Racing Victoria Bumps Seasonal Prize Money To $280 Million

There is a lot to said for loyalty and supporting those who have stood by you, especially during the hard times.

This appreciation for owners, jockeys and industry stalwarts who continued to support Racing Victoria (RV) despite the challenges presented by the pandemic saw the racing authority announce a sizable increase in the 2021/2022 prize money:

“Following the conclusion of our annual planning and budgeting process, we are delighted to announce more than $16 million in prizemoney increases for the 2021-22 racing season commencing 1 August.”

Most importantly Racing Victoria Chair, Brian Kruger, confirmed that the increase in prize money is sustainable over the long term.

An Incredible Turn of Foot

The Australian race betting industry has shown remarkable resilience thanks to the supports of its fans. The primary reason that RV has the funding available to invest back into the sport as heavily as it has is due to increased wagering on the current suite of races.

The additional $16 million is not only a fantastic incentive for owners and Victorian participants but also puts the available prize monies at an all-time high for the industry:

Kruger highlighted this saying:

“Victoria will offer more than $280 million in prize money and bonuses next season, a record amount and an increase of over $100 million or 60 percent since 2015.”

The racing authority proudly showcased the increasing value they have added to the horseracing industry in Australia over the past seven years with this handy table:

 RV On the Bridle

This level of available prize money means that RV offers its participants and owners the highest average prize money and bonuses per race of any of the Australian horse racing divisions.

“We’re proud to offer a nation high average of prizemoney and bonuses on offer per race of $65,000 which ensures those who support Victorian racing are well rewarded and importantly there is incentive for continued investment and growth in our industry.”

Here is a table that highlights the amazing work done over the last seven years to ensure that Victorian racing remains one of the most financially attractive offerings:

Despite the challenges presented by the recent lockdowns any investment in the Victorian thoroughbred racing industry is proving to be a good one as it adds more than $3 billion to the Victorian economy on an annual basis and represents more than 25,000 local jobs.