Cover image courtesy of The Image Is Everything
Prizemoney cuts have been the big conversation in Victoria the last few months, but on Thursday, Racing Victoria (RV) silenced the speculation with an official announcement that outlined its prizemoney and programming structure for the 2023/24 racing season.
The overwhelming message was that prizemoney will be down, but down only marginally, with a net reduction of $2.5 million, something RV attributes to a ‘declining industry revenue post-COVID’.
Overall, Victoria will offer more than $315 million in prizemoney and bonuses next racing season, which posts a nation-high average of over $71,700 per race. This is an 80 per cent increase on equivalent figures of 2015, and, according to RV, just the second time in the state’s history that prizemoney has sailed past the $300 million mark.
Andrew Jones, Racing Victoria Chief Executive | Image courtesy of Racing Victoria
While prizemoney is down, something on which people have and will likely fixate, the total pot and bonuses next year still represents $25 million more than what was offered in 2021/22.
“As revenue has grown, so too has prizemoney, and at record rates,” said Andrew Jones, RV chief executive. “As revenue declines, so must expenses, and the reality is that prizemoney is not immune to that. We’re minimising the impact on participants and owners of that declining revenue by delivering cost savings and drawing upon the Industry Sustainability Fund.
“We’re also making some strategic investments in prizemoney next season to grow our audience and returns to industry.”
“As revenue has grown, so too has prizemoney, and at record rates. As revenue declines, so must expenses, and the reality is that prizemoney is not immune to that.” - Andrew Jones
RV’s announcement revealed a few key elements for next season, and they weren't all good.
The purse for The All-Star Mile will drop from $5 million to $4 million, while each of the following feature races will slide from $1 million to the Group 1 minimum of $750,000: Memsie S., Makybe Diva S., Underwood S., Moir S. and Turnbull S.
Additionally, the values of the G2 Moonee Valley Gold Cup, G3 The Bart Cummings and G2 Alister Clark S. have been slashed by $250,000, and the G2 Moonee Valley Vase and Listed St Leger cut by $100,000. It is worth noting that all of these feature races remain above their category minimums.
Additionally, the VOBIS Gold features will be run for the Listed minimum of $175,000, while The Showdown will remain at $1 million and VOBIS Sires’ Guineas at $500,000.
The All-Star Mile, for the first time, will be raced next season two weeks ahead of the G1 Australian Cup, on March 18 at Caulfield, with RV emphasising the fact of the race quickly establishing itself in its short history as the number one turnover event in the Festival of Racing.
“Victoria’s feature race program remains most attractive to owners and trainers, despite the need for some targeted reductions next season,” said Matt Welsh, RV’s executive general manager.
Mr Brightside (NZ) (black cap), winner of the 2023 The All-Star Mile | Image courtesy of Racing Photos
“Having The All-Star Mile two weeks before the Australian Cup for the first time will ensure many of Australia’s best weight-for-age horses are at Caulfield and Flemington next March, and our investment in our autumn features is critical to give this long-awaited programming revamp its chance to succeed in the knowledge that it is a competitive time for horses and fan engagement.”
Spring Carnival shake-up
Prizemoney was only one element of Thursday’s announcement, but it’s likely to get the most traction. However, race scheduling was also addressed by RV, in particular regarding the spring carnival.
It has been revealed that Caulfield will host a new Group 1 raceday on November 18, a week after Champions Day at Flemington. It will carry an additional $1.3 million in prizemoney, with the impetus of growing the racing audience in Victoria further into November.
On this day, the G1 Thousand Guineas will be run, shifting from its original spot in October, and its purse increases from $1 million to $1.5 million.
On the card will also be the G1 Sir Rupert Clarke S. and G3 Blue Sapphire S. The former will remain at $1 million, while the latter increases from $200,000 to $500,000 and stretches from 1200 metres to 1400 metres.
The Country Cups Final will also take place on this new carnival day.
