Overall Economic Impact of the Sydney Cup during the Pandemic

The Sydney cup 2020 was one of the unique championships in Australian history. COVID-19 significantly ate into its revenue margin, event planning and estimated horse racing enthusiasts. By extension, Sydney cup betting and winners also took a beating to reduce the competition’s overall running cost. The 2021 edition has factored in controlled crowds and a marginal increase in championship revenue.

Sydney Cup - horserace - image 4983984984
Horserace at the Royal Randwick Racecourse, where the Sydney Cup takes place.

The prize money stands out from the whole arrangement, with the 2020 Sydney cup winners taking home almost half of what they used to earn in previous editions. It affected the hospitality industry and other trickle-down effects brought by the games. However, the 2021 championship will revert to the original budgets, whose ripple effect is felt across the city.

Sydney Cup Economic Impact

The race happened on April 11th, 2020, and brought together a record number of participants, considering the circumstances. The following are numbers gathered from the Sydney Cup 2020 edition:-

  • The total prize money given to the winner was $580,000, which was almost a half from previous editions.
  • Attendance was highly restricted due to COVID-19 protocols. Throughout the events, only athletes were allowed into the racing track.
  • Overall championship budget was cut from $2,000,000 to $1,000,000.
  • There were no external fanatics into the games as the Australian government restricted movements into and out of the country.

The championship’s impact wasn’t felt in the city as the weight of the COVID-19 pandemic weighed down on the event organisers. However, as the situation normalises, the Australian government will loosen the measures to all spectators.

Overview of the 2021 Sydney Cup Edition

The championship budget was restored to $2,000,000, with the top prize at $1,000,000. The government relaxed the containment measures witnessed in 2020, although the pandemic metamorphosed into deadlier strains.

Event organisers cannot conclusively determine the number of people expected to the event. However, the racecourse will not fill to capacity. Being the second lucrative horse racing event after the Melbourne Cup, the event hopes to register higher numbers.

Prominent bookmakers will host Sydney Cup 2020 stakes on their platforms. The best performing stayers host the Sydney cup betting each year. It occurs 7 days before the official launch of the championship. Horses that participated in the first 4 legs feature in the final Sydney cup betting markets.

Overall economic impact foreseen in this year’s championship include:-

  • Significant improvement in revenue collection from horse racing enthusiasts. Pressure points include gate collection, merchandise selling, hospitality and other complementary services.
  • More betting companies to invest place the Sydney 2021 among the horse racing stakes. Ladbrokes leads the pack, with other notable ones like Sportsbet, PlayUp, Sportsbetting and Neds.
  • Other supportive sectors such as retail, hospitality and tourism will significantly benefit. Money supply within the Sydney metropolis will increase. Affiliate marketing will also benefit from the championship, thanks to sponsorship deals and other online revenue streams.
  • A total of 105 stayers will grace the event, which will improve betting stakes and competition in general.

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