In a move signalling the end of the prizemoney arms race with New South Wales, Racing Victoria (RV) has announced cuts for the upcoming racing season.
Matthew Welsh, RV’s general manager of racing, revealed that prizemoney reductions will be implemented across a broad range of races in 2023 and 2024.
The decision comes in response to a softening wagering landscape, with both turnover and income experiencing a decline.
While Welsh acknowledged the necessity for cost-cutting measures, he emphasized that RV aims to mitigate the impact by implementing wagering initiatives to stimulate uplift.
He expressed a preference for investing in racing initiatives that could drive wagering activity rather than resorting to significant cuts in prizemoney.
However, he did indicate that some reductions are likely for the 2023/24 season, though not expected to be substantial.
Welsh clarified that the bottom tier of races, representing grassroots racing, will remain unaffected by the prizemoney cuts.
He highlighted the importance of maintaining a balance between top-tier races, which serve as branding events for the sport and attract high-quality competition, and grassroots races that form the backbone of racing.
Welsh concluded by affirming that the arms race with NSW is unequivocally over, with RV’s sole focus being the continual improvement of Victorian racing.
As RV moves forward with its budgeting process, the full extent of the prizemoney adjustments will become clear in the coming weeks.
While the reductions reflect a necessary response to the prevailing wagering landscape, they follow significant increases in prizemoney and bonuses over the past several years.
The aim remains to strengthen Victorian racing, recognizing that a robust national product benefits the sport as a whole.
