A rise in betting turnover on Tasmanian racing during the first four months of 2017-18 has enabled Tasracing to increase code funding by a further $1.24 million.

The increase will be distributed across the three codes between January and June next year.

Turnover for the four-month period increased by 11.6 percent or $17.7 million.

This resulted in an increase in the race field fees that wagering operators pay to Tasracing.

Chairman Dean Cooper said it was an “excellent result” driven by a number of factors.

“Tasracing’s strategy to achieve increased turnover and race field fee revenue is based on taking advantage of Tasmania’s distinct participant pool and delivering a superior digital product,” he said.

“Through our website, tasracing.com.au, we are targeting sophisticated punters who understand the value of good data.

“In addition, our close working relationship with Sky Racing allowed us to become the first racing jurisdiction in Australia to make available free online streaming of our race meetings across all three codes.”

Mr Cooper said Tasmanian racing industry participants had played a key role in this success.

“They are to be congratulated for their collective contribution to the result and the quality of racing product they present,” he said.

The latest funding boost comes on the back of a 6 per cent increase announced by Racing Minister Jeremy Rockliff in September.

That took the base funding for all three racing codes in Tasmania for the 2017-18 season to more than $22 million, Mr Rockliff said.