The Victorian racing community is about to get a whole lot richer with governing body, Racing Victoria, announcing some hefty increases to their prizemoney purse.
The increases come after big financial gains for RV last season, including a nine per cent jump in wagering growth and tens of thousands of new owners into the scene.
“The financial health of our industry is strong and provides the opportunity to make sustainable investments in prize money,” said Racing Victoria chief executive officer Giles Thompson.
“Victorian racing is going well.
“With great racing on well-presented tracks this season customer interest in Victorian racing is at record levels with wagering growth of nine per cent and a growing pool of over 60,000 owners.”
More than $15 million of extra prize money has been pushed into the system for the 2017/18 season, with some key Group 1 races being bolstered to attract more overseas and interstate runners.
The changes cover everything in Victoria from the big meets at Flemington to weekend picnic races with the intent of creating larger gains in the racing market across the whole state.
“These prizemoney increases offer a really balanced outcome, with increases for the grass roots regional participant through to the metropolitan trainer,” said Thompson.
The major changes have come across some marquee three-year-old and weight-for-age Group 1s, including the Australian and Caulfield Guineas as well as the Memsie and Caulfield Stakes.
| Race | Distance | Previous Purse | NEW PURSE | Increase |
| Caulfield Guineas | 1600m | $1 million | $2 million | 100% ($1 mil) |
| Coolmore Stakes | 1200m | $500,000 | $1 million | 100% ($500,000) |
| Australian Guineas | 1600m | $750,000 | $1 million | 33% ($250,000) |
| Memsie Stakes | 1400m | $500,000 | $1 million | 100% ($500,000) |
| Makybe Diva Stakes | 1600m | $500,000 | $750,000 | 50% ($250,000) |
| Underwood Stakes | 1800m | $500,000 | $750,000 | 50% ($250,000) |
| Caulfield Stakes | 2000m | $600,000 | $1 million | 66% ($400,000) |
It’s not just the big guns that are getting bumped up though, with all standard Saturday metro races getting jumped up to a minimum of $100,000.
Any Saturday metro races over 2,000 metres have been pushed up even further to a minimum purse of $120,000.
Country racing has seen increases between 15 and 50 per cent to the prize pool as well as Victoria looks to leave New South Wales in the dust to become the beacon for rich racing in Australia.
“These prizemoney increases offer a really balanced outcome, with increases for the grass roots regional participant through to the metropolitan trainer,” said Australian Trainers Association CEO Andrew Nicholl.
“We know that trainers will welcome this announcement.”
Thompson believes that such broad monetary increases across the entire state encompass the holistic approach by Racing Victoria to grow the sport at all levels.
“Our vision is ‘racing for all’ and there is something for all owners, trainers and jockeys within these prizemoney increases which are spread from Flemington to Buchan,” said Thompson.
“We are committed to cementing Victoria’s position as the place to race three-year-olds and stayers which is why we’ve focused enhanced investment in those areas, while at the same time increasing Saturday metropolitan minimums across the board.
There is also new incentives for debut runners, with a 10 per cent prize money increase for runners in their first race.
The changes kick in for the new season beginning with the Spring Carnival at the start of September.
The Memsie Stakes will be the first major race on September 2.
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