Racing Victoria see the light and shift stakes downwards to lower grades.

[Chief Stipe]

RV's key prizemoney, ASM changes

www.racing.com

Racing Victoria has announced a number of key changes to prizemoney and the All-Star Mile for the 2024-25 season.

New CEO Aaron Morrison, who stepped into the chair earlier this week, has flagged a number of imminent changes to both prizemoney and the ASM. And on Friday afternoon, he announced those amendments, with grassroots racing receiving a significant boost.

Here are the key points:

All-Star Mile

• A commitment of having Group 1 status by 2026 - either by working with Racing Australia's pattern committee or via the Makybe Diva;

• To have a permanent home at Flemington;

• To have $1.5m reduced from its prizemoney and be run for $2.5m in 2025; and

• The ASM will be run on Super Saturday, housed next to the Newmarket Handicap.

Prizemoney

• Levels to be retained from the 23-24 season ($316m), however, with some funds redistributed to boost grassroots initiatives;

• Premier Maidens worth $50,000 will be run every Sunday in country Victoria, starting on October 1;

• The creation of an Emerging Stars series in Victoria's west - Ballarat, Geelong and Warrnambool. There will be 10 $75,000 maiden qualifiers from October to December, with a $250,000 final run on Ballarat Cup Day on December 7;

• Picnic Cups to get their first prizemoney increase since 2021, going from $7000 to $10,000;

• Victoria Racing Club has elected to reduce some of its prizemoney boosts for the 24-25 season, saving $1.125m;

• The Bagot and Standish will revert to minimum prizemoney levels for their class;

• Roy Higgins and Andrew Ramsden both reduce in prizemoney, but will above minimum level for their class given both are a golden ticket to the Melbourne Cup;

• The Australian Cup reduces from $3m to $2.5m to align with the All-Star Mile; and

• RV will use $500,000 from the ASM prizemoney reduction to keep the G1 Newmarket Handicap at $1.5m.

Other changes

• Moonee Valley's Crystal Mile increases from $300,000 to $400,000 and will be run at set-weights-and-penalties conditions rather than weight-for-age;

• The Tesio Stakes also goes from $200,000 to $300,000 and increases in distance from 1600m to 2040m;

• Caulfield's Blue Diamond series also gets a prizemoney increase with both Previews rising to $250,000, while the Preludes rise to $350,000;

• Owners and Breeders Raceday at Caulfield will move from late April to March 15;

• The G2 Peter Young Stakes will move from Blue Diamond Day to Owners and Breeders Raceday and will increase in prizemoney to $500,000 (from $300,000); and

• The 10th race will continue from September through to April.

Morrison said it is key to note that $316m in prizemoney will once again be up for grabs this season despite the 'strategic realignment' of it.

Racing still faces a number of headwinds, with a downturn in turnover and other financial pressures - including the cost-of-living crisis - having an impact on the industry.

"One of our key goals is to maximise returns to participants and owners. Over the past eight years returns to participants have grown by over $140 million, however, a more-recent downturn in wagering and other financial pressures facing the industry mean that such growth has become more challenging to sustain," Morrison said.

"We're undertaking a review of our industry operating model and have been executing a range of cost-saving initiatives to ensure that the prizemoney and bonuses we offer this season can remain at the same level as last season. That is critical to support our participants and owners who invest in the sport."

Morrison said the All-Star Mile's permanent home at Flemington on Super Saturday, alongside the Newmarket Handicap, will further strengthen the race.

"The connection between the All-Star Mile and Australian Cup has delivered a great racing pathway and narrative over the past two years. This will be cemented with both races now run at Flemington," he said.

"The Owner Ambassador competition has been a popular feature of the All-Star Mile. We'll be retaining that unique component and working with the VRC to drive race-day attendance.

"We also recognise the importance of investing in grassroots racing for a strong foundation, as well as protecting our major events. That's why we've also sought to strategically realign the allocation of prizemoney across the season.

"Prizemoney from the All-Star Mile is being diverted to boost maidens and support our picnic circuit. It will help deliver a $50,000 premier maiden every Sunday in country Victoria and a series of lucrative maidens in the state's west that culminate in a $250,000 final on Ballarat Cup Day.

"The realigned prizemoney is also being used to underpin the iconic Newmarket Handicap, support Cox Plate Day and increase early returns for owners via the Blue Diamond Stakes Series."

