A broad range of owners, trainers, jockeys and breeders are set to benefit from more than $40 million in additional prizemoney that will begin rolling out across Victoria from 1 January 2019.
The increases are underpinned by a $33 million election commitment from the newly returned Labor Government to support increases to the minimum levels of Victorian thoroughbred prizemoney. Racing Victoria (RV) has committed to boosting the package of prizemoney increases, which will be implemented across the next two years, beyond $40 million.
The increases are being made to drive further local and international investment in the Victorian thoroughbred racing industry which generates over $3 billion annually for the Victorian economy and supports the equivalent of 25,000 full-time jobs.
After providing an overview of the key prizemoney increases when first announced in October, RV has today outlined its plan for the distribution of the full package from 1 January 2019. The increases, which will be spread across all levels of the sport, are as follows:
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New Minimum Prizemoney Per Race
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Current Minimum Prizemoney Per Race
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Country TAB - Standard
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$22,000
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$20,000
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Country TAB - Premium
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$35,000
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$25,000 to $30,000
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Country TAB - Night
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$35,000
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$20,000 to $30,000
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Metropolitan – Midweek
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$50,000
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$30,000 to $40,000
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Metropolitan – Public Holiday
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$60,000
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$40,000
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Metropolitan – Saturday Standard
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$125,000
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$100,000
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Metropolitan – Saturday 3YO Races and Staying Races (2000m+)
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$135,000
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$120,000
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Metropolitan – Saturday Pathways Race
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$75,000
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$60,000
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Listed Races
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$140,000
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$120,000
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Group 3 Races
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$160,000
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$150,000
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RV Chief Executive, Giles Thompson, said the prizemoney increases will be welcomed by the 92,000 people that actively participate with Victorian thoroughbred racing.
“We’re delighted to outline the full suite of prizemoney increases that will come into effect from 1 January 2019. Our focus in delivering these increases is on ensuring that we reward participation at all levels of the sport to maintain a vibrant and growing participant base,” Thompson said.
“Minimum prizemoney will increase at all country TAB meetings from next month with over 170 now offering a minimum of $35,000 per race. This follows on from the increases already implemented this season for all country non-TAB meetings and every country cup.
“The increases announced today ensure that the minimum prizemoney for every category of Victorian race is the equal of anywhere in the nation. They also ensure that Victoria remains the destination to race a stayer or a three-year-old with Saturday metropolitan minimums rising to a record $135,000 for these races.”
In making the announcement, Thompson thanked the Labor Government for its ongoing support of the Victorian thoroughbred racing industry.
“The Labor Government are committed to ensuring that Victoria remains the premier state for thoroughbred racing in Australia and they have shown their support for all within our industry with this important investment in prizemoney across the state,” Thompson said.
“As we’ve stated previously, a vibrant and successful thoroughbred racing industry is great for Victoria and enhancing returns to our owners, trainers, jockeys and breeders, particularly at the grass roots, is crucial to that.”
Thompson explained that, with the increases in minimum prizemoney from 1 January 2019 and last month’s introduction of The All-Star Mile, Victoria will now be offering over $255 million in prizemoney and bonuses a season which represents an $82 million or 47% increase since 2015.