TWO high-calibre sporting events will inject more than $1.5 million into the city's economy this weekend.
Ballarat's motels and hotels, fuel outlets, restaurants, cafes and shops will be bolstered with the three-day Australian Cycling Grand Prix and the Australasian Breeders' Crown.
An influx of 330 cyclists and their teams has descended on the city for the Australian Cycling Grand Prix, which began yesterday at Learmonth.
Ballarat's city centre will be transformed into a race circuit this afternoon, as cyclists compete in the 1.1km Sturt St criterium.
And the owners, drivers and trainers of more than 100 trotters from across Australia and New Zealand are in town for tomorrow's Australasian Breeders' Crown final at Bray Raceway.
The cycling event has been tipped at being worth more than $1 million to Ballarat's economy, while the trotting event's impact has been estimated at about $500,000.
City of Ballarat tourism and events portfolio councillor Peter Innes said the cycling event, ahead of the Australian Open Road Cycling Championships held in Buninyong in January, would help make Ballarat the cycling capital of the nation.
"The City is really going to push the idea that Ballarat is the cycling capital of Australia," he said.
"We make no bones about that. It will happen."
Cr Innes said Ballarat provided a selection of great rides with its geographical location, its infrastructure and the city's rich history.
Ballarat and District Trotting Club president Paul James said Ballarat was able to attract the Breeders Crown, which was fast rivalling the Inter-Dominion as the premier harness racing series, due to its good facilities.
The event, featuring three race meetings in six days, showcases Australasia's premier two and three-year-old pacers and trotters.
Sunday's prize pool will be the richest in the history of country racing across Australia and New Zealand, totalling more than $1.1 million.
City of Ballarat tourism, marketing and product development manager Barbara Chalkley said it was a big weekend for Ballarat tourism.
Ms Chalkley said the cycling would not only bring visitors to Ballarat but would gain national media attention.
"It's also about the exposure," she said.
"There will be national news broadcasts. That in itself just keeps putting Ballarat to the forefront of people's minds - whether for visiting or for coming and living."