Greyhound Racing SA (GRSA) has announced that a second $1 million Industry Performance Reward Payment (IPRP) will be made this month to participants.
The additional payment will take the total IPRP allocation for the year to $2 million. It is based on strong wagering performance from January to June.
The payment will be distributed in direct proportion with Wagering Activity Payment (WAP) distributions across the six months spanning January to June 2021. The WAP model ensures that 50 per cent of all net wagering revenue is returned to participants.
Any IPRP’s sit outside that model and will result in distributions of net wagering revenue exceeding that 50 per cent minimum.
This current IPRP will increase the distribution to participants as a percentage of net wagering revenue to approximately 58 per cent for the financial year ending June 30, 2021.
GRSA Chairman, Grantley Stevens, said it was great to be able to reward participants with a second $1 million industry performance payment in this financial year.
“The past two years have been constantly impacted by change and uncertainty due to COVID-19 and other factors,” he said. “This payment represents another big step forward.”
For clarity, IPRP’s are a form of stakemoney and are intended to be shared between trainers and owners in the same manner as stakemoney and WAP returns. This IPRP will be distributed in the last week of July after all wagering income for the year has been received and reconciled.
The chairman said that as a not-for-profit organisation, GRSA had an obligation to maximise returns to industry from wagering activity on the local greyhound racing product.
“But, more than that, our board is driven to ensuring that its trainers, breeders and owners can enjoy an increasingly viable involvement in the sport.”