Racing Victoria has announced a major overhaul of its prizemoney distribution for the 2024-25 racing season, reallocating funds from high-profile races like the All-Star Mile to bolster grassroots racing and select feature events. Despite these changes, overall prizemoney and bonuses will remain steady at $316 million, as RV navigates financial challenges, including a $12 million deficit driven by a 10% drop in wagering turnover.
Key among the changes is a significant reduction in the All-Star Mile’s prizemoney, which has been slashed from $4 million to $2.5 million. The savings will support initiatives like $50,000 Premier Maidens and the $1 million Emerging Stars Series, aimed at enhancing entry-level races and regional events.
While the All-Star Mile retains its place at Flemington on March 8, 2024, RV has removed the voting process for horse selection and dismissed the idea of a slot format. Meanwhile, funds have been reallocated to support country racing and other feature races, including prizemoney boosts for the Crystal Mile and Tesio Stakes on Cox Plate Day.
RV Chief Executive Aaron Morrison stressed the importance of maximising returns for participants and owners, highlighting the need to balance elite events with grassroots growth. The strategic shift underscores RV’s commitment to ensuring the sustainability and expansion of Victorian racing amid ongoing economic pressures.
