Tasracing has announced that the Hobart and Launceston Cups will see a prize money reduction, reverting to their pre-COVID level of $250,000.
This move redirects $100,000 into the Tasbred bonus scheme, a boost aimed at supporting grassroots racing initiatives across the state.
The changes, effective from November 1, come as part of the 2024/25 Code Funding Allocation, established in partnership with the Thoroughbred Advisory Network. The reshuffle is expected to balance investment between marquee events and local racing development.
Alongside the prize adjustment, Tasracing has revealed a 2.5% increase in overall prizemoney for Thoroughbreds, now totaling $20,397,045 for the year.
Trainers will also see additional support, with their Workers Compensation subsidy rising from three to four percent, while jockeys benefit from an increase in Riding Fees, up from $225 to $230 per race ride.
The changes to the Hobart Cup and Launceston Cups have received strong support from Tasbreeders and the Australian Trainers Association (Tas).
TasRacing also announced some changes to harness racing funding in the state, with these including base stakes for secondary meetings being raised to $8,000 permanently.
The funding for harness racing will also include prize money increases for three country cups, the North Eastern Pacing Club Cup, Burnie Cup and Carrick Cup, with these lifted to $20,000.
They also confirmed funding increases for two selected 2-year-old races and the continuation of the Dynamo Sprint Series.
New Tasmanian racing base prize money levels /h3>
- CL1 increased from $25,000 to $26,000
- CL2 increased from $25,000 to $27,000
- CL3 increased from $27,000 to $28,000
- CL4 increased from $27,000 to $29,000
- CL5 increased from $27,000 to $30,000
- BM72 and greater increased from $27,000 to $30,000
- Age MDN increased from $27,000 to $30,000
- Age HCP increased from $30,000 to $35,000
- BM62 and less decreased from $25,000 to $20,000
- 0-66 and less decreased from $25,000 to $20,000
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