Ladbrokes Australia, the Oceania-based brand from Entain, has revealed an Owners Incentive Scheme to reward owners when the horse wins its first Maiden grade thoroughbred race in Tasmania.

More than AUS$10m (US$6.7m) will be available for the scheme when it launches on 1 June, with AUS$2,000 offered as a reward through the incentive.

Dean Shannon, Ladbrokes Australia CEO, said: “Horse ownership is a great experience and through the Ladbrokes Owners Incentive Scheme we plan to reward owners who invest and then have the joy of their horse winning for the first time.

“Over the past few years, we have seen dramatic increases in prize money at the big end of town, but the cost of racing is similar no matter how fast your horse is, so that is why our focus has been very much at a grassroots level."

Additional Australian racing authorities are set to discuss whether to make the scheme available on a national level across 5,200 other maiden races.

Andrew Jenkins, Tasracing CEO, said: “Ladbrokes has been a long-term and great partner of racing in Tasmania and the Ladbrokes Owners Incentive Scheme is yet another example of a program that directly supports the core of the thoroughbred industry.

“While the cost of owning and racing horses in Tasmania is less than many of the mainland jurisdictions, we need to constantly find ways to better support and encourage owners who are the lifeblood of the sport.

“When an owner or owners are lucky enough to get a horse to the track and to win a maiden grade race, then this extra prizemoney will be very well received and may encourage them to take a share in another horse.”