curious

Yes. I've been looking at that. Although there may be an alternative, it seems liquidation is highly likely, if not inevitable.

See note 4. So, no as I read it. All NZTR funding. NOTES 1. Total turnover is provided by Entain NZ on a per race basis. Turnover through betcha was not available to NZTR for meetings prior to 24 January 2025. Total on-course turnover is all tote and fixed odds racing turnover placed on-course, including geo-located mobile and digital turnover. Total off-course turnover is Total NZ turnover minus Total on-course turnover. 2. Australian Racefields includes Australian TAB turnover and a calculation to estimate other Australian Corporate Bookmaker turnover based on the known current market share of these companies. It does not include turnover placed on NZ Thoroughbred racing through international operators outside of Australasia. 3. Club Noms, Accepts & other charges/payments is the net amount of all nomination and acceptance charges for Group & Listed charged to owners and paid to clubs and for Feature jumps races not charged to owners, minus credits paid to owners for the same races. 4. Total Club, Meeting & Stakes Funding is all NZTR funding paid to clubs, including Minimum Stakes, Group and Listed, Special Interest, Iconic, Heritage, Country Cup, Innovation and Other Race funding, Meeting Type, Venue Category, Racing Compliance, Event Tier funding, Carnival funding, Jumping Support, On-Course commission and payments, including any Digital turnover and any other meeting funding. Club Compliance funding is included but other funding to clubs or venues for infrastructure, Strategic Training Centre funding, HR Support, Business Innovation is not. All efforts have been made to reconcile against total funding paid to clubs but there still may be some small discrepancies between funding recorded and total funding received by clubs. 5. Net Stakes is Stakes Paid minus the net Club Noms & Accepts & other charges/payments received by clubs. 6. Net Stakes to Funding Ratio is Net Stakes Paid as above and divided by Total Club, Meeting & Stakes Funding. Note that club funding and other numbers can be affected by meetings or races not run, abandoned or transferred.

Ones at the top have the highest turnover:stakes so are generating more revenue or at least losing less.

Extracted from the chart in there. Turnover to stakes by club. Club Total NZ turnover Net stakes Turnover/stakes ratio Thames JC 2093118 253681 8.25 Wairarapa RC 5268114 673840 7.82 Kumara RC 2619426 384502 6.81 Otaki-Maori RC 9744734 1542005 6.32 Rotorua RC 10203730 1620130 6.30 https://bitofayarn.com Whangarei RC 11287345 1842895 6.12 Banks Peninsula RC 1683553 281000 5.99 Taranaki RI 17896802 2997055 5.97 South Canterbury RC 5291706 897662 5.89 Riverton RC 7162950 1216555 5.89 Beaumont RC 1240738 https://bitofayarn.com 213944 5.80 Egmont RC 8640542 1498260 5.77 Woodville-Pahiatua RC 6606033 1147889 5.75 Taupo RC 6091876 1084692 5.62 South Waikato RC 1314527 236000 5.57 Wyndham RC 1231788 224650 5.48 Avondale JC 970619 178550 5.44 Taumarunui RC 1949838 358688 5.44 Wanganui JC 20724594 3925315 5.28 Winton JC 1174688 227342 5.17 Rangitikei RC 3989725 772680 5.16 Wairio JC 996699 193460 5.15 Reefton JC 1133458 https://bitofayarn.com 221794 5.11 Kurow JC 1333512 269508 4.95 Waverley RC 10759091 2191938 4.91 Marton JC 3338892 693100 4.82 Ashburton RC 10229508 2134950 4.79 Waikato TR 50869211 10780183 4.72 Southland RC 5865550 1250730 4.69 Matamata RC 16449962 3525678 4.67 Canterbury JC 51972347 11337462 4.58 Central Otago RC 1007564 220800 4.56 Otago RC 14960257 3380650 4.43 https://bitofayarn.com Levin RC 3732157 846461 4.41 Oamaru JC 3080094 714590 4.31 Waikouaiti RC 1914852 454276 4.22 Rotorua & BOP HC 969940 231960 4.18 Feilding JC 3785170 929570 4.07 Tapanui RC 415338 103150 4.03 Hawke's Bay RI 4057743 1016321 3.99 Manawatu RC 9903548 2499596 3.96 Gore RC 2749075 731740 3.76 Wellington RC 24732792 7399004 3.34 Auckland TR 80969440 25654636 3.16 Waimate RC 581443 223850 2.60 Greymouth JC 584467 231017 2.53 Masterton RC 110006 61250 1.80 TOTAL 467957833 https://bitofayarn.com 101919762 4.59

At that, a 6% increase in turnover, given the year includes 2 months of geo-blocking and that revenue increase is likely lower because of the shift to FOB, hardly amounts to "a strong result" in my estimation. I wish they would provide actual revenue figures given "growing revenue" is the target. From what I see though, we better hope that sports betting growth is looking a lot better or we are in dire straits in a couple of years.

Beside the graph it says "domestic wagering on NZTR was up $26m" which matches the bar graph, so I'd say it must be TR turnover?

Have they got "revenue" and "income" mixed up with "turnover here?

https://nztr.co.nz/sites/nztrindustry/files/2025-11/NZTR Annual Report 2025_SCREEN_0.pdf NZTR Annual Report 2025_SCREEN_0.pdf

The winner ran the race in the fastest time?

OK. It really comes down to whether you want a race where the best horse wins (WFA), or one where they theoretically all have an equal chance (handicap). These days the Pattern committees want G1s to do the former.

You've lost me?

Yes, that ride wasn't a good look.

I don't think @Thomass is too worried about counting number of strikes. The stipes seem to have that reasonably under control. What he seems to be concerned about is that flank and head strikes go unattended. Any good reason why Matt should not have got the same penalty as Angela -50% of the winning riding fee- for the below breach?

I think that was @Murray Fish 's point wasn't it?

Me too. Exemplary use of the whip. Never turned her stick over till the 200 on either and all strikes were clearly on the rump where they are supposed to be and not on the flank/ribcage area and as you say, all with rhythm and balance. Should be showing that video at the apprentice schools this week.