Australian Racing Victoria (RV) has increased the prize money for the upcoming racing season due to an increase in betting over the past year.
Cash prizes are set to be increased by over A $ 16 million for the season starting August 1, with more than A $ 280 million offered in total for the first time. The figure – which equates to A $ 65,000 per ride – is up more than A $ 100 million from the amount offered in 2015.
The Spring Racing Carnival 2021 will bring in over A $ 100 million in prizes and bonuses alone.
RV said the increase is achievable through strong bets on Victorian races throughout the current fiscal year. The body said it hopes the extra money will encourage further investment in the Victorian thoroughbred racing industry which generates more than A $ 3 billion a year for the state’s economy and supports the equivalent of 25,000 full-time jobs.
Brian Kruger, President of Racing Victoria, said: “This additional investment is made possible by all of the members of the Victorian Race who have worked diligently to keep our sport safe throughout the pandemic and will above all help to support 25,000 full-time equivalent jobs in our state. .
“This increase is also a reward for owners who have remained loyal to Victorian racing despite months of lockouts and restricted access that were necessary to ensure we can continue to run safely for an unprecedented time.
“In formulating our pricing structure, our priority was to ensure that all levels of Victorian racing from picnic gatherings to Group 1 race days enjoyed an increase in betting returns and I am happy that we were able to achieve it. “
Four Group 1 races will now offer over A $ 1 million in prize money, with Newmarket’s handicap to Flemington rising from $ 250,000 to A $ 1.5 million.