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New prize money structure comes into effect

Victoria’s new look prize money structure comes into effect this Friday (1 October) at race meetings at Healesville, The Meadows, Geelong and Sale.

It will see the largest prize money pool in the world – more than $63.3 million – being offered by GRV across the state this financial year.

All Metropolitan and Provincial class standard races will receive a 12 per cent increase in prize money, in addition, all levels of racing will now receive fourth place prize money, and additionally converting 36 race meetings (4 per month) from Level 3 Preference to Maiden meetings to Level 2 prize money.

Although the prize money will not be fully reflected in Form Guides until later this month, it will be paid in all meetings from this Friday (1 October). [The Sale Form Guide on 1 October will feature the new 1st to 3rd prize money values, but not the 4th place only because of production timelines.]

The implementation follows the GRV Board’s decision on 15 September to approve $5.3 million additional prize money with its allocation the result of a state-wide survey of participants.

Scroll down to see the increases in prize money across each level

Participants and greyhound racing enthusiasts will now see not only more opportunities for the dogs to take out a broader range of prize money, but also a stronger calibre of racing with the upgrades to specific race levels in meetings.

The Board took into account that increases in prize money over the past three years had focused predominately on Level 3 racing, Provincial (Level 2) stakes, breeder bonuses and distance racing bonuses.

In making its decision, the Board noted that increases to Provincial (Level 2) prize money would reach the greatest number of trainers, improve GRV’s prize money pool compared to other greyhound racing jurisdictions and reward performance.

The new initiatives will be implemented across more than 950 race meetings over the remainder of the financial year at the state’s 13 race clubs in metropolitan and provincial areas. The Clubs hold more than 15,000 races a year – the largest number in Australia.

Further increases in prize money will be considered by the Board at its November and December meetings in line with its commitment to sustain confidence and re-investment in the industry. All prize money considerations are based on a review of revenue outcomes.

WATCH: GRV Chair Peita Duncan says the prize money rollout is ready to go.

New Prize Money Schedules – effective 1 October, 2021

Level 1 (Metro) racing, including 4th place:

Level 2 (Provincial) racing, including 4th place:

Level 3 (Tier 3, Ranking Limit) racing, including 4th place:

Short: Up to 484m          Standard: 485m-569m          Long: 570m+

RELATED: SURVEY RESULTS

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