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NZ Prize-Money Cuts To Follow TAB Betting Drop
New Zealand Racing Board chief executive Andrew Brown warned the NZ Thoroughbred Racing annual conference in Wellington that funding will be cut, as the TAB turnover on domestic racing was 11.5% down on budget for the year to date. Brown noted "activity on the tote reflects a reduction in the amount people are spending per bet", with the number of bets of NZ$100 or more down 15%. NZTR chairman Guy Sargent described the forecast funding cut as "a big shock" & said most of it would have to be dealt with in its funding model for the 2011-12 season, noting: "We are still a long way out. We could get a really good Christmas & we might get back, but at this stage it is not positive."