Prizemoney bolstered in Victoria

[Wandering Eyes]

Victorian racing is set to receive a A$16 million prize money boost with group and listed events set for significant windfalls.

While metropolitan clubs including The Valley and Melbourne Racing Club will receive significant boosts, country racing will also receive A$4 million in extra funding.

Monday’s announcements include:

•             More than $4 million will be directed to country racing, with standard country meetings minimums rising from $22,000 to $25,000 per race and standard maiden minimums lifting from $23,000 to $25,000

•             Standard Saturday metropolitan race minimums will be increased by $5,000 to $130,000

•             The Valley has been rewarded with minimum prizemoney increases for its 11 standard Friday night meetings, rising from $50,000 to $60,000, while its three feature meetings rise from $60,000 to $75,000, and its three Group 1 meetings rise from $125,000 to $130,000;

•             Significant investments in black type racing, with Group 1 minimums now $750,000 (up from $500,000), Group 2 minimums now $300,000 (up from $200,000) and Group 3 minimum now $200,000 (up from $160,000)

•             A new minimum for Listed races at $160,000 (up from $140,000)

•             Established Group 1 races, including the Toorak Handicap (now $1 million) William Reid Stakes (now $1 million) Black Caviar Lightning Stakes (now $1 million) and the Newmarket Handicap (now $1.5 million) all receiving significant boosts.

Racing Victoria Chairman Brian Kruger said the latest prize money announcements are due to the fact racing continued during Victoria’s hard lockdowns in 2020.

“This additional investment is possible thanks to all within Victorian racing who have worked diligently to keep our sport safely going throughout the pandemic and it will most importantly help underpin 25,000 full-time equivalent jobs in our state,” he said.

“This increase is also a reward for the owners who have remained loyal to Victorian racing despite months of lockouts and restricted access that have been required to ensure that we could safely continue racing during an unprecedented period.

“All levels of Victorian racing, from picnic meetings right up to Group One racedays, benefitted from an uplift in wagering returns”.

“Victoria will offer more than $280 million in prizemoney and bonuses next season, a record amount and an increase of over $100 million or 60 percent since 2015. This amazing growth has fueled participation in Victorian racing and has underpinned jobs right across the state.

“We’re proud to offer a nation high average of prizemoney and bonuses on offer per race of $65,000 which ensures those who support Victorian racing are well rewarded and importantly there is incentive for continued investment and growth in our industry.

“It is also exciting that the 2021 Spring Racing Carnival, which runs this year to the last weekend of November with the revamped Zipping Classic Day at Caulfield, will return to more than $100 million in prizemoney and bonuses.”

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