There are two racing categories, one for spinnakers and the other for those skippers who prefer to sail without a spinnaker. Each category is separated into two Divisions. The start line for all races is directly in front of the Regatta Grounds which is a fantastic vantage point for spectators.

The spinnaker Divisions start at 1.30pm and are followed ten minutes later by the non-spinnaker yachts. Both Divisions will sail a course which includes permanent marks in the River Derwent close to the spectators.

In the spinnaker races, the winner on handicap in Division 1 will be presented with the Lipton Cup. This Cup was presented to the Royal Yacht Club of Tasmania in 1914 and has been competed for ever since.