The governing body for thoroughbred horseracing in the southern Australian state of Victoria has reportedly announced the addition of just over $12 million to the prize money pots for next season’s racing calendar.

According to reports from The Sydney Morning Herald newspaper and the horseracing news domain at Racenet.com.au, the move from Racing Victoria is set to come into play from August 1 and will see all group one races feature a minimum prize pool of about $563,500. The organization purportedly revealed that the boost will also involve the aggregate stake for Saturday metropolitan events hit at least $97,600 alongside an additional $3 million being spread across the state’s picnic and country racing calendar.

Increased investments:

Brian Kruger (pictured) serves as the Chairman for Racing Victoria and he reportedly disclosed that the move will not involve any more cash for the prestigious Melbourne Cup horseracing extravaganza but is to take the prize pools for the group one William Reid Stakes, Toorak Handicap and Black Caviar Lightning events up to a minimum of $751,400. He purportedly explained that the changes are to moreover guarantee at least $1.12 million in extra rewards for the Newmarket Handicap while setting aside an extra bonus worth a minimum of $563,500 for the CF Orr Stakes, Turnbull Stakes, Oakleigh Plate, Sir Rupert Clarke Stakes and Futurity Stakes.

Kruger reportedly declared…

“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. 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.”

Considerable commitment:

Kruger reportedly divulged that the upcoming boost is to also encompass an extra $300,500 for the three-day Warrnambool May Racing Carnival with the prize pool for this extravaganza’s Warrnambool Cup event due to surpass $225,300 alongside a total of approximately $150,200 for the preceding Wangoom Handicap race. He purportedly pronounced that Racing Victoria will additionally be setting aside a further $526,000 for the upcoming jump racing calendar to see Victoria ‘offer more than $210.36 million in prize money and bonuses next season’.

Muscular market:

Racenet.com.au reported that the horseracing industry in Australia is very healthy when compared to the sector in the United Kingdom as the two biggest races from last week’s Royal Ascot meet featured a combined prize pool of just $1.28 million and saw the collective rewards for any of its other events fail to top $751,200.

Reportedly read a statement from Kruger…

“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. I’m pleased that we have been able to achieve this.”