Horse racing stakeholders sign multimillion dollar deal
Published:Sunday | September 4, 2022 | 12:08 AM
Supreme Ventures Racing and Entertainment Limited (SVREL) and the United Race Trainers Association of Jamaica (URTAJ) have signed off on a multimillion dollar agreement that will see horsemen benefiting from Gross Gaming Revenue (GGR) to the purse, at the start of 2023.
In addition to the existing purse structure, SVREL also said that, for the current year, it will pay $40 million, to the purses, in six equal instalments of $6.66 million, commencing on July 1, 2022.
Also, the parties agreed that they would be working to secure an additional $30 million, to offset the advance made by SVREL in 2022, whether from sponsors of the horsemen, races, or the Betting Gaming and Lotteries Commission under the levy scheme set up under the Betting Gaming and Lotteries Act, or a combination thereof.
Historic
“It is a historic, never-seen-before agreement in horse racing in Jamaica,” said Lorna Gooden, general manager of SVREL.
“It will see the purses being calculated on a percentage basis of GGR going forward, and it will see where the horsemen will benefit from a collaboration. So, when the industry grows, the horsemen benefit,” she explained.
“What we have done is to come to a collaborative position that we will be working together as an industry to grow horse racing going into the future for sustainability, where we all benefit as the revenue grows,” Gooden said.
Patrick Smellie, president of URTAJ, said his association is very happy with this new agreement because the racing industry stands to benefit.
“It is a good thing because we have not had an increase of this magnitude in many years, and so a $40 million increase must be a good thing in these harsh economic times,” said Smellie. “The horsemen are feeling good about it, but there are a few that still don’t appreciate it. But 95 per cent are happy about it.”
Smellie also pointed out that his association has been working assiduously with the betting company to improve the racing product in all areas.
“We will continue to work with SVREL and we are looking forward to better things and more improvements in the infrastructure of the facilities at the track,” he said.