KEY POINTS:
New Zealand horse racing's biggest events are set for a stakes explosion, with Auckland to be the major winner.
The Government is expected to confirm in next week's Budget a $9 million package over three years to boost major races and carnivals.
The aim is to attract international competition and increase awareness, and the economic benefit, of racing carnivals to their host cities.
The money will be spread over racing's three codes - trotting, galloping and greyhounds - and is being labelled "seed money", which the codes will have to match and provide a business plan for.
With the horse-racing industry booming on the back of fairer taxation and exporting of our races to overseas markets, the new stakes increases will be the icing on a growing cake.
At present, New Zealand hosts one $2 million race, the Kelt Capital at Hastings, plus the $1 million Karaka Million at Ellerslie. Three seasons ago we had no million-dollar races.
Next season, both the Auckland Cup and Derby at Ellerslie should be worth $1 million, as will the New Zealand Trotting Cup in Christchurch.
The Herald understands the New Zealand Oaks at Trentham in March could hit seven figures.
The Auckland Trotting Cup and Woodlands Northern Pacing Derby, both part of Auckland Cup Week in early March, are expected to rise to at least $750,000.
And greyhound racing will host the richest race in Australasia in Christchurch, worth $250,000.
Racing bosses were understandably thrilled yesterday but still shocked because while the announcement by Racing Minister Winston Peters had been rumoured for weeks it was far from confirmed.
The boost is particularly important for Auckland racing, where the Cup Week concept has yet to take off.
