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GRV Board confirms $5.3million new prize money distribution

The GRV Board yesterday decided on a prize money allocation distribution that includes a 12% increase to Metro and Provincial base prize money, supports the payment of fourth place, and upgrades a selection of Preference to Maiden race meetings from Level 3 to Level 2 status.

The Board’s decision comes into effect as of 1 October this year. Form Guides and FastTrack will not display fourth place payments for up to a month, as changes are made, but payments will be made.

“The Board decision followed consideration of 1866 responses to a survey delivered to more than 6500 participants seeking their preferences in relation to four packages for prize money distribution,” explained GRV Chair Peita Duncan.

Ms Duncan said the unanimous decision to support Package 3 reflected the prize money package that was acceptable to the majority of participants. It was based on individual package satisfaction and dissatisfaction ratings, package rankings and package options rankings. The Board also took note of many participants’ concerns about the potential for unintended welfare impacts in making its decision.

GRV’s Board is committed to progressive quarterly prize money reviews, dependent on revenue outcomes during the year. Last month it decided that revenue increases could support a $5.3 million increase for FY22, on top of a previously announced $6million prize money increase.

This brings the total Victorian prize money pool for FY22 to a record $63.3 million – the largest greyhound racing prize money pool in the world.

“This is a huge boost for our sport and a win for our dedicated participants who continue to maintain racing during the COVID-19 period,” said Ms Duncan. “The process has been a resounding success and shows the extent to which GRV and participants can work together to keep our sport great.”

Ms Duncan added that the consultative process that supported the prize money decision would be a way in which GRV will engage directly with participants in the future.

For further information on the prize money review, including survey results, visit:
www.grv.org.au/pm-survey

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