Racing NSW is pleased that it is able to fund the following prizemoney increases from sustainable revenues notwithstanding it gets a lesser share of the Point of Consumption Tax relatively compared to Queensland and Victoria and has lower race field fees than both those jurisdictions.
Racing NSW to date has been able to increase its wagering turnover and revenues this year and also benefits from a much more cost-effective structure.
The minimum prizemoney for Group and Listed races in NSW, will be increased by a further $7 million per annum following changes announced today by Racing NSW.
Taking effect from 1 August 2023, the minimum prizemoney for Group and Listed races will be increased as follows:
$750,000 from $600,000 Group 1 Minimum
$300,000 from $250,000 Group 2 Minimum
$250,000 from $200,000 Group 3 Minimum
$200,000 from $160,000 Listed Race Minimum
In addition, the following Group 1 and 2 races will increase to $1 million.
$1,000,000 from $750,000 Winx Stakes, Group 1 (August 2023)
$1,000,000 from $600,000 Chipping Norton Stakes, Group 1 (March 2024)
$1,000,000 from $600,000 Coolmore Classic, Group 1 (March 2024)
$1,000,000 from $600,000 Champagne Stakes, Group 1 (April 2024)
$1,000,000 from $500,000 Concorde Stakes, Group 2 (September 2023)
These $1 million races are spread across a range of races including weight for age, fillies and mares and 2YO races with varying distances and conditions.
Racing NSW Chairman Mr Russell Balding AO said: “The minimum prizemoney for ‘bread and butter’ races in NSW has increased so significantly that it has started to encroach upon prizemoney levels for Black Type races.
“Traditional Black Type races are important to the industry as a whole as much of the racing economy benefits from these races.
“Accordingly, these increases to minimum prizemoney for Black Type races recognises the aspirational nature of those races. Feature racing in Sydney and NSW is among the best in the world and these increases will reinforce this position,” Mr Balding AO added.
– Racing NSW