The Everest, Australia's richest horse race with a prize pool of $20 million, is set to receive group 1 status following recent changes to the classification system for black-type races.

Starting in 2025, both The All Star Mile and The Shorts will also be elevated to group 1 status, further expanding the roster of significant races.

Additionally, other races in Sydney's spring carnival, including the Premiere Stakes, Russell Balding Stakes, and Golden Eagle, will gain group 1 recognition.

In light of these changes, Racing NSW has adjusted the Sydney Sprint Series bonus from $3 million to $2 million, anticipating that most races in the series will now hold group 1 status.

A media release is expected to announce six new group 1 races, including The Everest, although the announcement has been delayed from last week.

The inclusion of these races in the top 100 group 1 races globally means they will be part of the World Pool, which will facilitate international betting and provide financial benefits to the Australian Turf Club.

This recognition of The Everest and other races marks a significant milestone for the Sydney spring carnival, which has experienced increased prize money and international interest since The Everest was introduced.

New guidelines now dictate that any race averaging an international rating of 115 over three years will qualify for group 1 status.

Created by Racing NSW and the Australian Turf Club, The Everest has been acknowledged as Australia's premier race since its inception seven years ago, despite not holding group 1 status until now.

Previously, Racing Victoria had blocked efforts to elevate The Everest to group 1 status, but a recent leadership change at RVL has resulted in an agreement on new rules for group races in Australia.