Inglis to offer $1 million Pink Bonus for female-owned horses in signature races
Inglis will significantly ramp up its pitch to female racehorse owners, as well as boost prize-money for its already lucrative sales-restricted races, in a sign it is actively engaging its Australian auction house rival, Magic Millions, in an apparent incentive scheme arms race.
Inglis last night announced a massive overhaul to the prize-money structure for five of the company’s signature sales-restricted races – headlined by the introduction of a $1 million “Pink Bonus” targeting horses majority-owned by women – in a move which further demonstrates the fierce competitiveness of the Australian bloodstock market.
Under the revamp, an additional $1.55 million will be up for grabs for horses who are paid up for the rich Inglis Race Series from the beginning of next season, taking the prize-money pool for 2022 graduates to $7.55 million.
The Pink Bonus is similar to the highly successful $500,000 women’s bonus Magic Millions introduced for its 2YO Classic (RL, 1200m) as well as the $250,000 purse for its 3YO Guineas (RL, 1400m). However, instead of the money being split between the owners of multiple horses, the Inglis initiative will be a “winner takes all” scenario.
From the 2022-23 racing season, a Pink Bonus of $400,000 will be awarded to the first eligible horse home in the Inglis Millennium (RL, 1100m), while $200,000 will be up for grabs in the Inglis Sprint (1200m), the Inglis Banner (RL, 1000m) and the Inglis Nursery (RL, 1000m).
A horse must be at least 75 per cent owned by women to be eligible for the Pink Bonus and the changes will come into effect for horses born in 2020 that are purchased through an Inglis auction, starting with this weekend’s Classic sale.
Inglis Bloodstock chief executive Sebastian Hutch yesterday made no secret of the fact female owners had become a major segment of buyers in the yearling market, and he acknowledged Magic Millions had for a number of years had its own successful women’s bonus.
“We have taken a patient approach in assessing what we feel would be the most effective step and, clearly, particularly through the pandemic, it has been evident that the volume of people interested in participating in racing is growing,” Hutch told ANZ Bloodstock News.
“Certainly, the fact that the show (racing) has stayed on the road during the pandemic and now we have wall-to-wall free-to-air coverage of racing has been very positive in achieving that, and the female ownership base is an important part of that.
“Twelve of the runners in the Millennium in 2021 had female owners involved and I think that’s indicative of a developing ownership base amongst the female population, and that is something we want to try and embrace, consolidate and grow.”
As well as the introduction of the Pink Bonus, the auction house has also returned the prize-money purses to pre-pandemic levels for the Flemington-run Inglis Sprint ($1 million), the Inglis Banner ($500,000) at Moonee Valley, and the Inglis Nursery ($500,000), held at Randwick.
The Inglis Bracelet (1600m), which was run for the second time at Flemington on VRC Oaks day last November, will also have its prize-money increased from $250,000 to $350,000.
The Inglis Millennium, which in its three-year history has an honour roll of Castelvecchio (Dundeel), Prime Star (Starspangledbanner) and Profiteer (Capitalist), will remain as a $2 million race, while the Inglis Scone 3YO Guineas (RL, 1400m) will also carry an unchanged purse of $300,000.
The fourth running of the Millennium, for which ATC Breeders’ Plate (Gr 3, 1000m) and Golden Gift (1100m) winner Sejardan (Sebring) is the $3 all-in favourite ahead of Paris Dior (Pierro) ($5), will take place at Randwick on Saturday.
“We like the fact that the opportunities are spread right throughout the year, at a variety of different tracks, and that appeals to people,” Hutch said of the Inglis Race Series.
“The feedback we get is that it is an important part of our race series and that it’ll be something that we will be looking to maintain and further develop as time goes by.”
The changes to the Inglis Race Series comes just three weeks after Magic Millions, on the eve of its recent record-breaking yearling sale, announced it would hold the $1 million The Syndicate (1200m), a three-year-old and up race for graduates owned by a minimum of 20 people, and the $500,000 The Debut (900m), for unraced juveniles, on its $11.75 million January Gold Coast raceday from next year.
Hutch dismissed suggestions Inglis had to respond to Magic Millions’ latest raceday innovation, instead saying the advent of the Pink Bonus came after the canvassing of clients for some time about how to improve its own race series.
“We’re very pleased with how our race series works. It attracts good horses and produces good horses, whether it’s the Nursery, the Banner, the Millennium, the Sprint, etc. Each of those races have been synonymous with producing good horses with commendable regularity,” Hutch said.
“We’ve been focused for a long time on how we would look to develop this series, what additions we would make to it and we have felt, after careful consideration, this was an appropriate step to take.
“We race in a country where the prize-money returns to owners are well in excess of $800 million, so there’s massive prize-money, independent of the incentives we or anybody else may offer.
“By the same token, we have a mandate to try and develop the ownership pool and we feel this is an appropriate step that we feel can make a contribution towards doing that.”
Hutch believes the healthy competition in the Australian market is what helps generate not only enormous domestic demand for bloodstock but also immense international interest.
“Other jurisdictions around the world look at what happens here with genuine envy. We are fortunate enough that we’ve had a number of international visitors looking to participate in our sales as buyers but, similarly, there’s an ever-increasing number who are participating as sellers as well,” Hutch said.
“You take people like John and Carolyn Warren (of Highclere Stud), who have a very successful breeding business in Britain. John is part of a Golden Slipper favourite (Coolangatta), whose dam was bought through an Easter Yearling Sale, and a significant part of his business is breeding in Australia.
“I think it’s a tremendous compliment to the market here that so many international people want to get involved in it. It’s demonstrative of the fact that the market is so well serviced here by the auction houses and by the other various providers.”
The timing of the improvements to the Inglis Race Series, which in the past has produced Golden Slipper (Gr 1, 1200m) winner She Will Reign (Manhattan Rain), Wild Ruler (Snitzel), Nature Strip (Nicconi) and Extreme Choice (Not A Single Doubt), will generate more interest in the company’s opening auction of the 2022 season, the Classic Yearling Sale.
On-site inspections ahead of the three-day Classic sale begin tomorrow at Riverside Stables, with selling to start on Sunday from 10am.
“We arguably have more good yearlings going to this (Classic) sale than we’ve ever had before. I think that’s exciting and there’s certainly incentive for people to go there and participate,” Hutch said.
“It’s not something we want to be complacent about, but we feel like we’re in a good position to run a good sale and sell nice horses well.”
$1 million Pink Bonus races
- Inglis Millennium – $400,000 bonus to the first eligible horse home
- Inglis Sprint – $200,000 bonus to the first eligible horse home
- Inglis Banner – $200,000 bonus to the first eligible horse home
- Inglis Nursery – $200,000 bonus to the first eligible horse home
Inglis race prize-money increases
- Inglis Sprint (1200m) – increase from $750,000 to $1,000,000
- Inglis Banner (RL, 1000m) – increase from $400,000 to $500,000
- Inglis Nursery (RL, 1000m) – increase from $400,000 to $500,000
- Inglis Bracelet (1600m) – increase from $250,000 to $350,000