HRNSW Implements Prizemoney Policy Change

3 November 2023

Harness Racing New South Wales (HRNSW) is pleased to announce a strategic policy change aimed at improving liquidity for our industry while concurrently implementing measures to safeguard the industry's financial interests.

In alignment with our commitment to the continuous enhancement of the harness racing ecosystem, HRNSW has revised its prizemoney distribution policy, effective immediately. The primary objectives of this policy update are to accelerate the release of funds to industry participants and provide transparency in managing risks associated with prizemoney payments.

Under the revised policy, prizemoney for individual horses will be disbursed as follows:

Up to $10,800 Prizemoney: For individual prizemoney amounts that do not exceed $10,800, payments will be made in the next available stakes Run.
Over $10,800 Prizemoney with Swab Confirmation: Once official confirmation of negative swabs, in accordance with the Selection Criteria for Swabbing Policy, has been advised, prizemoney exceeding $10,800 or more will be disbursed.

Post Payment Contingencies:

To safeguard the industry's financial interests, the revised policy includes essential post-payment contingencies:

In cases where a horse's prizemoney payment falls under (1) above, and subsequently returns a Positive Swab, HRNSW will recover all monies made to the horse’s owner.
If a prizemoney payment is the subject of a Stipendiary Stewards Inquiry leading to a horse being stood down or disqualified from a race, HRNSW will recover the funds.
Additionally, any investigative matter not stipulated within the policy that requires a horse to be stood down or disqualified will result in the recovery of all associated monies.

Peter Buckman, CEO of HRNSW, emphasised the importance of these policy changes: "The adjusted prizemoney policy is a testament to HRNSW's commitment to enhancing liquidity within the racing market while ensuring that risks are effectively managed. By expediting the release of funds for prizemoney winners and implementing mechanisms to recoup funds in specific situations, we aim to bolster the industry's financial stability and credibility."

HRNSW remains dedicated to delivering innovative measures that strengthen the harness racing industry while promoting fairness and transparency. The updated prizemoney policy is just one example of our ongoing efforts to adapt and evolve in response to the changing landscape of harness racing.

For further information, please contact HRNSW.