Massive increase in Karaka Million Stakes

[Chief Stipe]

Karaka Millions meeting receives massive boost

loveracing.nz

New Zealand’s richest raceday will be further enhanced in 2024 with stakes increases and the launch of a new partnership announced for New Zealand Bloodstock’s iconic Karaka Millions Twilight Meeting.

The prizemoney for the feature three-year-old race for sales graduates will be boosted to $1.5 million from 2024, an increase of $500,000.

The feature two-year-old race for sales graduates remains at $1 million, while the addition of a $1 million four-year-old mile race, open to all horses, takes the six-race card for the Karaka Millions Twilight Meeting to a whole new level.

In another exciting development, NZB and TAB, the New Zealand betting brand operated by Entain Australia and New Zealand, have formed a five-year partnership, securing TAB the naming rights to the TAB Karaka Millions Twilight Meeting and its two lucrative incentive races for graduates of the Karaka sales.

New Zealand Bloodstock’s Managing Director Andrew Seabrook is delighted to have the iconic New Zealand brand onboard, noting that both parties share similar ambitions for the Karaka Millions and the wider racing industry.

“The energy and vision that the Entain team brings to this partnership is a breath of fresh air and we look forward to working with them as we continue to grow the Karaka Millions raceday and series,” Seabrook said.

“NZTR getting behind the Karaka Millions with the increase in stakes to $1.5 million for the three-year-old race, plus the addition of the $1 million four-year-old race to the card is tremendous.

“They have identified the Karaka Millions raceday as one of the most important meetings on the racing calendar and this support will only help it grow further.”

Invigorated by its recent strategic partnering agreement, Entain recognises the universal appeal the Karaka Millions holds for punters and industry participants alike.

"We have watched the Karaka Million grow from its inception in 2008 to the blue-riband raceday it is today,” said Cameron Rodger, Managing Director – New Zealand, Entain Australia and New Zealand.

“We know this raceday and the yearling sales that follow are hugely important to the fortunes of New Zealand racing and breeding, New Zealand Bloodstock is a great success story in New Zealand racing, and we’re proud to partner with them for this amazing event.

“We’re also establishing a Travel Incentive Scheme, which commits up to $150,000 towards a scheme developed with New Zealand Bloodstock to attract Australian-based horses to run in the Karaka feature events. Having Australian-based horses in these races will create a great opportunity to grow the audience in Australia.”

Held on the eve of New Zealand Bloodstock’s National Yearling Sales Series, the Karaka Millions not only showcases high-calibre thoroughbreds to elite industry participants, it also draws one of the largest and most diverse crowds. 

New Zealand Thoroughbred Racing chief executive Bruce Sharrock acknowledged the broad appeal of the Karaka Millions.

“It is another positive development for the industry, the three-year-old race and the meeting as a whole has become one of the true features on the racing calendar,” he said.

“NZTR embraces the continued elevation of this race and meeting, and working with NZB to achieve this is great.

“We also congratulate Entain and NZB on the partnership formed, which will continue to grow the entire week and further develop the success of the sales and racing event.”

The TAB Karaka Millions Twilight Meeting will be held on the eve of the Karaka 2024 National Yearling Sales Series, Saturday 27 January 2024.

Kicking off the week-long selling extravaganza, Book 1 of the National Yearling Sales Series will commence the following day at the Karaka Sales Centre from Sunday 28 to Tuesday 30 January, followed by Book 2 running from Wednesday 31 January to Friday 2 February.

[holy ravioli]

Can't see the CBA for the TAB in paying for naming rights?

[nod]

Where ate the facts and figures that show how much the yearling buyers contribute to the stakes?

Or is there a surplus?

[Huey]

We keep making the same mistakes again & again , this will make no material difference to all but a select few high end breeders & pinhookers.

[MaltedMilkshake]

I keep shaking my head…how on earth can mainstream industry participants keep stumping up funds from the very small prizemoney pot for these “closed” races…admittedly the 4yo is an Open race…

if it’s industry money paying, then the races should be open to ALL.  Otherwise let the owners and NZB pay…it’s their race and they benefit, not the overall industry..

I would have thought with prizemoney the key to keeping bread & butter owners & breeders in NZ, it’s imperative the distribution is fair and far reaching…but that’s they way in this crazy, nonsensical world…the big get bigger…until there is no competition…then it all falls of the perch 👍

[Doomed]

I note it isn't explicitly stated that NZTR is stumping up the whole half million to boost the stake. NZTR just says the stake is going to $1.5m. NZ Bloodstock though seem to indicate the extra is all coming from NZTR, so effectively subsidised by the rest of the industry.

Along with the new $350,000 restricted race in the SI and others like it, it does make me wonder whether the Group race system has any more relevance in NZ. We now have group races like the NZ Cup and Coupland Stakes dwarfed in stakes by the various novelty races. I'm not sure how the handicapper compares form out of the novelty races with form out of group races. 

How much longer before there is a push to see the novelty races granted group status? Interesting that the breeders are big exponents of these novelty races at the expense of group races.

Perhaps someone could explain to me the relevance of listed races? Do we need them anymore? Perhaps get rid of them first and then work on dropping Group races?

[Freda]

My understanding was that the funding from NZTR was arranged in the early days of the Karaka Millions concept, and was for a finite time only.  Purcell era I think.  I was also told that Saundry did not favour the 'subsidy'  because that is what it is, like it or not, from NZTR being extended past that initial setup phase.   But, clearly, it has been.

And while I have no problem with the day being made even more special, it was, and still is, a sales-promotion exercise and - IMO- should be funded by the sales company that benefits as well as the breeders.

[curious]

45 minutes ago, Freda said:

My understanding was that the funding from NZTR was arranged in the early days of the Karaka Millions concept, and was for a finite time only.  Purcell era I think.  I was also told that Saundry did not favour the 'subsidy'  because that is what it is, like it or not, from NZTR being extended past that initial setup phase.   But, clearly, it has been.

And while I have no problem with the day being made even more special, it was, and still is, a sales-promotion exercise and - IMO- should be funded by the sales company that benefits as well as the breeders.

I agree. It's a good day, decent racing, and attracts new people e.g the BGP group which turns over a bit of dosh on the day. Also, gets some younger folk interested in both wagering and racing a horse. However, it should be funded (other than the usual premier day NZTR funding) by the beneficiaries, as Freda says, along with any sponsorship they can obtain such as that from Entain.

[curious]

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Edited July 29, 2023 by curious