Racing Queensland Limited has announced prizemoney increases of $3.50 million for the coming racing season across all three codes.
RQL chairman Kevin Dixon said the changes have been made possible thanks to the new State Government’s $5 million commitment to the Queensland Thoroughbred Investment Scheme (QTIS).
“The funding allocation to QTIS from the Government has freed up funds previously used by RQL for this purpose, which can now be redirected toward much needed prizemoney,” Dixon said. “In addition, RQL has identified internal administration savings which will be reallocated and used to fund the remaining $1 million of the increase.
“Whilst prizemoney is still far from parity with the southern states, RQL recognises that the new LNP Government has acted quickly to assist the industry.”
An immediate priority for the RQL board has been to ensure that metropolitan midweek racing is once again competitive and have therefore resolved to increase prizemoney from $13,000 per race to $17,000. At the same time, metropolitan midweek meetings will return to 8 races.
In addition, 42 midweek races for two and three-year-old horses will now be classed as QTIS bonus races, carrying added prizemoney of $10,000 per race, giving these races a total purse of $27,000.
“This initiative means that metropolitan midweek meetings will increase from total prizemoney of $91,000 to $146,000 per meeting, which is an increase of 60 per cent,” Dixon explained. “We know that better prizemoney attracts better fields, which in turn attracts higher wagering and it is wagering that keeps the industry ticking over.”
Dixon said country racing will also benefit from this announcement with non-strategic race meeting prizemoney increasing from $4000 per race, to $5000.
“RQL has stated an intention of achieving prizemoney parity between strategic and non-strategic racedays, and the latest announcement represents the first move toward that aim. It is our intention to move to $6000 as funding becomes available. This is in addition to the $1 million funding pledged by the LNP for 20 extra country racing meetings.”