This additional payment takes the total IPRP allocation for the year to $2 million and is based on strong wagering performance from January to June.
This 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% 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% minimum. This current IPRP will increase the distribution to participants as a percentage of net wagering revenue to approximately 58% for the financial year ending 30 June 2021.
“It’s great to be able to reward our participants with a second $1 million Industry Performance Payment in this financial year. The last 24 months have been constantly impacted by constant change and uncertainty due to COVID-19 and other factors. This payment represents another big step forward,” commented GRSA Chairman Grantley Stevens.
GRSA noted that IPRP’s are a form of stakemoney and are intended to be shared between trainers and owners in the same way that is the case for 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.
A GRSA spokesperson said hat “As a not-for-profit organisation, GRSA has an obligation to maximise returns to industry from wagering activity on 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 with the sport”.