Peter V’landys’ long-held ambition to raise The Everest’s prize pool to a whopping $20 million is set to become reality this October, according to recent reports.
This significant increase will place The Everest as the second richest horse race worldwide, trailing only the Saudi Cup.
Since its inaugural run as Australia’s first $10 million race just six years ago, The Everest has rapidly evolved into the premier event in the country’s horse racing calendar.
Giga Kick, the champion of last year’s Everest race, is the favourite to secure another victory in 2023 amidst a substantial $20 million prize pool.
The heightened stakes would see slot holders elevating their investment to $700,000.
However, this increased input is offset by a promising $5 million boost from the 2022 purse, ensuring even the last place will cover the slot fee in a new distribution scheme for the prizemoney.
V’landys, CEO of Racing NSW, has been openly enthusiastic about his vision for the event. Speaking to Brisbane radio the day after the 2022 edition.
“Our aim has always been to make it $20 million,” V’landys said.
“Whatever the prizemoney increase, it won’t be a million or two million – it will be a massive increase.”
While many are praising the recent increases in prizemoney, there are now increasing concerns and debate within the industry questioning the sustainability of such an ambitious prize pool, raising doubts over the long-term viability of this high-stakes approach.
