Racing Victoria announce prize money reductions

Racing Victoria has announced minor prizemoney reductions for the upcoming 2023/24 season, aiming to save $30 million.

The net reduction of $2.5 million represents less than one percent of the total prizemoney, which will still remain at one of the highest levels ever seen in Victoria, exceeding $315 million.

Notable changes include the All Star Mile prize dropping from $5 million to $4 million and the introduction of a 10th metro Saturday race, injecting an additional $3.52 million into prizemoney.

Racing Victoria emphasized their focus on increasing engagement in the sport to boost wagering turnover and revenue.

Minimum prizemoney for most races will remain unchanged from the 2022/23 levels, with some exceptions such as ratings races up to BM 64 at country premium day meetings and ratings races at metro midweek day meetings seeing a decrease.

Additionally, several feature races, including the Memsie Stakes and Turnbull Stakes, will see reductions in prize money.

CEO Andrew Jones acknowledged the need to adapt to declining revenue, highlighting efforts to minimize the impact on participants by drawing upon the Industry Sustainability Fund and delivering cost savings.

The strategic investments in prizemoney aim to grow the audience and returns to the industry.

Matt Welsh, RV Executive General Manager – Racing, emphasized the importance of maintaining minimum prizemoney at the grassroots level while introducing a trial of a 10th metro race on Saturdays to provide more opportunities for horses and connections.

The challenge for the industry will be to return to growth in tougher economic times through efficiency, alignment, and a focus on fans and punters.

Despite targeted reductions, Victoria’s feature race program remains attractive to owners and trainers, and RV will continue to explore ways to enhance the program for the benefit of participants and fans alike.