Boost for base-stake races

An additional $1.5 million stakemoney will be injected into base-stake races and $547,000 to support country clubs, Harness Racing Victoria (HRV) announced on Thursday.

HRV CEO Dayle Brown explained the $1.5m increase to base-stake races would take effect from January 1, 2022, while HRV would provide additional support to country clubs and fund a percentage of country cup stakemoney usually contributed by the clubs over the coming summer season.

“Today’s stakemoney increase will see 43 per cent of $7000 races next year receive a lift to either $8000, $9000 or $10,000,” Brown said.

“$7000 races make up 75 per cent of our overall racing schedule, so these targeted increases will benefit the majority of participants competing throughout Victoria.”

Year one of the new stakemoney model will see open-age horses competing up to NR55 continue to race for $7000, while those competing up to NR64 will be lifted to $8000 and NR65+ races increased to $9000.

For two and three-year-old races, HRV will change its programming philosophy, primarily shifting from National Ratings based to Lifetime Wins based for the level above maiden racing.

Age restricted maiden races for two-year-olds and three-year-olds will remain $7000, while two- and three-year-old 0-2 Lifetime Wins races will be increased to $8000, and NR55-plus races across both age groups will be increased to $10,000.

“As outlined previously, increasing stakemoney in a sustainable manner is a pivotal objective within the TROTS24 strategic framework that we have signed up to,” Brown said.

“Today’s announcements come off the back increased revenue via stronger than expected wagering turnover figures on Victoria in recent months.

“Most importantly, the $1.5m commitment to base stakemoney is sustainable into the future and we will now continue to explore further adjustments to lift stakemoney levels as we review revenue growth in the months ahead.

“We’ve listened to feedback from kindred bodies and industry participants in determining how to distribute stakemoney increases and we’ll continue to move forward collaboratively with the industry as we explore ways to grow revenue and returns in the future.

“The $547,000 country club funding is also a significant piece, as our clubs and participants have given so much since the start of COVID-19.

“This is way of rewarding their efforts by ensuring prizemoney attached to these wonderful feature races remains intact despite clubs not being in a position to contribute as they usually would, due to extremely limited hospitality revenue opportunities in recent times.”

From Harness Racing Victoria