Tasracing will realign Tasmanian Summer Racing Carnival feature race stakes for the 2010/11 season.
Stakes for eight Listed carnival races have increased by $10,000 a race from $80,000 to $90,000.
In a move aimed at elevating the Listed Bow Mistress Stakes to Group 3 status, the prize money for the race has been boosted to $150,000 (up from $100,000 in 2010).
Hobart Cup stakes will now be $300,000 ($400,000 in 2010), stakes for the Launceston Cup will be $225,000 ($300,000) and the Tasmanian Derby $150,000 ($200,000). Devonport Cup stakes will be $100,000 ($120,000).
Tasracing Chief Executive Officer Gary Lottering said for a number of years the industry had been calling for a review of stakes for the major carnival races.
“It is important to note that the Hobart Cup will still be the highest staked Group 3 race in Australia, while the Launceston Cup will be the eighth highest of 113 Group 3 races,” he said.
“Some of the feature race stakes will be redirected towards increasing “B” meeting minimum stakes levels from $10,000 to $12,000 per race, as well as an additional $500 per race allocated for all non-feature night races, allowing payment down to sixth place.
“To assist in our deliberations, Tasracing has taken advice from the Australian Pattern Committee (APC) which believes that the Bow Mistress Stakes, which has attracted high quality fields over the past four years, should be targeted for elevation to Group 3 status.
“At the same time, the Derby has struggled to attract the better class three-year-olds despite a stakes boost and restructure of the lead up race schedule.
Tasracing is keen to protect and promote the status of the Bow Mistress race given the potential importance for local breeders. “Since 2005, 10 Tasmanian horses have either won or been placed in the Bow Mistress, all gaining valuable black type for the pedigrees of their future offspring.”
Mr Lottering said recent research undertaken by independent consultants for Tasracing revealed patronage at carnival meetings would not be affected. “More than half of people surveyed at the Hobart Cup said they attended the cup meeting as a social event, 25 per cent for fashions and 17 per cent for the racing,” he said.
Mr Lottering said the Tasracing Board had recently agreed to a revised Corporate Plan that provided the organisation and the industry with a detailed plan for the future.
“Industry sustainability is an important part of the plan,” he said.
“In taking these decisions, Tasracing has listened to the industry and made its decision in its best interests.”