16.5 million Prize money boost

Jun 04, 2015

Racing Victoria (RV) has today announced a $16.5 million prizemoney increase for the 2015-16 racing season with country racing and first time winners amongst the major beneficiaries.

The prizemoney increase, which taRacing Victoria (RV) has today announced a $16.5 million prizemoney increase for the 2015-16 racing season with country racing and first time winners amongst the major beneficiaries.

The prizemoney increase, which takes effect on 1 August 2015, is aimed primarily at rewarding participation at the base of the sport and providing owners with the potential for earlier returns.

It also includes an allocation of $3 million to enhance Victoria’s feature late summer/early autumn racing period pending the completion of an RV-led industry review into the state’s feature race calendar.

The highlights of the 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 at TAB meetings 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.

The $16.5 million increase will see total prizemoney in Victoria rise to $174.2 million (excluding VOBIS bonuses) in the 2015-16 season which completes a 21.3% increase in total prizemoney since 2012.

RV Chief Executive, Bernard Saundry, said the prizemoney increase will ensure that Victoria remains the place to breed, buy, own and race a thoroughbred, particularly in regional and country areas.

“Increasing returns to participants was an objective of our Strategic Plan and we have been able to achieve this significant increase by eliminating our debt ahead of forecast, by delivering quality product to promote strong wagering returns and by realising cost efficiencies across the business,” Saundry said.

“Following extensive consultation with our stakeholder bodies, 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.”

In addition to the increases, Mr Saundry explained that RV would expand its flexible prizemoney model next season, which sees different values placed onto different classes at the one meeting, to help deliver the best possible product whilst maximising wagering returns.

Mr Saundry further explained that the allocation of the $3 million increase reserved for late summer/early autumn 2016 would occur in consultation with the metropolitan clubs and Country Racing Victoria (CRV).

“The Board has allocated an additional $3 million in prizemoney for feature races during the first quarter of 2016. Our review, which will continue over the next month, will determine where that is best placed to meet a key objective of our Strategic Plan to grow participation and interest in that period of the year,” Mr Saundry said.

Minister for Racing, Martin Pakula, said, “I'm pleased to see Racing Victoria increase prizemoney and broaden distributions for grass roots racing which will ultimately encourage participation and give a welcome boost to country racing. Increased prizemoney - alongside the Government's bolstered Victorian Racing Industry Fund and Raceday Attraction Program - will see Victoria keep its rightful place as the national leader in thoroughbred racing.”

CRV Chief Executive, Scott Whiteman said, “We’re delighted at the news that minimum prizemoney will be lifted significantly across all TAB and non-TAB country meetings. A strong and viable country racing circuit is vital for the health of the industry and these prizemoney increases will ensure that we have that here in Victoria.”

Australian Trainers Association (ATA) Victorian Branch President, Robbie Griffiths, said, “This is great news for Victorian racing and for our members. The Victorian ATA is particularly pleased to have played a strong role in the development of the prizemoney strategy which will deliver benefits to all levels of Victorian racing.”

Thoroughbred Racehorse Owners Association (TROA) Chairman, Jonathan Munz, said, “This is a welcome increase for which TROA has strongly been campaigning. The racing industry is a major employer in the state of Victoria and is also a major contributor to tourism and tax revenue. Increased prizemoney returns to owners, trainers, jockeys and other industry participants drives participation and investment in thoroughbred racing and breeding.”kes effect on 1 August 2015, is aimed primarily at rewarding participation at the base of the sport and providing owners with the potential for earlier returns.

It also includes an allocation of $3 million to enhance Victoria’s feature late summer/early autumn racing period pending the completion of an RV-led industry review into the state’s feature race calendar.

The highlights of the 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 at TAB meetings 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.

The $16.5 million increase will see total prizemoney in Victoria rise to $174.2 million (excluding VOBIS bonuses) in the 2015-16 season which completes a 21.3% increase in total prizemoney since 2012.

RV Chief Executive, Bernard Saundry, said the prizemoney increase will ensure that Victoria remains the place to breed, buy, own and race a thoroughbred, particularly in regional and country areas.

“Increasing returns to participants was an objective of our Strategic Plan and we have been able to achieve this significant increase by eliminating our debt ahead of forecast, by delivering quality product to promote strong wagering returns and by realising cost efficiencies across the business,” Saundry said.

“Following extensive consultation with our stakeholder bodies, 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.”

In addition to the increases, Mr Saundry explained that RV would expand its flexible prizemoney model next season, which sees different values placed onto different classes at the one meeting, to help deliver the best possible product whilst maximising wagering returns.

Mr Saundry further explained that the allocation of the $3 million increase reserved for late summer/early autumn 2016 would occur in consultation with the metropolitan clubs and Country Racing Victoria (CRV).

“The Board has allocated an additional $3 million in prizemoney for feature races during the first quarter of 2016. Our review, which will continue over the next month, will determine where that is best placed to meet a key objective of our Strategic Plan to grow participation and interest in that period of the year,” Mr Saundry said.

Minister for Racing, Martin Pakula, said, “I'm pleased to see Racing Victoria increase prizemoney and broaden distributions for grass roots racing which will ultimately encourage participation and give a welcome boost to country racing. Increased prizemoney - alongside the Government's bolstered Victorian Racing Industry Fund and Raceday Attraction Program - will see Victoria keep its rightful place as the national leader in thoroughbred racing.”

CRV Chief Executive, Scott Whiteman said, “We’re delighted at the news that minimum prizemoney will be lifted significantly across all TAB and non-TAB country meetings. A strong and viable country racing circuit is vital for the health of the industry and these prizemoney increases will ensure that we have that here in Victoria.”

Australian Trainers Association (ATA) Victorian Branch President, Robbie Griffiths, said, “This is great news for Victorian racing and for our members. The Victorian ATA is particularly pleased to have played a strong role in the development of the prizemoney strategy which will deliver benefits to all levels of Victorian racing.”

Thoroughbred Racehorse Owners Association (TROA) Chairman, Jonathan Munz, said, “This is a welcome increase for which TROA has strongly been campaigning. The racing industry is a major employer in the state of Victoria and is also a major contributor to tourism and tax revenue. Increased prizemoney returns to owners, trainers, jockeys and other industry participants drives participation and investment in thoroughbred racing and breeding.”

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