$18.7 million prize money increase unveiled for 2012-13 with 63% allocated to the country
Racing Victoria (RV) has today announced that it will maintain its position as a national leader by delivering record prize money to its participants in the 2012-13 racing season.
Victorian prize money will rise to $160 million next season with an $18.7 million funding injection coming on top of the recent introduction of the lucrative VOBIS Gold scheme.
The $18.7 million prize money increase, 63% of which will be allocated to country meetings, will see across the board increases to minimum prize money levels from 1 August as follows;
> Standard - rises from $12,000 to $15,000
> Showcase - rises from $22,500 to $30,000
> Non-TAB - rises from $7,000 to $8,000
> Saturday - rises from $70,000 to $80,000 plus 2 x $100,000
> Midweek - rises from $30,000 to $35,000
> Standard Friday Night - rises from $30,000 to $35,000
The standard Saturday metropolitan meeting will include two races at a minimum of $100,000 and six races at a minimum of $80,000.
In addition to the above, the minimum prize money for country meetings in prime timeslots on Wednesday, Thursday, Friday and Sunday has been increased from $15,000 to $17,500.
Minimum funding to clubs hosting Group and Listed races has also been increased by RV for the 2012-13 season meaning 86 black type races will receive prize money boosts.
Over two-thirds of Victoria's Listed races will increase from $100,000 to at least $120,000, whilst over half of the state's Group 3 races will increase from $125,000 to at least $150,000.
At the elite level, the Underwood Stakes, Sir Rupert Clarke Stakes and Toorak Handicap will all increase from $350,000 to at least $400,000 as part of RV's minimum funding increase for Group 1 races.
RV Chief Executive, Rob Hines, said the prize money increases complemented the new VOBIS Gold scheme which was launched with the support of the Victorian Coalition Government in November.
The first VOBIS Gold races will be held during the 2012-13 season and once fully operational, Victoria's two breeding and racing incentive schemes, VOBIS Gold and Super VOBIS, will offer $18 million in bonuses annually.
Under the scheme, the owner of a qualified horse winning a standard $15,000 Victorian country race with a VOBIS Gold and Super VOBIS bonus attached will collect $27,185.
Similarly in Melbourne, the owner of a qualified horse winning a standard $80,000 Saturday metropolitan race with a VOBIS Gold and Super VOBIS bonus attached will pocket $78,900.
CLICK HERE to view the weekly prize money schedule from 2012/13