.7m added to thoroughbred prize money and a further $1m added to the trainers’ subsidy paid on a per-starter basis; $1.5m increase in greyhound prize money, including an increase to feature heats and finals stake levels and; $1.4m increase in prize money and breeding bonuses for harness racing, including a new $100,000 Westbred four-year-old race.