Other notable shuffles to accommodate this new program are that the G2 Thousand Guineas Prelude will go back four weeks to Caulfield Cup Day, and the Listed Desirable S. moves from Oaks Day during the Cup Carnival to Cup Day itself.
“We’ve revamped the Spring Racing Carnival to deliver more feature racing in November and December, and announced pathways to relocated races such as the Thousand Guineas,” Welsh said.
“We’ve revamped the Spring Racing Carnival to deliver more feature racing in November and December, and announced pathways to relocated races such as the Thousand Guineas.” - Matt Welsh
RV has also relocated the Underwood S. from Sandown to Caulfield, back to where it was run until 2020, while the Listed Testa Rossa S. has also been relocated from Sandown to Caulfield. It will now provide an additional lead-up on September 23 to the Toorak H. on October 14.
Finally, the Listed Gothic S. on Caulfield Cup Day has been reduced to 1200 metres (from 1400 metres). It will now be a critical lead-up to the G1 Coolmore Stud S. on November 4.
A 10th race on Saturdays
Thursday’s announcement included an interesting addition to Saturday meetings, with a 10th race added to metropolitan cards as part of a 12-month trial from August 1.
RV says this will inject a further $3.52 million into prizemoney next season, and ‘provide a broad mix of opportunities for horses and connections to race the week’s premier meeting, including smaller stables’.
Certain conditions will exist for the races, including ‘aspirant races’ for Victorian trainers who have had less than five metro winners and less than 50 metro starters this current season, as well as ‘challenger races’ for Victorian trainers who have sent out less than 15 metro winners in the current season.
Matt Welsh | Image courtesy of RSN
There will be finals of a Rookie Series for horses that qualify exclusively via maiden heats at country and midweek metro meetings, and races tailored to the cohort of horses in work at a given time, designed to bump up field sizes.
The trial period will feature 49 Saturday metro meetings across the season, and RV states that it will consult regularly with clubs and stakeholders about the success of the 10th race trial, as well as monitoring key performance indicators like wagering, field size and track performance.
“The trial of a 10th metro race on Saturdays will provide a broad mix of opportunities for more horses and connections to share the stage on racing’s premier day of the week,” Welsh said.
Mixed bag for prizemoney levels
While feature prizemoney across certain races has been cut, RV insisted in its release that minimum prizemoney per race across the 2023/24 season will remain unchanged on its current record levels, excepting two instances.
BM64 races at country premium day meetings will slide from their $37,500 minimum to their 2021/22 level of $35,000. Maidens at these day meetings remain at $37,500, as do BM70 and above races at their levels of $40,000.
Twilight and night meetings will also remain at their current minimums, thanks to their increased revenue and fan engagement.
Night races at Cranbourne | Image courtesy of Racing Photos
When it comes to public holiday prizemoney, minimum levels have been reduced to $65,000, excluding black type and selected races, for (non-Saturday) Boxing Day at Caulfield, New Year’s Day at Flemington, Australia Day at Caulfield and ANZAC Day at Flemington.
RV claims that this will provide a better programming balance with particular Saturday metro meetings, paying merit to the increased levels of engagement on Saturdays.
Minimum prizemoney per race for the Country Discovery meeting on Good Friday next year (March 31) has also been adjusted to $65,000. The day’s feature races will each occur for more than that figure, with RV reiterating the fact of The Country Discovery remaining country Victoria’s richest sprint feature at $500,000.
Receptions have been mixed to Thursday’s announcement, with the feature-race cuts, in particular, getting plenty of air time. Matt Welsh conceded in his statement that RV will continue to address all issues surrounding the state’s programming.
“As always, we’ll continue to look at ways to enhance the program for fans and participants,” he said. “A solid foundation is critical to the sport’s future. That’s why we’ve maintained grassroots and maiden prizemoney at the record levels of this season.
“If we work together as an industry to grow racing’s audience, this will ultimately increase returns to participants.”
