The sales company is confident its Pink Bonus Series - which will offer prizemoney bonuses in a quartet of races for horses which have a registered female ownership of at least 75 per cent - can incentivise more women to get involved in ownership, and further engage new participants into thoroughbred racing.
The bonus, plus another $550,000 in prizemoney boosts, will be applied to horses born in 2020 and after. The first crop of eligible horses will be going through this year's Inglis Sale Series, which includes the various yearling sales and the Ready2Race Sale in 2022.
Profiteer, winner of the 2021 Inglis Millennium | Image courtesy of Ashlea Brennan
The announcement is timed to coincide with the beginning of the sales company's 2022 Sale Series with the Inglis Classic Sale, which starts next Sunday.
The R. Listed Inglis Millennium, which is run at Randwick for $2 million, will feature a $400,000 bonus to the first eligible horse home from next year, while the Inglis Sprint for 3-year-olds, which will now be run at Flemington each March will have a $200,000 Pink Bonus added in 2024.
Semillion, winner of the 2021 Inglis Banner | Image courtesy of Bronwen Healy
The R. Listed Inglis Banner, run at Moonee Valley in October, and the R. Listed Inglis Nursery, run at Randwick in December, will also have $200,000 bonuses attached to them when they are run later this year.
Inglis has also confirmed that several of its races in its series will have their overall prizemoney boosted with the Inglis Sprint to be worth $1 million in 2024, the 2022 R. Listed Inglis Banner and R. Listed Inglis Nursery $500,000 and the 2023 Inglis Bracelet, which is run at Flemington during Melbourne Cup week, increasing from $250,000 to $350,000.
"We are primarily very pleased with the functionality of our Race Series. It generates strong fields every year," Inglis Bloodstock CEO Sebastian Hutch said.
"We think it's a particular strength of our Race Series that it brings participants to the best racecourses in Australia and arguably the best racecourses in the world. It’s fantastic we are able to go to a variety of different places and have people experience high-class races.
"We are always canvassing feedback from the market and always contemplating ideas ourselves as to what appropriate steps might be taken to enhance the Series further."
"We are always canvassing feedback from the market and always contemplating ideas ourselves as to what appropriate steps might be taken to enhance the Series further." - Sebastian Hutch
Hutch said the success of Magic Millions' Racing Women's bonus had driven some thinking at Inglis as to how it could implement an incentive to increase levels of female ownership
"It’s been a very admirable concept and evidently a very effective one, and it’s borne out in our patronage as well, the ever-increasing numbers of female participants," he said.
"The feedback we have had from any number of participants encouraged us that this was the appropriate step to take. We are excited to be able to factor in a Pink Bonus across a number of our races in our series."
Sebastian Hutch
Investment equals incentive
Hutch said Inglis was determined to ensure that the Pink Bonus Series was at a significant enough level to create the necessary level of excitement within the market, while allowing some flexibility in terms of eligibility rather than a pure 'all-female owned or leased' model as Magic Millions has in place.
"The reality is that it is significant amounts of money which gets people really excited. This is something that can do that for people whether they be trainers, syndicators or investors, it’s a very inclusive scheme," he said.
"It’s (Pink Bonus Series) weighted toward female ownership but it isn't exclusively female ownership and that is based on some fairly extensive feedback we have had from people.
"It’s weighted toward female ownership but it isn't exclusively female ownership and that is based on some fairly extensive feedback we have had from people." - Sebastian Hutch
"I think it’s telling that 12 of the runners in the Millennium in 2021 had some form of female ownership. It’s a progressive part of the market which is something we are looking to develop over the next number of years. This series is going to form a considerable part of that."
Hutch said the recent resurgence in interest in thoroughbred racing in Australia, driven by strong administration of the industry and promotion through media, had set up an opportunity to bring new people in as participants.
"We want those people who come in as new participants to continue to be participants in our sport. It would be a failure on behalf of the sport if those people come in, don’t enjoy their experience and leave again. We want to be able to service those people effectively and retain them," he said.
"Hopefully we can have those people become ambassadors for our sport and help grow that participation base even further."
Driving broad participation
While the Pink Bonus is particularly focussed on driving female ownership levels, Hutch said it was important to encourage new investment wherever it came from.
"We want to grow the ownership base across the board. We are not necessarily focussed on demographic or another," he said.
Fontiton, the 2014 Inglis Banner winner and her owners | Image courtesy of Bronwen Healy
"The cross-section of people involved in racing is nothing short of extraordinary however you want to look at it. Young or old, domestic or international, male or female, rural or urban, there are a broad cross section of people involved.
"It’s hard to identify where the greatest level of growth is coming from. Certainly the market has been telling us for some time that this (female ownership) is a progressive part of the market."
"It’s hard to identify where the greatest level of growth is coming from. Certainly the market has been telling us for some time that this (female ownership) is a progressive part of the market." - Sebastian Hutch
The success of a scheme like the Pink Bonus would be measured over long-term engagement, not in any 'sugar rush' which might occur as an immediate result of the announcement, according to the Inglis Bloodstock CEO, who assumed that role in November.
"I think if we can see growth and we can see people who are participating over an extended period of time, the concept would have been effective," he said.
"It's got to be sustainable long-term. We have canvassed opinions over a considerable amount of time and we have been very conscientious about how we have gone about it. We haven't rushed into making any rash decision with a view to doing this one year and changing the next year. You have to give these things the time they need to get the best outcome.
"I think if we can see growth and we can see people who are participating over an extended period of time, the concept would have been effective." - Sebastian Hutch
"I think it’s exciting for the market that the industry in this country has two sales companies that are so heavily invested in positive outcomes for vendors and buyers. In many respects, that sees our market as the envy of the racing and breeding world. There are a lot of reasons to be very positive."
