About $134,000 has been wiped from the two major race days after Racing NSW made a decision to cut prizemoney at TAB meetings until June 30, at least.

The listed Wagga Gold Cup (2000m) was set to be run for $200,000 for the first time in its history but has been cut back to $160,000.

The same goes for the Wagga Town Plate (1200m) on Thursday April 30. It has also been reduced 20 per cent back to $160,000.

Each of the 16 races over the two days has been reduced in prizemoney as Racing NSW looks to lessen the blow of COVID-19.

Murrumbidgee Turf Club chief executive Steve Keene backed the decision of Racing NSW.

"I think it's a smart move in the current climate we're in," Keene said.

"If these reductions in prizemoney is what it takes to continue with racing then it's a small price to pay."

This year's Wagga Gold Cup prizemoney is already going to be closed to the general public, so the cut in prizemoney is another blow to the city's biggest sporting event.

Keene said the club is yet to do the numbers on what the cost of coronavirus will be.

"The full result won't be known until after the Cup has been run and won," he said.

In good news however, Racing NSW has assured clubs they will help with the fallout.

Racing NSW chief executive Peter V'Landys AM issued a statement on the prizemoney reductions on Sunday and explained that the governing body would 'absorb' any financial losses at upcoming race meetings.

"The reduction in funding from wagering is compounded by other sources of funding for NSW race clubs, being on-course attendances, catering revenue and sponsorship, becoming non-existent given the public is not permitted to attend race meetings," V'Landys said.

"The reduction in prizemoney does not cover the revenue losses so some meetings will be run at a loss. Accordingly, Racing NSW will absorb the losses from its future fund and also provide further funding to NSW race clubs from Racing NSW's cash reserves to sustain those race clubs while the industry faces the uncertainty and challenges presented by the coronavirus pandemic."

Minimum country prizemoney for TAB meetings has been cut from $22,000 to $20,000 in the meantime. Prizemoney for non-TAB and picnic racing remains unchanged.

MTC do not race again until Sunday week, April 19, for the official start of the carnival with the prelude meeting that will feature the Murrumbidgee Cup and Town Plate Prelude.

The Norm Loy-trained Ilovesaki and David Blundell's Monkey have already booked themselves a place in the field for the Wagga Gold Cup after wins in ballot exempt races at Albury and Gundagai.

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