CLARIFICATION: IMPLEMENTATION OF REDUCED STAKES STRUCTURE FORSMALLER FIELDS

Following the recent communication (11 February 2026), regarding amendments to race programming and stakes adjustments, 4Racing wishes to provide further clarity on key aspects of the proposed policy.

The implementation date for the reduced stakes structure applicable to smaller field races will take effect
from 19 February 2026. As previously stated, this adjustment does not apply to any Graded or Listed races,
which remain unaffected.

The revised structure will be based on the number of actual runners participating in a race.
However, any horse scratched at the start or in the parade ring will still be counted as a runner for stakes
calculation purposes. This aligns with the current treatment of late scratchings in relation to jockey
engagements and respective betting rules.


4Racing reserves the right to cancel a race at any time, up to and including race day, should only a single
runner be declared or in the event that all declared runners are trained by a single trainer as a minimum of
two trainers are required in accordance with our updated Racing Operators’ Conditions.

There are systems in place to accurately monitor the timing of scratchings to ensure the policy is applied
consistently and transparently.

Please note: Irrespective of the number of declarations, 4Racing will advertise the total gross stake. Any
reduction in stake will only be applied after the race, once the final number of runners has been confirmed.

Why This Adjustment Is Necessary
The primary objective of this measure is to create greater certainty and stability in race programming.
Trainers must be afforded the opportunity to map out a plan for their horses, and owners should be
confident that when they enter a race, their horses are guaranteed a run, without the risk of races being
cancelled due to insufficient runners - a situation that has occurred regularly in recent times.
While defending six and seven-runner fields has unfortunately become normal practice, given the current
incentive structures and stake levels, achieving fields of eight or more runners should be the expectation
rather than the exception.
Field size remains a critical factor in the overall health, competitiveness and commercial sustainability of the horse racing product. This adjustment is therefore designed to encourage stronger, more competitive fields  while ensuring fairness and accountability across the board.

Thank you to the trainers and owners that have shared numerous suggestions for consideration. These will
be factored into future tweaks and changes to continuously evolve the programme and make it more
efficient and effective for all.

Looking Ahead
In addition, 4Racing is pleased to confirm that a stakes increase will be announced in the near future, further demonstrating 4Racing’s commitment to supporting all participants and strengthening the racing
programme.
We appreciate the continued cooperation of trainers, owners and all industry stakeholders who contribute to sustaining the sport of horse racing in South Africa.