Starting this weekend, there will be a significant increase in prize money for almost all South Australian races, as confirmed by Racing SA with a total of $7.4 million in increases.
This decision follows the recent announcement by SA’s Labor Government to double the industry’s funding from the Point of Consumption tax, raising it from 10% to 20% over the next four years.
The most notable boost will be seen in Saturday metropolitan races, with every race receiving an increase between $9,000 and $10,000.
The premier Tier 1 Metropolitan Races, currently offering $55,000 in prize money, will now be run for $65,000, while Tier 2 Metropolitan Races will increase to $55,000.
Tier 3 Metropolitan Races, including city maidens, will have a minimum of $50,000 in prize money.
Rob Rorrison, the Chairman of Racing SA, expressed his enthusiasm about the sustainable 15% increase in prize money, which will enable participants and owners to invest and thrive in South Australia.
Rorrison stated that these increases were made possible due to positive financial results in recent years and the government’s decision to raise the industry’s share of the Point of Consumption tax from 10% to 20%.
The injection of prize money was strategically structured to ensure its sustainability and benefit a wide range of races, from Non-TAB country meets to Tier 1 Metro races. Rorrison believes that this objective has been successfully achieved.
Among the specific changes, the Group 1 Goodwood and the Group 1 Robert Sangster Stakes, held during Adelaide’s autumn carnival, will have an additional $100,000 each in 2024.
The 2024 Adelaide Cup will carry $350,000, an increase from its current $300,000.
Additionally, all other Group 2 races will see an increase from $202,250 to $250,000 in the next season. Group 3 races will offer a minimum of $150,000 (up from $127,250), and Listed races will provide a minimum of $120,000, up from $107,250.
Provincial races will experience an increase from $22,000 to either $23,000 or $25,000 per race, depending on the venue. Country races will also see a rise from $17,000 to $19,500.
Furthermore, a series of Country Cups will have a minimum prize money of $40,000, an increase of $8,000 compared to the current season.
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