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Racing Victoria has announced a 10.6 per cent increase in prize money for the 2015/16 racing season, starting August 1.
The prize money pool for owners rises $16.5 million to $171.4 million (excluding additional VOBIS). This is a 21.3% increase since 2012 for Racing Victoria.
$11 million of the additional money will flow direct to country racing, bringing the minimums for most country races from $15,000 to $20,000 in total prize money for each race. Prize money for night racing at country tracks rises from $20,000 to $25,000
Prize money for over 1300 maiden races will also increase to at least $20,000 in total prize money.
EGM of Racing, Greg Carpenter, further noted that $3 million will flow into a “revamped autumn/late summer” period, as well as additional investment in night meetings at tracks including Cranbourne and Pakenham Park from January 1.
Midweek prize money will rise from $35,000 to $40,000 for most races, excluding lower benchmark races.
The ninth metropolitan race on Saturday races will rise from $40,000 in prize money to $50,000.
A significant move is a redistribution of prize money percentages – a win will now collect 55 per cent of the share of money, down 5 per cent from 60 per cent – bringing it in line with distributions in New South Wales racing.
More to come.
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