For more than 100 years, Australian racing had been built on tradition.
But a little more than five years ago, that all changed when a mega money race was announced which would instantly make it the richest in the country.
The Everest has been accused of being many things, but it could never be accused of being boring.
And now about to enter into its sixth year, the sprint race which has revamped Sydney’s spring carnival is about to enter a new era.
What is The Everest?
A concept unique in Australian racing which involves wealthy investors, ranging from big business to individuals, buying a position in a 1200-metre sprint race and then either racing their own stock or brokering a deal with a horse owner to represent them in the race. There are 12 different slotholders who are racing for prizemoney scaled from first to last. The Everest was first run in 2017 in October – two weeks after the NRL grand final – and has been a runaway success since.
James McDonald celebrates Nature Strip’s The Everest win last year.Credit:Getty
How much does it cost to own a slot in The Everest?
It’s not cheap. To be one of the 12 foundation investors it took a $1.8 million, three-year commitment, meaning each slot costs $600,000 per year just for the privilege of choosing a horse to contest the race. Once the initial three years had expired, the price of a slot remained at $600,000 per year.
Who owns the slots?
Those with deep pockets! The slotholders range from a mix of individuals, partnerships and big business. International breeding and racing giants including the Irish-backed Coolmore and Sheikh Mohammed bin Rashid Al Maktoum’s Godolphin pay for the privilege of competing in The Everest alongside companies such as The Star and Tabcorp. Australia’s pre-eminent trainer Chris Waller has a group of investors in a slot, which will be represented this year’s favourite Nature Strip, while businessman Bon Ho funds his own position.
I own a good horse, but how do I get it into The Everest?
Do a deal with a slotholder. One of the peculiarities of the concept is you can have the best sprinter in the world, but you still need to broker a deal to secure a position in the race.
The better horses provide bargaining power for their owners, and the deals aren’t just restricted to a split of the prizemoney but can include other add-ons such as a multi-year agreement and breeding rights which can help sweeten the deal.
Can The Everest slots change hands?
Yes. The slots are wholly transferable and can be sold or leased for a period of time. One of the concept’s original investors, GPI Racing, have leased their slot regularly. Such is the demand for a position in the race, they can offer it for more than the $600,000 per year it costs to maintain it. It’s one way to guarantee to make a return on your investment without having to do anything.
Racing NSW boss Peter V’landys.Credit:NRL Photos
How much prizemoney is on offer in this year’s race?
$15 million. There’s a reason why it’s called the world’s richest race on turf. First prize is $6.2 million, which will be split between the slotholder and owners of the winning horse according to a deal they strike before the race.
Where did the idea for The Everest come from?
The Everest was based on a concept which originated in the United States called The Pegasus, which was first run in January 2017. It, too, involved a large buy-in with US$1 million required to purchase a starting gate and the race was originally run for US$12 million prizemoney. That was increased to US$16 million in its second year, but the race has quickly fallen away and carries just a US$3 million purse with free entry this year. Racing NSW boss Peter V’landys seized on the concept of a slot race and has quickly grown The Everest into a publicity machine.
Why has it been so successful?
Australian racing’s strength has always been its sprinters. And the concept tailors perfectly to that, with punters familiar with the best sprinters in Australia who naturally make up the field. That results in strong betting returns. There has also been a massive marketing budget allocated to the race, which has seen glitzy promotions built around the Sydney Opera House and Sydney Harbour. The nature of the concept also keeps The Everest in the news year-round because of incessant speculation about which horses are suitable for the race and the slotholder announcements in advance about which horse will represent them.
Who are the main contenders in this year’s race?
The world’s best sprinter, Nature Strip, will be the heavy favourite to win The Everest for the second straight year.
Since claiming last year’s race under top jockey James McDonald, Chris Waller’s star has travelled to the United Kingdom and won the King’s Stand Stakes at Royal Ascot, a race which has now given him top billing when it comes international racing’s short-coursers. Nature Strip was a $1.85 favourite with Sportsbet on Friday, topping Lost And Running ($7.50) and Jacquinot ($8.50).
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