Victorian Minister for Racing Denis Napthine has announced a new multi-million dollar program to boost prize money and bonuses for Victorian bred racehorses.

Speaking at the launch of the Scheme at Swettenham Stud, Napthine said the Victorian Government would provide almost $6.8 million over four years to help establish the VOBIS Gold Scheme.

Under VOBIS Gold, owners of horses already eligible for the existing Super VOBIS program will pay a one-off nomination fee that will give owners even more opportunities to share in prizemoney bonuses in specific races throughout the State.

VOBIS Gold will see bonuses of $20,000 in up to 350 races each season over and above what is provided through Super VOBIS.

In addition to these bonuses, a $1 million restricted race series for two year-old and three year-old VOBIS Gold nominated horses will be held across city and country racecourses.  In total, VOBIS Gold will see up to $18 million in incentive bonuses paid to owners of Victorian bred horses.

Under the scheme, the owner of a qualified horse winning a standard $12,000 Victorian country race with a VOBIS Gold and Super VOBIS bonus attached will collect $25,235 compared to $6,825 for an unqualified horse.

Similarly the owner of a qualified horse which wins a Saturday metropolitan race will collect $72,800 compared to $42,700 for an unqualified horse.

The one-off yearling entry fee will be due on June 1 each year with the nomination form and details for the initial crop to be distributed in early next year.