This week, Standardbred Canada and Woodbine Entertainment came up with some exciting news for the Ontario harness racing sector. The two have teamed up to introduce Electronic Fund Transfer for harness racing purse payments across all provincial Standardbred racetracks. Now owners, trainers, and drivers will be able to receive purse payments via direct deposits.
Electronic Fund Transfer also known as direct deposit, is the internationally accepted practice for payroll. It is also utilized in other forms of payments across the globe, including in security-conscious industries such as banking and insurance. And now, EFT will come to Ontario’s harness racing industry providing a much smoother process for paying for purses.
Making Payments Easier
Standardbred Canada’s Board Chair Bill McLinchey, who is also Woodbine Entertainment’s Director of Standardbred Racing, said that the organizations are thrilled to take this step forward in the industry. He added that direct payments will enhance the sector and provide a more secure and quick purse payment process for all horse racing participants in Ontario.
And in order to start receiving their purse payments via EFT, horsepeople will be required to submit all needed documents to SC as soon as they possibly can. The organization expects tons of submissions in the coming week and has warned horsepeople that it could take up to 4-6 weeks for them to be able to start receiving their payments via direct deposits.
It should be mentioned that for horses owned or leased by more than one person or more than one stable, the first owner of record will send out the EFT payment. However, all owners must submit the required documentation for the EFT form. The organization informed that there is also a no-fee grace period for ownership groups to change the first owner of record until May 1, 2023.
Also, SC reported that after the May 1, 2023 deadline, there will be a fee for all transfers who want to change the first owner of record, including changes in the order of ownership. Horsepeople who want to learn more information on the EFT transition process can either contact Standardbred Canada Member Services at 905-858-3060 x254 or email EFT@standardbredcanada.ca.
Breeders Crown 2022
This year, Ontario’s largest harness racing operator, Woodbine Entertainment, reported record-breaking handle and attendance for the 2022 Breeders Crown contested at Woodbine Mohawk Park. Finals for the race were held on Friday, October 28 and Saturday, October 29, 2022. For both dates, the track reported an impressive handle of CA$ 8,945,779 for both online and on-track wagers.
Additionally, recently the horse racing leader also provided dates for its upcoming Winter Series, which will be again held at Woodbine Mohawk Park. The series consists of four events which will be held from December 2022 through February 2023. All of them are set to include two preliminary legs and an added money final.
Source: “Canadian horsepeople to get direct deposit of purses” HarnessLink, November 22, 2022