In an exciting development for the South Australian racing industry, Racing SA has announced a significant prizemoney increase of 15% across various race tiers, effective immediately. The boost in prizemoney is a result of Racing SA’s successful financial year and the increased return from the Point of Consumption (POC) tax. This move aims to support the growth and sustainability of the industry, allowing participants to further develop their businesses.
Rob Rorrison, Chair of Racing SA, expressed his enthusiasm for the prizemoney increase, stating, “We have made a lot of progress in our aim to create a strong, vibrant, and sustainable industry over the last few years, and the ability to make these increases is that next, extremely important step.”
The sustainable increase in prizemoney has been made possible through positive financial results in recent years and the SA Government’s decision to raise the return to the industry from the POC tax. Previously, the return stood at 10%, but it has now been increased to 20%, as announced in the government’s budget.
Prizemoney serves as the lifeblood of the racing industry, and the 15% increase will ensure that South Australian participants have the necessary resources to expand their businesses and drive further growth.
Among the notable changes, Metropolitan Tier 1 races will witness an increase from $55,000 to $65,000. Metro Tier 2 races will also see a jump of $10,000 to $55,000, while Tier 3 Metro races will increase from $41,000 to $50,000. The prizemoney for Provincial races will rise from $22,000 to a range between $23,000 (Outer Provincial) and $25,000 (Inner Provincial) per race. Country Races will be lifted from $17,000 to $19,500, and Country Cups will experience an $8,000 lift to $40,000. Additionally, Non-TAB races, including Cups, will receive a uniform increase of $2,000.
Mr. Rorrison explained the rationale behind the prizemoney structure, stating, “Our focus when structuring this injection into prizemoney was to ensure the increase was sustainable and that a broad cross-section of races, from Non-TAB country meets through to Tier 1 Metro races, were able to receive an uplift, and we feel that this has been achieved.”
Black type racing in South Australia will also witness a boost, with the prestigious Group 1 Robert Sangster Stakes and The Goodwood races seeing an increase to $600,000. Furthermore, the Group 2 Adelaide Cup will rise from $300,000 to $350,000. Group 2 races, excluding the aforementioned ones, will jump from $202,250 to $250,000 in the next season. Group 3 races will now have a minimum prize of $150,000 (up from $127,250), and Listed races will race for a minimum of $120,000, up from $107,250.
The prizemoney increase will take effect from Saturday, July 15, coinciding with the Morphettville meeting.
