Jun 05, 2015

Prizemoney to be increased by $16.5 million for 2015-16 season

Racing Victoria advise that we have today announced a $16.5 million prizemoney increase for the 2015-16 Victorian racing season.

The prizemoney increase, which takes effect on 1 August 2015, is aimed firstly at rewarding participation in the country and providing owners with the potential for earlier returns on your investment.

The $16.5 million increase will see total prizemoney in Victoria rise by 10.6% to $174.2 million (excluding VOBIS bonuses) next season which completes a 21.3% increase in total prizemoney since 2012.

The highlights of today’s announcement include:

Country boost – More than two-thirds of the prizemoney increases are headed to country Victoria with an additional $11.12 million allocated across all TAB and non-TAB race meetings;
New minimums – A 25% increase in the minimum prizemoney offered for all country TAB races (excluding 0-58 races) which rises to $20,000 and non-TABs to $10,000;
Lucrative maidens – Prizemoney has increased across all maidens – which represent 33% of the state’s TAB races – with country TAB maidens now a minimum $20,000, country premier maidens $23,000, country night maidens $25,000 and midweek metropolitan maidens $27,000;
Night racing dividend – Across the board increases for night racing with minimum country prizemoney rising from $20,000 to $25,000 in recognition of the additional costs to compete;
More metro money – The minimum stake for over 70% of metropolitan midweek and standard night races has been lifted to $40,000, whilst the Saturday “ninth race” increases by 25% to $50,000 and Saturday Open Handicaps rise to $90,000;
Sharing the pie – A re-distribution of prizemoney in non-Group and Listed flat races of $20,000 or more that will see the connections of horses placed fourth to 10th better rewarded; and
More flexible model – An expansion of the existing model which provides for varying minimum prizemoney levels across different classes of race at each meeting.

Accordingly, the allocation of this additional prizemoney has been designed to give all within the industry an opportunity to share in this significant uplift by rewarding more owners, more trainers and more jockeys, whilst further incentivising future participation.

Included amongst next season’s prizemoney increase is an allocation of $3 million that will be spent on enhancing feature races in the first quarter of 2016.

A key objective of our Strategic Plan is to grow engagement on and off the track in the late summer/early autumn period and we are committed to achieving that in 2016.

We strongly believe that Victoria is the state to breed, buy, own and race a thoroughbred and we want to ensure that it remains true in 2015-16 and beyond.