Greyhound racing is the most affordable and easiest code of racing to become involved in as an owner.
The following information will help you to identify the ownership option that best suits your circumstances. Importantly, it also explains how the payment of TAB prizemoney under GRNSW’s centralised payments system differs according to each ownership type.
There are three different types of ownership available in NSW:
1. Sole Ownership
This involves owning a greyhound on your own and having complete control over all decisions for the greyhound from rearing, to racing, to breeding. It also means that any costs associated with the greyhound have to be paid completely by you.
However, if your greyhound experiences success, once the trainer is paid any agreed percentage, the remaining prizemoney is yours.
An application form to register as an owner can be downloaded here.
A partnership consists of between two and 10 people. Being in a partnership means that any associated costs with the ownership of the greyhound are split amongst the partnership members. A partnership must appoint a Manager who is able to act for and represent the partnership in matters relating to the greyhound, for example, naming applications, ownership transfers and racing nominations.
To register as a partnership all part owners must be registered as an owner or owner/trainer.
In the partnership application, an ownership percentage must be assigned to each member of the partnership. This percentage split is used as the basis for determining the electronic payment of each member’s share of any TAB prizemoney earned by the partnership’s greyhounds. Each member will receive their percentage of TAB prizemoney electronically into their bank account. Therefore, GRNSW requires the bank account details for each member of the partnership as part of the application process.
Please note that prizemoney cannot be paid to one member of the partnership only, i.e. one member of the partnership cannot collect the prizemoney on behalf of the partnership group and distribute it to other members – this can only be done in a syndicate.
An application form to register a partnership can be downloaded here.
A syndicate consists of between two and 20 members and is a great way to become involved in greyhound racing with friends, family or colleagues.
A syndicate allows people to combine their resources to buy a greyhound under a syndicate name and gives you the opportunity to share the experience with others.
GRNSW finds that there are a number of syndicates registered that come about through sporting clubs, pubs and other groups of friends keen to experience the thrill of greyhound racing.
Syndicates work in much the same way as a partnership and must appoint a Manager who is able to act for and represent the syndicate in matters relating to the greyhound, and who is also responsible for the distribution of the prizemoney.
Prizemoney is paid to one bank account designated by the Syndicate Manager for distribution to the members of the syndicate based on the ownership percentages nominated in the syndicate application. Therefore, GRNSW requires bank account details for the syndicate as part of the syndicate application.
All members of the syndicate must be registered as either an owner or an owner/trainer.
An application form to register a syndicate can be downloaded here.
How do centralised prizemoney payments work?
All TAB prizemoney in NSW is now distributed by electronic funds transfer to nominated bank accounts on a weekly basis.
As a potential owner you need to understand how the centralised prizemoney payments system in NSW works, as it is likely to have a major impact on the type of ownership you choose.
Under the centralised prizemoney payments system all owners that have greyhounds racing in NSW have the option to nominate prizemoney splits for each of their greyhounds, i.e. what percentage of the prizemoney the individual owner, syndicate or partnership wishes to receive and what percentage, if any, they wish to allocate to their trainer.
Let’s use the following three examples of prizemoney splits to demonstrate how centralised prizemoney payments works for each type of ownership.
For an individual owner the application of prizemoney splits is quite straightforward, in that the owner receives whatever amount of the prizemoney that they nominate to themselves as the owner’s percentage of winnings, i.e. based on the examples above, if their greyhound wins $1,000 the owner would receive the following amounts:
1. $1,000 (100%)
2. $500 (50%)
3. $750 (75%)
The payment of prizemoney under a partnership is a little more complicated. Let’s use a partnership that is made up of two people on an equal 50/50 ownership percentage (Partner 1 - 50%, Partner 2 - 50%) and apply this to the above examples.
Essentially the partners of this partnership will receive half of the nominated owner’s percentage of winnings for each of the above examples. So if the partnership’s greyhound wins $1,000 the partners will each receive the following:
1. Partner 1 - $500 and Partner 2 - $500
2. Partner 1 - $250 and Partner 2 - $250
3. Partner 1 - $375 and Partner 2 - $375
Remember, it is not possible for one member of the partnership to collect the prizemoney on behalf of the partnership group.
Prizemoney is paid into one bank account and distributed by the Syndicate Manager to members based on the ownership percentages nominated in the syndicate application. So using the examples above, if the syndicate’s greyhound wins $1,000, the syndicate collects the following amounts of prizemoney:
1. Syndicate collects $1,000 (100%)
2. Syndicate collects $500 (50%)
3. Syndicate collects $750 (75%)
For each of these examples, the Syndicate Manager would then distribute the prizemoney amounts to the members based on their syndicate ownership percentages.
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Greyhounds As Pets (GAP) is an initiative of Greyhound Racing NSW and is dedicated to finding homes for greyhounds. Greyhounds can make fantastic pets – they are quiet, lazy and gentle dogs that thrive in the family home environment.