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Racing Victoria will commence paying an additional $3 million in prizemoney from tomorrow as part of an industry pledge to reward owners, trainers and jockeys following a successful 2016 Spring Racing Carnival.

The $3 million commitment, which was announced in December, will see the value of more than 180 metropolitan races increase to a minimum of $100,000 across the course of the year.

The $100,000 minimum stake will apply to all 2YO, 3YO and Open Handicap races at Saturday metropolitan meetings, commencing with the Chairman's Stakes meeting at Caulfield tomorrow.

The increase marks stage one of a strategic review into industry prizemoney which RV is conducting at present to determine the most appropriate future model for Victorian racing.

RV Acting Chief Executive, Giles Thompson, said that RV is committed to maximising returns to owners, trainers and jockeys in a sustainable manner.

“Our annual prizemoney pool has increased by over 25 percent since 2012 and it is pleasing to make this further mid-season enhancement to share the success of the Spring Racing Carnival with the industry,” Thompson said.

“The increase in minimum Saturday metropolitan prizemoney to $100,000 for 2YO, 3YO and Open Handicaps ensures owners and trainers are both rewarded for campaigning their horses in Melbourne and have the confidence to invest in new stock, including at the upcoming Melbourne Premier Yearling Sale.

“This increase marks the first stage of a strategic review that we’re conducting through the first quarter of this year into our prizemoney model and which will ultimately inform our decisions on further prizemoney increases for the 2017-18 racing season.”

Notes to Editors:

Victoria’s annual prizemoney pool has increased by over 25 percent since 2012 to $180.4 million in the current 2016-17 racing season.

There is more than $16 million in VOBIS bonuses (collectively across the Super VOBIS and VOBIS Gold programs) on offer outside the annual prizemoney pool this racing season, while a further $5 million is being invested on jockey and horse welfare programs and initiatives.

Minimum prizemoney was $80,000 for all 2YO races, 3YO races and Fillies & Mares Open Handicaps, and $90,000 for all Open Handicaps.