The Tasmanian Thoroughbred Racing Council, or TTRC, has confirmed Betfair, an international Internet betting exchange, will increase funding by 12.9 percent or $287,000 Australian dollars to $2.49 million Australian dollars for the 2008-09 season.
The money will be used to fund grassroots and showcase races and a new minimum prize-money level for group and listed races within Tasmania.
“This new initiative in conjunction with the overall prize money allocation for the 2008-09 season is targeted at offering extra opportunities and returns to owners who participate and support the local industry throughout the entire year,” said Rohan Mitchell, TTRC chief executive, in a prepared statement.
“It is also extremely important that Tasmania continues to focus on the group and listed status of its races and continues to support these key events, these feature races play an extremely important role for all participants and organizations within the industry,” he added.