All Group 1s in the state will now have a minimum prize money of $750,000 with the highest levels at racing HQ in Flemington seeing a boost in funding right through to the country and picnic meetings seeing a boost.
With the changes in funding set to be applied from the 1st August Saturday Metropolitan races will be increased to a value of $130,000 while the country and picnics will see $4m in additional funding applied.
Friday night under the lights is also set to receive funding with racing at the Valley’s 11 Friday twilight meets seeing standard racing prize money increasing from $50k to $60k and feature races increasing from $60k to $75k.
All Group 1s in the state will now be boosted to $750,000 minimum prize money with the Sir Rupert Clarke Stakes, Turnbull Stakes, C.F Orr Stakes, Futurity Stakes and Oakleigh Plate all seeing prize money increase.
Although the time honoured Melbourne Cup won't see an increase in funding there were major increases to Spring Carnival features including Newmarket Handicap rising to $1.5m and the William Reid, Lighting Stakes and Toorak Handicap all rising to $1m
“This additional investment is possible thanks to all within Victorian racing who have worked diligently to keep our sport safely going throughout the pandemic and it will most importantly help underpin 25,000 full-time equivalent jobs in our state,” Racing Victoria Chairman Brian Kruger said.
“This increase is also a reward for the owners who have remained loyal to Victorian racing despite months of lockouts and restricted access that have been required to ensure that we could safely continue racing during an unprecedented period.
“In formulating our prize money structure our priority was to ensure that all levels of Victorian racing, from picnic meetings right up to Group One race days, benefited from an uplift in wagering returns and I’m pleased that we have been able to achieve that.”
The funding comes as South Australian Racing and Racing New South Wales announced increases to there race funds earlier in 2021.