The newly agreed joint venture between Racing Victoria and Tabcorp has spearheaded a massive prizemoney increase for the thoroughbred industry across the state.
With the injection of $18.7 million, Victoria’s prizemoney pool will jump to more $160 million for the 2012-2013 racing season.
The new wagering joint venture will take effect from the start of the new racing season on August 1 and 63% of the additional $18.7m will be directly allocated to country racing with across the board increases to minimum prizemoney levels.
“The Victorian racing industry will operate a joint venture with Tabcorp as equal partners in the TAB,” Racing Victoria Chief Executive Rob Hines said.
“It’s more important than ever that participants and punters recognise that the vast majority of funding is generated by the TAB rather than any other source.”
Hines made the announcement prior to the start of the Inglis Melbourne Premier Sale and this comes hot on the heels of the new VOBIS Gold scheme which was launched by the Victorian Government in November and will offer $18 million of bonuses into the Victorian breeding and racing industry.
“We are delighted to be investing $18.7 million of new funds into prize money from 1 August which will ensure that our participants are the best remunerated in the nation,” Hines said.
“Having reached that in-principle agreement with Country Racing Victoria we have been able to increase the minimum country prize money level to $15,000 and significantly enhance our Country Showcase races.
“The majority of this new money has been allocated to country meetings where the 25% increase in the minimum prizemoney level is aimed at fostering growth at the grass roots level and rewarding participation.”
Minimum country prize money will rise from $12,000 to $15,000 while feature showcase races will rise to $30,000.
Saturday metropolitan races will rise $10,000 to $80,000 with each meeting carrying a $100,000 feature race as well as midweeks and Friday night meetings rising to $35,000.
Listed and Group three races are also set to receive increases as well as several Group 1s.
A large majority of listed races will be boosted by $20,000 to $120,000 and over half of the Group threes will rise to $150,000, an increase of $25,000.
And an extra $50,000 will be added to the Underwood Stakes, the Sir Rupert Clarke Stakes and the Toorak Handicap raising these Group ones to $400,000.