Racing Victoria announced a A$16.5M ($12.7M) increase in prize money for the '15-16 racing season, according to Andrew Garvey of THE AGE.
The new total prize money for '15-16 will be A$174.2M, an increase of 10.6% on the previous season and an increase of 20% over the past four seasons.
RV CEO Bernard Saundry: "The key to announcing prizemoney increases is the way Racing Victoria and the industry manages its finances and I'm pleased to say we have eliminated debt ahead of forecast, had strong programming initiatives and in turn wagering growth along with achieving cost efficiencies." Rather than allocating the lion's share of the increases to winning connections, the lift in prize money "is aimed at rewarding participation at the lower levels of racing and providing owners with the potential of earlier returns."
Significantly, A$11.12M ($8.5M), more than two thirds of the increase, "will be allocated to country meetings" with a 25% increase in minimum prize money. Highlights of the prize money distribution include an increase of 33% for maiden races, with a new minimum of A$20,000 ($15,355) at TAB meetings, through to A$27,000 ($20,730) at metropolitan level (THE AGE, 6/4).
