CAPE Racing together with Hollywoodbets, is excited to announce a new incentive structure to be known as RaceCape. RaceCape is an innovative programme designed to boost and incentivise increased racehorse ownership in the Western Cape. The obvious benefits include enhanced field sizes, boosted betting turnovers, further opportunities for the Cape’s outstanding community of racehorse trainers, increased employment prospects for grooms and work riders, as well as all related and ancillary horse racing services.
Cape Racing is delighted and privileged that Hollywoodbets has come on board as the headline sponsor of the RaceCape initiative.
Devin Heffer, Hollywoodbets Brand and Communications Manager, said of Hollywood’s backing of RaceCape, “We are proud to be associated with such a progressive initiative, that will not only go a long way to reinvigorating racing in the Cape but will also result in enhanced job security and job opportunities for those in the region. Furthermore, the “out-of-the-box” thinking deployed by Cape Racing in developing this programme is consistent with the innovation that we at Hollywoodbets regard as a core part of our DNA.”
RaceCape will launch with effect from 1 September 2022. The core aspects of the RaceCape incentive scheme include, amongst others:
The key highlights of the RaceCape incentive scheme are laid out in the table below:
Head of Racing Operations for Cape Racing, Justin Vermaak explained, “This has been top of the agenda since day one of taking on the role and it is a testament to the team at Cape Racing that we have managed to confirm the roll out of this programme in just two weeks. The RaceCape incentive scheme should have an immediate effect on field sizes and will encourage more regular running of horses. More importantly, however, is the longer-term effect on the general horse population. This, combined with planned increased stakes levels, will positively impact the economics of ownership in the Western Cape. Furthermore, this programme will provide meaningful cash flow benefits to our trainers.
“It is top of our priority list to stop the loss of lower rated horses from the province, and we believe that these two mechanisms will be a major positive in that battle. Focus on growth of our smaller stables is paramount to our plans going forward and I believe that this will be a major lift for them. The owners’ part of the appearance fee will be paid directly to the trainer, who will in turn credit the owners’ account in the form of a rebate. This will materially improve cash flow for the smaller yards. The industry, particularly in the Cape has seen the departure of too many smaller trainers. This trend needs to be arrested. The generous bonuses and subsidies on offer for raiding trainers are designed to entice more visitors to the Western Cape, which will have a resultant impact on field sizes.
“I would like to thank Hollywoodbets for their sponsorship of this programme. They are securing the future of the sport with their backing of the industry on so many levels and it isa privilege to have their name associated with this initiative.”