Australia: Purse increase for Everest Stakes makes it world's second-richest race

The Everest Stakes at Royal Randwick Racecourse in Sydney, Australia, already the world’s richest turf race, will surpass the historic Dubai World Cup as the world’s second-richest race later this year with a purse increase to approximately $13.35 million at current exchange rates.

The race will be worth $20 million Australian dollars, an increase from $15 million Australian dollars last October, which at the time was equivalent to $9.3 million American dollars.

The six-furlong Everest Stakes will be run for the seventh time on Oct. 14. First run in 2017 for $7.53 million, the Everest purse is partially derived through owner-funded berths.

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The race is limited to 12 runners and was won last year by Giga Kick, who has emerged as a leading Australian sprinter.

By comparison, the Group 1 Melbourne Cup, Australia’s most famous race, had a purse of $4.96 million last November.

The $20 million Saudi Cup at 1 1/8 miles in Saudi Arabia in February is the world’s richest race. The Dubai World Cup at 1 1/4 miles in the United Arab Emirates was worth $12 million earlier this year.

The Everest program in October will include the Group 1 King Charles III Stakes for turf milers with a purse of $3.33 million, named in honor of the new British monarch. The race was previously run in September as the Group 1 George Main Stakes, and was worth approximately $672,000 last year.

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