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Racing Victoria Urged To Match NSW Prize Money Levels

Wednesday, 14th December 2016

Victorian racehorse Owners and Trainers have criticised the delay by Racing Victoria (RV) in matching recent prize money increases in NSW, where minimum prize money for standard Saturday races rose to $100,000 per race and to $30,000 for standard provincial races. "Victorian Racing cannot afford to fall behind. It is clear that when prize money falls behind, the whole racing industry suffers with lower owner participation, economic activity, field sizes and wagering turnover," said Jonathan Munz, chairman of the Victorian Thoroughbred Racehorse Owners Association(TROA). "Just look at New Zealand as a textbook example of what not to do and you can see the effect of lower prize money on other Australian states. The extra amount required to match the NSW prize money increase is approximately $10 million per year - given that RVL has around $70 million in the bank, the Victorian industry can afford that extra amount." Andrew Nicholl, CEO of the Australian Trainers Association(ATA) added: "The prize money increase to match NSW increases needs to be announced by RVL before Christmas," he said. "This industry runs on confidence and with the Magic Millions yearling sale in early January and further yearling sales just after, we don't want Victorian trainers to be at a disadvantage...it is essential that the Victorian Racing industry sends out the clear message to existing and potential Industry participants that we are open for business."

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