Feature jumps events will bear the brunt of prizemoney cuts for the 2024 Victorian hurdle and steeplechase season with purses for some races slashed by 20 per cent.

As Racing Victoria deals with a weakening wagering sector, the governing body has implemented an across-the-board reduction of 3.5 per cent in jumps prizemoney next year.

In a bid to keep minimum prizemoney the same as 2023, a total of $4.67 million will be offered for hurdle and steeplechase racing in 2024.

It’s a figure RV says returns overall stakes to those offered in 2022.

“As occurred with the formulation of the program for the 2023/24 flat season, we’ve had to critically review prizemoney for the 2024 jumps racing season owing to a declining wagering market and industry revenues,” RV’s jump racing manager Josh Grimwood said in a statement.

“As a result, we’ve made targeted reductions to selected feature race prizemoney, whilst ensuring that the minimum prizemoney for jumps races remains at $35,000.”

Prizemoney for the 2024 Grand National Steeplechase will fall to $350,000 from this year’s $400,000.

But this will be counter-balanced by a $50,000 increase in the purse for the Grand National Hurdle to $350,000.

Percentage-wise, races that have been hit hardest are the Kevin Lafferty Hurdle, the Brendan Drechsler Hurdle, the Thackeray Steeplechase and the Mosstrooper Steeplechase.

They will be worth $100,000 in 2024 after carrying a $125,000 purse in 2023, representing 20 per cent decrease.

Purses for the Australian Steeplechase and the Australian Hurdle have been reduced from $150,000 to $125,000.

Prizemoney levels for Warrnambool’s feature races during the May carnival will remain the same.

There will be 19 jumps meetings throughout Victoria - six of which will be held exclusively for jumps riders - with 41 hurdle races and 24 steeplechase races programmed before any divisions.

The season will open on March 12 at Warrnambool - the most active racetrack with six jumps meetings - and finish with the Grand National Steeplechase fixture at Ballarat on Sunday, August 25.