Cover image courtesy of The Image Is Everything
Racing Victoria (RV) has announced a strategic realignment of prizemoney for the 2025–26 season, maintaining total prizemoney and bonus levels while redistributing funds to strengthen flagship events and boost grassroots engagement through maiden races.
Despite a small reduction in the number of race meetings and the temporary closure of The Valley for redevelopment, RV has retained the current overall prizemoney pool through cost efficiencies, enhanced club contributions, and a reshaped race calendar.
“Prizemoney is the lifeblood for participants and owners and provides confidence to continue to invest in Victorian racing,” said Racing Victoria CEO Aaron Morrison. “That is why we’ve worked hard to maintain the total prizemoney on offer at current levels despite broader economic challenges.
“Prizemoney is the lifeblood for participants and owners and provides confidence to continue to invest in Victorian racing.” - Aaron Morrison
“At the heart of next season’s prizemoney model is a strategic realignment to primarily turbo charge country maidens and to invest in flagship races that deliver maximum returns to the industry.
Aaron Morrison | Image courtesy of Racing Victoria
“Maidens make up a third of our races and are hard to win. That’s why we’re delighted to increase all professional country maidens by $5,000 to provide a greater initial return for those investing in our sport.”
Two of Victoria’s most iconic races will lead the Spring Racing Carnival with significant prizemoney increases: the G1 Lexus Melbourne Cup will rise to $10 million (up $1.34 million), with $100,000 awarded to horses finishing 13th to 24th, recognising the achievement of qualifying for Australia’s most famous race.
The G1 Ladbrokes Cox Plate will increase to $6 million (up $1 million), with the winner receiving $4 million and prizemoney now paid down to eighth place instead of tenth.
G1 Ladbrokes Cox Plate 2024 | Image courtesy of The Image Is Everything
The G1 Sportsbet Caulfield Cup remains at $5 million, allowing funds to be allocated across a broader suite of Caulfield features and upgrades.
Two new ballot-exempt “golden ticket” races have also been introduced for the 2026 Melbourne Cup, the $500,000 Ladbrokes Geelong Cup and $750,000 Ladbrokes Moonee Valley Gold Cup. These additions are designed to enhance lead-up narratives and increase engagement in the spring staying program.
Grassroots gains: Maiden races get overdue boost
A headline element of the announcement is the $7 million investment in maiden races, with 1400 country maiden races each receiving a $5,000 increase. These races account for nearly a third of the state’s total race program.
New minimum prizemoney levels for country maidens are as follows:
Country Premier Maidens: $55,000 (up from $50,000)
Premium Night Maidens: $45,000 (up from $40,000)
Premium Day Maidens: $42,500 (up from $37,500)
Standard Maidens: $32,000 (up from $27,000)
SKY 2 Maidens: $25,000 (up from $20,000)
Non-TAB Maidens: $20,000 (up from $15,000)
At the metro level, $55,000 (day/twilight) and $60,000 (night) maidens will feature midweek, while $75,000 maidens will again double as qualifiers for feature races.
“Overdue, well overdue is my first thought,” said syndicator Tim Wilson of First Light Racing. “It’s great to see a fair bit of the initiative aimed at the maiden level. As I read in The Thoroughbred Report last night, 90 per cent of horses don’t earn over $100,000 in a year, so it’s clear to me this is the area where investment is needed.”
“We have five per cent owners that want to have a chance of breaking even,” Wilson added. “They come into racehorse ownership with their eyes wide open, but they can’t solely rely on the thrill, the passion, and the excitement.”
Caulfield enhancements
The Melbourne Racing Club has received a suite of prizemoney increases and programming enhancements, headlined by the transformation of the G3 Thoroughbred Club Stakes for 3-year-old fillies into a $1 million race, with a longer-term aim of elevating it to Group 1 status. Its position on the calendar, two weeks after the G1 Coolmore Stud Stakes, allows top fillies to contest both.
Other Caulfield upgrades include the G1 Underwood Stakes: $1 million (up $250,000), G1 C.F. Orr Stakes: $1 million (up $250,000), G2 Sandown Guineas: $400,000 (up $100,000), introduction of a new $400,000 Melbourne Classic for 3YO stayers at 2000m
Minimum prizemoney has also been increased across Group 3 ($240,000 up from $200,000) and Listed races ($200,000 up from $175,000) during Victoria’s three flagship spring carnivals.
G3 Thoroughbred Club Stakes 2024 | Image courtesy of The Image is Everything
Further structural reform will be seen during the 2026 Festival of Racing, where four premier Group 1 races will each carry a $2 million purse. The Blue Diamond Stakes, Newmarket Handicap, All-Star Mile and Australian Cup will be aligned under this model. The increases are made possible by redistributing $500,000 each from the All-Star Mile and Australian Cup, with those funds also supporting the maiden prizemoney rises and the uplift to the Newmarket.
In addition to changes at the top and bottom of the racing pyramid, RV is introducing new ratings categories for lower-rated horses. From September 2025, new Benchmark 66, 62, 56 and 52 classes will be programmed with minimum prizemoney of either $27,000 or $22,000, depending on the band. These categories are designed to provide fairer competition for horses rated in the 50s and 60s, a segment that represents a significant portion of the racing population.
Moonee Valley closure
RV also confirmed that following the 2025 Cox Plate, The Valley will close for its long-anticipated redevelopment. Sixteen MVRC meetings will be transferred to alternative tracks, with a hybrid prizemoney model in place to reflect projected wagering returns.
Another notable change is the early reduction of the WorkCover subsidy levy. Originally scheduled to drop from 1 per cent to 0.5 per cent in February 2026, the change will now take effect from 1 August 2025, returning $1.4 million in prizemoney to owners and participants over the course of the season.
From next season, the total welfare contributions from prizemoney will be 3.5 per cent - comprising 2 per cent for equine welfare, 1 per cent for jockey welfare and 0.5 per cent for participant wellbeing. The remaining allocation will continue to support services such as the ATA WorkCover Support Program and Stableline counselling.
Moonee Valley | Image courtesy of Moonee Valley Racing Club
To build further momentum for the Melbourne Cup narrative, RV has also confirmed two additional golden ticket races for the 2026 edition. The winners of the Ladbrokes Geelong Cup and the Ladbrokes Moonee Valley Gold Cup will now be exempt from the ballot, a move aimed at enhancing the lead-up storyline and driving participation in staying races.
While industry pressures remain and total prizemoney is unchanged, Racing Victoria's 2025–26 approach represents a strategic recalibration - acknowledging the shifting economics of ownership and setting a better stage for sustainable participation.