The VRC welcomed the permanent move of the All-Star Mile to Flemington, after it had been rotated annually between Headquarters, Caulfield and Moonee Valley since its inception. 

"The VRC is pleased to welcome the All-Star Mile to its new home at Flemington Racecourse," said VRC Chairman Neil Wilson.

"The All-Star Mile enhances a strong Super Saturday program, which is already a drawcard for racegoers and the country's best horses, trainers and jockeys during the Flemington Racing Spectacular."

[Chief Stipe]

Just now, Chief Stipe said:

"Prizemoney from the All-Star Mile is being diverted to boost maidens and support our picnic circuit. It will help deliver a $50,000 premier maiden every Sunday in country Victoria and a series of lucrative maidens in the state's west that culminate in a $250,000 final on Ballarat Cup Day.

As part of $316m in stakes distribution.

[curious]

Totally opposite strategy to the one embarked on here. You have to wonder how such different strategies could emerge from similar organisations. Maybe because they don't have the taxpayer and other subsidisation that we do?

[Chief Stipe]

10 minutes ago, curious said:

Totally opposite strategy to the one embarked on here. You have to wonder how such different strategies could emerge from similar organisations. Maybe because they don't have the taxpayer and other subsidisation that we do?

Yes they HAVE to run racing as self-sustaining business and they don't have a monopoly i.e. the have a strong competitor next door in NSW.  Although are there cracks emerging in NSW.

PS:  They also irrigate and invest in frequent track renovations in VIC.

[Huey]

Incredible how common sense they are across the ditch.

[curious]

33 minutes ago, Huey said:

Incredible how common sense they are across the ditch.

Pity that's not often displayed by the ones they send over here.

[TAB For Ever]

On 8/24/2024 at 10:11 AM, Chief Stipe said:

RV's key prizemoney, ASM changes

www.racing.com

Racing Victoria has announced a number of key changes to prizemoney and the All-Star Mile for the 2024-25 season.

New CEO Aaron Morrison, who stepped into the chair earlier this week, has flagged a number of imminent changes to both prizemoney and the ASM. And on Friday afternoon, he announced those amendments, with grassroots racing receiving a significant boost.

Here are the key points:

All-Star Mile

• A commitment of having Group 1 status by 2026 - either by working with Racing Australia's pattern committee or via the Makybe Diva;

• To have a permanent home at Flemington;

• To have $1.5m reduced from its prizemoney and be run for $2.5m in 2025; and

• The ASM will be run on Super Saturday, housed next to the Newmarket Handicap.

Prizemoney

• Levels to be retained from the 23-24 season ($316m), however, with some funds redistributed to boost grassroots initiatives;

• Premier Maidens worth $50,000 will be run every Sunday in country Victoria, starting on October 1;

• The creation of an Emerging Stars series in Victoria's west - Ballarat, Geelong and Warrnambool. There will be 10 $75,000 maiden qualifiers from October to December, with a $250,000 final run on Ballarat Cup Day on December 7;

• Picnic Cups to get their first prizemoney increase since 2021, going from $7000 to $10,000;

• Victoria Racing Club has elected to reduce some of its prizemoney boosts for the 24-25 season, saving $1.125m;

• The Bagot and Standish will revert to minimum prizemoney levels for their class;

• Roy Higgins and Andrew Ramsden both reduce in prizemoney, but will above minimum level for their class given both are a golden ticket to the Melbourne Cup;

• The Australian Cup reduces from $3m to $2.5m to align with the All-Star Mile; and

• RV will use $500,000 from the ASM prizemoney reduction to keep the G1 Newmarket Handicap at $1.5m.

Other changes

• Moonee Valley's Crystal Mile increases from $300,000 to $400,000 and will be run at set-weights-and-penalties conditions rather than weight-for-age;

• The Tesio Stakes also goes from $200,000 to $300,000 and increases in distance from 1600m to 2040m;

• Caulfield's Blue Diamond series also gets a prizemoney increase with both Previews rising to $250,000, while the Preludes rise to $350,000;

• Owners and Breeders Raceday at Caulfield will move from late April to March 15;

• The G2 Peter Young Stakes will move from Blue Diamond Day to Owners and Breeders Raceday and will increase in prizemoney to $500,000 (from $300,000); and

• The 10th race will continue from September through to April.

Morrison said it is key to note that $316m in prizemoney will once again be up for grabs this season despite the 'strategic realignment' of it.

