Why The Everest is Changing the Face of Australian Racing
For over a century, the Australian racing calendar was defined by tradition, staying power, and the “race that stops a nation”—the Melbourne Cup. However, since its inception in 2017, The Everest has not just entered the conversation; it has fundamentally rewritten the rules of the sport. Held at Royal Randwick in Sydney, this $20 million sprint has shifted the gravitational center of Australian horse racing, proving that innovation can be just as powerful as heritage.
The Power of the Purse: A $20 Million Statement
The most immediate way The Everest changed the landscape was through its staggering prize pool. With $20 million on the line as of 2025, it stands as the richest turf race in the world. This isn’t just a vanity metric; it has forced a massive redistribution of talent.
Historically, Australia’s best sprinters were often exported to Europe or retired early for breeding. Now, with a $7 million winner’s check, owners and trainers have a reason to keep their champions on Australian soil. The financial gravity of the race has also triggered a “prize money war” between New South Wales and Victoria, leading to record-breaking purses across the entire spring carnival, benefiting participants at every level of the industry.
Innovation via the “Slot” System
Unlike traditional races where entry is earned through handicap ratings or group wins, The Everest utilizes a slot-holder model inspired by the Pegasus World Cup.
Twelve “slots” are sold for $700,000 each. This system creates a unique “race before the race.” Slot holders—ranging from betting giants like TAB to private syndicates—act as talent scouts, negotiating with owners of the world’s fastest horses. This has introduced a new layer of commercial strategy and “B2B” interaction in racing that never existed before. It turns the lead-up into a high-stakes game of poker, keeping the sport in the headlines for months.
Capturing the Next Generation
Perhaps the most significant impact of The Everest is demographic. While the Melbourne Cup remains a cultural icon, it often struggles to engage a younger audience that finds a 3200m staying race “too slow.”
The Everest is designed for the modern era:
- The Format: A 1200m “lightning” sprint that lasts barely 70 seconds—perfect for social media and short attention spans.
- The Culture: By integrating high-end fashion, world-class musical acts, and a “younger” marketing aesthetic, the Australian Turf Club (ATC) has successfully attracted a different crowd.
- The Data: Recent attendance figures show that The Everest draws one of the youngest average ages of any major sporting event in Australia, ensuring the future longevity of the sport.
The “Group 1” Controversy and Global Standing
For years, purists argued that The Everest was merely a “pop-up” race because it lacked official Group 1 status. However, in late 2024, the race was finally elevated to Group 1 status, a move that validated its world-class quality. In 2025, we saw this global appeal culminate in the victory of the Hong Kong superstar Ka Ying Rising, proving that The Everest is now a legitimate “World Championship” of sprinting.
Frequently Asked Questions
1. What is the total prize money for The Everest in 2025?
The total prize pool for The Everest in 2025 is $20 million, making it the richest turf race on the planet. The winner takes home approximately $7 million plus trophies.
2. How does the slot-holder system work?
There are 12 slots available for purchase at $700,000 each. The slot holder owns the right to start a horse in the race. They can use their own horse, lease a horse from another owner, or partner with an owner to split the prize money.
3. Is The Everest a Group 1 race?
Yes. After years of being classified as a “Special Conditions” race, The Everest was officially elevated to Group 1 status in 2024 due to the consistently high ratings of its participants.
4. Where is The Everest held?
The race is held at Royal Randwick Racecourse in Sydney, New South Wales. It is the centerpiece of the Sydney Everest Carnival.
5. What distance is the race run over?
The Everest is a sprint race contested over a distance of 1,200 metres (approximately 6 furlongs) on a turf surface.
6. Can international horses compete in The Everest?
Absolutely. While the race is dominated by Australian sprinters, international horses are highly sought after by slot holders. In 2025, the race was won by the Hong Kong-based sprinter Ka Ying Rising.
7. How much does it cost to buy a slot?
A slot in The Everest currently costs $700,000 per year. Most slot holders sign multi-year agreements to secure their position in the field.
8. Who won the first-ever Everest?
The inaugural edition of The Everest in 2017 was won by Redzel, trained by Peter and Paul Snowden and ridden by Kerrin McEvoy. Redzel remains the only horse to have won the race twice (2017 and 2018).
9. How is it different from the Melbourne Cup?
The Melbourne Cup is a 3,200m handicap race for stayers with over 160 years of history. The Everest is a 1,200m weight-for-age sprint for the fastest horses, utilizing a modern slot-based entry system and focusing on a younger, “event-driven” audience.
10. Why is it called “The Everest”?
The name symbolizes the “pinnacle” of racing. Just as Mount Everest is the highest point on Earth, the race was designed to be the highest point of achievement (and prize money) for sprinters in the thoroughbred world.
