Victorian prizemoney will rise to $160 million next season with an $18.7 million funding injection of which 63 per cent will be allocated to country meetings.
The across-the-board increases to minimum prizemoney levels will take effect from August 1 with country minimums up from $12,000 to $15,000, showcase races up from $22,500 to $30,000 and non-TAB races up from $7,000 to $8,000.
Standard Saturday metropolitan meeting will include two races at a minimum of $100,000 and six races at a minimum of $80,000.
Midweek city races will rise from $30,000 to $35,000 as will standard Friday night races.
Minimum funding to clubs hosting Group and Listed races has also been increased by Racing Victoria (RV) for the 2012-13 season meaning 86 black type races will receive prizemoney boosts.
Over two-thirds of Victoria’s Listed races will increase from $100,000 to at least $120,000, while more than half of the state’s Group Three races will increase from $125,000 to at least $150,000.
At the elite level, the Underwood Stakes, Sir Rupert Clarke Stakes and Toorak Handicap will all increase from $350,000 to at least $400,000 as part of RV’s minimum funding increase for Group One races.
RV chief executive Rob Hines made the announcement at Oaklands Junction prior to Monday’s start of the Inglis Melbourne Premier Sale.
“The funds for this increase come through the deal we’ve done with TABCORP, our joint venture partner, through the licensing process put in place by the the Victorian state government,” Hines said.
“The returns to the racing industry have improved significantly through the new deal and we are now equal share partners in the Victorian TAB and that’s what’s funding these increases.
Hines said RV had been working on the process for three years.
“The modelling around it is really significant,” Hines said.
“There are so many races in Victoria. Every day we are racing for different prizemoney and (we are) just trying to get the right balance to encourage participation at grass roots but still reward those horses that can race at the elite level.”
AAP TURF