Racing still faces a number of headwinds, with a downturn in turnover and other financial pressures - including the cost-of-living crisis - having an impact on the industry.

"One of our key goals is to maximise returns to participants and owners. Over the past eight years returns to participants have grown by over $140 million, however, a more-recent downturn in wagering and other financial pressures facing the industry mean that such growth has become more challenging to sustain," Morrison said.

"We're undertaking a review of our industry operating model and have been executing a range of cost-saving initiatives to ensure that the prizemoney and bonuses we offer this season can remain at the same level as last season. That is critical to support our participants and owners who invest in the sport."

Morrison said the All-Star Mile's permanent home at Flemington on Super Saturday, alongside the Newmarket Handicap, will further strengthen the race.

"The connection between the All-Star Mile and Australian Cup has delivered a great racing pathway and narrative over the past two years. This will be cemented with both races now run at Flemington," he said.

"The Owner Ambassador competition has been a popular feature of the All-Star Mile. We'll be retaining that unique component and working with the VRC to drive race-day attendance.

"We also recognise the importance of investing in grassroots racing for a strong foundation, as well as protecting our major events. That's why we've also sought to strategically realign the allocation of prizemoney across the season.

"Prizemoney from the All-Star Mile is being diverted to boost maidens and support our picnic circuit. It will help deliver a $50,000 premier maiden every Sunday in country Victoria and a series of lucrative maidens in the state's west that culminate in a $250,000 final on Ballarat Cup Day.

"The realigned prizemoney is also being used to underpin the iconic Newmarket Handicap, support Cox Plate Day and increase early returns for owners via the Blue Diamond Stakes Series."

The VRC welcomed the permanent move of the All-Star Mile to Flemington, after it had been rotated annually between Headquarters, Caulfield and Moonee Valley since its inception. 

"The VRC is pleased to welcome the All-Star Mile to its new home at Flemington Racecourse," said VRC Chairman Neil Wilson.

"The All-Star Mile enhances a strong Super Saturday program, which is already a drawcard for racegoers and the country's best horses, trainers and jockeys during the Flemington Racing Spectacular."

You a funny man Chief......your headline for this thread very misleading and doesn't really sum up the RV announcement.

Cos really there has only been ONE newsworthy decrease...the kinky ALL STAR MILE and they worked in some 'catchy' maiden races with various series and trying to boost interest in some of their Country courses which so many on here wax lyrical about. And they don't explain the small print.....SPIN as is often referred to on here.

Obviously you didn't see the article suggesting that the boost to lower classes /plodders was something they picked up from New Zealand's strategy  .

NZ has alway had stakes much lower than Aussie ,plus the returns to owners has been appallingly low but in recent times tho the increases to Group 1 and sweepstake races has hogged the headlines the grassroots minimum stakes has NOT been ignored. 

In 2017 all stakes received a boost with the majority of increase going to minimum stakes.Overall stakes rose 13 % but the minimum stakes rose over 40% ...from $7 k to $10k.

In 2021 all stakes rose again ,the biggest % rise being in minimum stakes .....+20 % from $10k to $12k , and to $15k for feature meetings. Again all stakes rose as did all Clubs funding.

Then at the start of current season ,saw the big push to rejuvenate the Industry.

All stakes rose ,EVENLY across all categories of races and all regions.....Premium Maidens at $30k stayed same, but all Feature races increased .Feature maidens went from $15k to either $20k or $25k depending on time of year. Industry day races went from $14k or $15k to between $18.5k and $25k.

Twilight

races went from $14k to $25k and ALL other Industry races went from $14k to $17k.

As in the Australian Headline grabber ,poorly paraphrased by the Chief , there are special series type races with finals etc.

eg a $350k South Island race ,a $350k Trentham race for 1 x win horses , a $350k Waikato race for MAAT[Maidens at time].The small print says a $9k acceptance fee so a sweepstake element.

So some copy cat there , both countries singing from the same songbook and obviously the ALL Star Mile not doing the job intended so moves venue and lesser stake..

But a mischievous heading from the Chief , with little support from other than the odd parrot and pretty much ignored by everyone else. Fake news !

