Tasracing has confirmed its prize money for thoroughbred racing will increase 2.5 per cent over 2024/25, while the state’s two richest races, the Hobart Cup and Launceston Cup, have had their overall prize money dropped by $50,000 each.
Tasracing recently announced its 2023/24 annual report that it had registered a $1.2 million reported loss, with overall turnover across all three codes dropping 12 per cent.
However, CEO Andrew Jenkins told The Straight that while cost-saving measures would be looked at, overall prize money and programming would be quarantined from the review.
On Friday, it was announced that overall prize money for thoroughbred racing would increase to $20.4 million for the current season, with all of the additional money targeted at lower grade races.
Among the changes, age restricted maidens will increase from $27,000 to $30,000 and age-restricted handicaps will rise from $30,000 to $35,000. Class 1 and Class 2 races will increase to $26,000 and $27,000 respectively, while Class 3s go to $28,000, Class 4s to $29,000 and Class 5s to $30,000.
Races at Benchmark 72 and above jump to $30,000, while there is a decrease for both BM62 and less and 0-66 races.
Bren O’Brien
The Group 3 Launceston and Hobart Cups are now worth $250,000, the same level they were before the pandemic wagering boom. That $100,000 will be channelled into the Tasbred bonus scheme.
Tasracing said that both Tasbreeders and the Australian Trainers Association (Tas) were supportive of the drop in prize money for those features.
Local trainers have won just two of the past eight Launceston Cups and two of the past six Hobart Cups.
“The changes are not expected to impact the quality of the field for either Cup, and prize money remains $100,000 above Group 3 minimum prize money,” Tasracing CEO Jenkins said in a statement.
“The decision to redistribute $100,000 to the Tasbred scheme is an important and proactive step to support local owners and horses bred in Tasmania.”
The Tasmanian breeding industry is in a delicate position right now, after a significant drop in investment at the 2024 Magic Millions Tasmania Yearling Sale, and an influx of tried horses purchased online coming into the state.
The changes will also see an increase to the Trainers’ Workers Compensation subsidy from three per cent to four per cent and an increase to riding fees from $225 to $230 per race ride.
