PORT Macquarie Race Club chief executive Michael Bowman believes the $24 million increase in prizemoney from Racing NSW will encourage more people to become involved in the sport.
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Bowman said last time the prizemoney increased by 33 per cent and the latest increase would benefit owners and trainers for horses who finish fourth to tenth.
“It’s another reason for people to become involved in racing ownership,” Bowman said.
“It’s only a $96 increase for first place, but it’s more like a $160 increase for fourth place.”
Racing NSW announced the increases would come into effect from September 1.
Part of the increase for horses finishing fourth to 10th will be paid directly to the trainer to improve their cash flow.
The record levels of prizemoney will have wide-ranging spin-offs and make owning gallopers more feasible and less costly.
The minimum prizemoney has been raised from $20,000 to $22,000 for country TAB races, up from $30,000 to $35,000 for provincial events and a staggering another $25,000 to $125,000 minimum for Saturday city races.
The increase of $25,000 to $75,000 for country Highway races in Sydney on Saturdays is bound to attract more country involvement in them.
Racing NSW has had difficulty getting maximum field sizes, especially in winter, and the new framing of prizemoney is bound to attract more provincial and country horses to town.
Prizemoney is paid basically for the “entertainment” racehorse owners provide with it being paid up to 10 th place in the city where $3500 will be earned, with scaled down incentives for provincial and country gallopers.
All participants in the industry get a pay rise under the new scheme of things and this should prompt more breeding of racehorses and inject more owners into having them, a win for all in the industry.
