The Melbourne Cup is one of Australia’s most prestigious horse races, and the winning jockey is usually the recipient of a large sum of money. In 2020, the total prize money on offer was a whopping $8 million, with the winning jockey taking home a hefty $3.6 million. This article will explore how much a winning jockey can make from the Melbourne Cup, and other important aspects of the race.
Prize Money Explained
The total prize money for the Melbourne Cup is divided up between the owners, trainers and jockeys. The exact amount that a winning jockey will receive depends on the amount of prize money set aside for jockeys, as well as any bonuses that may be available. In 2020, the total prize money for jockeys was $1.2 million, with the winning jockey taking home $450,000.
In addition to the prize money, a winning jockey may also be eligible to receive bonuses from sponsors. These can range from $50,000 to $100,000 depending on the sponsors and the jockey’s performance.
Fees and Expenses
Jockeys are also responsible for covering their own fees and expenses when competing in a race. These can include:
- Entry fees
- Travel expenses
- Accommodation
- Meals and snacks
- Equipment and clothing
These fees and expenses can add up quickly, so jockeys need to be prepared to cover them out of their own pocket.
Additional Benefits
Winning a prestigious race such as the Melbourne Cup can open up a range of additional benefits for a jockey. These can include increased exposure, higher-paying race offers, and better sponsorship deals. For example, in 2020, winning jockey Hugh Bowman was offered a number of lucrative sponsorship deals, including a $1 million deal with a major beer company.
Purses and Bonuses
Jockeys may also be eligible for additional purses and bonuses depending on the race. The Melbourne Cup is one of the most lucrative races in the world, and jockeys may be eligible for bonuses such as ‘winner’s circle’ bonuses and ‘leaderboard’ bonuses. These bonuses can range from $50,000 to $100,000.
Percentage of Winnings
The exact percentage of winnings that a jockey will receive depends on their contract with the owner of the horse, as well as any bonuses and purses they may receive. Generally speaking, jockeys will receive between 5% and 10% of the total purse.
Tax Implications
Jockeys are required to pay tax on their winnings, including those from the Melbourne Cup. The amount of tax payable will depend on the jockey’s individual tax bracket, and any deductions they may be eligible for.
Jockeys’ Union
Jockeys in Australia are represented by the Jockeys’ Union, which is an association of professional jockeys in the country. The Union helps to protect the rights of jockeys, and helps to ensure that they are treated fairly and receive the appropriate remuneration for their efforts. The Union also helps to ensure that jockeys receive the full amount of their winnings, and that they are not taken advantage of by owners or trainers.
Conclusion
The Melbourne Cup is one of Australia’s most prestigious horse races, and the winning jockey is usually the recipient of a large sum of money. In 2020, the total prize money on offer was a whopping $8 million, with the winning jockey taking home a hefty $3.6 million. The exact amount that a winning jockey will receive depends on the amount of prize money set aside for jockeys, as well as any bonuses that may be available. In addition to the prize money, a winning jockey may also be eligible to receive bonuses from sponsors, as well as additional purses and bonuses. Jockeys are also required to pay tax on their winnings, and are represented by the Jockeys’ Union.