COVID-19 has had far reaching implications across the sporting landscape; from postponements of major international events through to the cancellation of late Spring and early Summer race meetings across the UK. As racing has returned, albeit like many sports behind closed doors, a lasting reminder of the global pandemic are the implications on prize money cuts, particularly in the top echelons of the sport.
Royal Ascot prize money decreased by over half, to £3.68M from the advertised £8M in late 2019. Plans to offer £1M races were aborted and similar prize money slashes have been experienced in the opening Classics on both sides of the Irish Sea. The Qipco 1,000 and 2,000 Guineas raced with prize money at half the planned values, with the Irish versions further cut to less than 40% of the planned vales. In addition, just a couple of days ago, the Racing Post reported that the Juddmonte International prize would be cut to £275k. At the opposite side of the racing spectrum, the Levy Board have stepped in to increase prize money in day to day racing with the aim to assist the entire front line of the racing industry, including trainers, jockeys and owners.
With the industry reeling and seeking innovative ways in which to operate in such unprecendented times, insurance-backed bonuses are a superb means to invigorate the sport, raising the profile and giving the aforementioned front line of the industry tangible financial rewards for meeting defined performance thresholds. We’ve seen some great examples of extremely successful campaigns recently, including Shadwell’s £25,000 bonus, Tattersall’s Craven Breeze Up Bonus, The Weatherbys Hamilton Stayers’ Million and Plumptons Cheltenham Bonus Series.
McClarrons Sport can arrange affordable bonuses and series for governing bodies or racecourses. We can assist with your project from conception to completion, advising on how to best build your bonus scheme and arranging reliable insurance for you to be able to do so. We will consider exactly what it is you are trying to achieve, any budgetary constraints and look to add value through our long-standing connections. Not only do bonuses offer a direct headline bonus prize for horses and their connections, they also offer a racecourse or governing body new inventory (title sponsorship), which they can monetise.
Horse Racing bonuses. A win-win for the industry.
If you’d be interested in arranging a bonus, contact the team at email@example.com.