[curious]

I think you've entirely missed the point here @TAB For Ever.  What RV have done here is exactly what you say, reduced stakes for some top races with funds redistributed to boost grassroots initiatives. So, for example, taking prize money from the All Star and Australian Cup and diverting it to both boost money for other top level races where warranted as well as lower level races, picnic meetings in particular, by 40%.  This appears to be driven by the downturn in wagering and is designed to maximise returns to participants and owners, apparently to bring prize money more into line with the wagering revenue generated by events. That is not what is happening here if you haven't noticed. General stakes increases that you have noted are NOT in line with the relative wagering revenue generated by those events, even though they may have been increased. It's that misalignment that RV seem to be trying to remedy but has become increasingly out of whack here.

Edited August 26, 2024 by curious

[Chief Stipe]

18 hours ago, TAB For Ever said:

But a mischievous heading from the Chief , with little support from other than the odd parrot and pretty much ignored by everyone else. Fake news !

Read @curious 's post.  

[Murray Fish]

2 hours ago, curious said:

to bring prize money more into line with the wagering revenue generated by events.

It would be interesting to track that in nz since the start of TAB? Handsome profits for each race once!

When did it change, when did the prize money get out of wack with what was bet?

How obliged are new Tab managers now in releasing betting numbers?

[curious]

14 minutes ago, Murray Fish said:

It would be interesting to track that in nz since the start of TAB? Handsome profits for each race once!

When did it change, when did the prize money get out of wack with what was bet?

How obliged are new Tab managers now in releasing betting numbers?

Changed about 15 or so years ago when revenue from races pretty much covered stakes. Now on average half that. Love to have that data if you can get it anymore. Happy to analyse it if you can.

[curious]

11 hours ago, curious said:

Changed about 15 or so years ago when revenue from races pretty much covered stakes. Now on average half that. Love to have that data if you can get it anymore. Happy to analyse it if you can.

Here's this season's TR data thru February. Should be available on request or at least by OIA.

 

NZ TAB TR data 23-24 thru Feb.xlsx

[curious]

Top 20

Total meeting turnover to stakes during that period.

 

Edited August 26, 2024 by curious

[Chief Stipe]

1 minute ago, curious said:

Top 20

Turnover to stakes during that period.

Perhaps net revenue might be more pertinent.

[curious]

2 minutes ago, Chief Stipe said:

Perhaps net revenue might be more pertinent.

I don't have that data. Do you? Or can you get it?

[Chief Stipe]

24 minutes ago, curious said:

I don't have that data. Do you? Or can you get it?

Well you can take the historical average but that would just give you the same comparative ranking but a reality check.

Although your turnover figures don't include fixed odds or exotics?

[curious]

1 hour ago, Chief Stipe said:

Well you can take the historical average but that would just give you the same comparative ranking but a reality check.

Although your turnover figures don't include fixed odds or exotics?

Yes. That's the total meeting turnover.

[Chief Stipe]

43 minutes ago, curious said:

Yes. That's the total meeting turnover.

So they do include Fixed Odds and Exotics (both fixed and tote)?

[curious]

Yep as from the data set above. So, as you say, if you estimate revenue, the order will remain the same.

Edited August 27, 2024 by curious

[curious]

Here's the bottom 20 on that basis for comparison. @TAB For Ever may like to comment.

Edited August 27, 2024 by curious

[Chief Stipe]

25 minutes ago, curious said:

Yep as from the data set above. So, as you say, if you estimate revenue, the order will remain the same.

What denominator do you use?  I don't get the same % e.g. $176,000 divided by $1,903,756 = 9.2%.  However if gross revenue is say 15% of turnover then net revenue may be covering stakes at some meetings e.g. Kumara.

[curious]

That's the ratio. Turnover to stakes, not the percentage, stakes to turnover, so $1,903,756/176,000 = 10.82.

But yes, the likes of Kumara might go close to covering stakes on net revenue.

Edited August 27, 2024 by curious

[Chief Stipe]

15 minutes ago, curious said:

That's the ratio. Turnover to stakes, not the percentage, stakes to turnover, so $1,903,756/176,000 = 10.82.

But yes, the likes of Kumara might go close to covering stakes on net revenue.

Ok Gotcha.  If Kumara is at the top of the heap and not covering stakes then there is a lot of subsidisation going on elsewhere!!!

[curious]

Yeahh, do the same calculation for those meetings in the bottom 20.

[Chief Stipe]

18 minutes ago, curious said:

Yeahh, do the same calculation for those meetings in the bottom 20.

Looking at the Karaka Million night (at the bottom of the list) wouldn't you have to adjust the $4.5m for sweepstake holder and ATR contributions?