Starting from 1 August, the season in sports-betting will see a significant increase in prize money, totaling more than AUS$280m for the first time. This amount, equivalent to AUS$65,000 per race, is more than AUS$100m higher than the previous offering in 2015.
The 2021 Spring Racing Carnival alone will contribute over AUS$100m in prize money and bonuses. Racing Victoria (RV) has attributed this substantial increase to the strong wagering on Victorian racing throughout the current financial year.
RV hopes that this additional investment will encourage further growth in the Victorian thoroughbred racing industry, which already generates over AUS$3bn annually for the state economy and supports 25,000 full-time jobs.
Brian Kruger, Racing Victoria’s chair, expressed gratitude towards everyone involved in Victorian racing for their efforts in navigating the challenges brought by the pandemic. He emphasized that this increase in prize money will not only secure thousands of jobs but also reward the loyalty of owners who have supported Victorian racing despite the restrictions imposed during this unprecedented period.
The prizemoney structure aims to benefit all levels of Victorian racing, from picnic meetings to prestigious Group 1 racedays. Four Group 1 races will now offer more than AUS$1m in prize money, including the Newmarket Handicap at Flemington, which has been raised by $250,000 to AUS$1.5m.
