Big boost in stakes for Wingatui (Subscriber)
Peters, who is also the Minister for Racing, spoke at an industry event at Auckland’s Ellerslie Racecourse yesterday where the TAB and NZ Thoroughbred Racing announced a revised summer calendar consisting of five new events funded by the TAB that would bring the 2024-25 summer prize pool up to $23.8 million, compared to $14.8 million last season.
The following 2025 to 2026 season would have a total prize pool of $27.5 million. This included a new "Champions Day" featuring a $9 million prize pool.
"The racing industry is facing new challenges and change is needed," Mr Peters said.
"Racing is worth more than $1.6 billion to the New Zealand economy; it employs more than 14,000 New Zealanders and is a growing source of export revenue.
"We must seek, surely, to double those outcomes as soon as possible, and in doing so match the outcomes already achieved by leading racing countries such as Ireland."
New Zealand’s racing industry could compete on the world stage, he believed.
"Our bloodstock industry continues to be the source of champions to the world. We grow the most productive grass horses in the world.
"We’ve got some of the greatest young people and the keenest minds. New Zealand thoroughbreds consistently outperform their competition in every country they perform in."
Mr Peters said the increased stakes would create more opportunities for young people to enter the industry.
He then took a moment to address critics.
"For all those people worried about animal cruelty, horses love to race," he said, unprompted.
He said the new events were a "fresh start" for the racing industry.
