So you want to own a racehorse!

Have you ever wondered what it would be like to cheer for your very own horse and have your picture taken in the winner’s circle? 

There are a number of ways to become involved in racing as an owner, ranging from buying a horse outright to owning a small share of a horse with a group of friends.

GOALS 

1. 1. Is it important to be able to see your horse on a regular basis, not just race day? Do you want an immediate thrill/return on investment by getting involved in claiming or horses of racing age, or would you prefer buying a yearling // 2-year-old in training and watching their development? 
   2. How much money are you considering investing? That will inform the answers to the next two topics!

BUDGET

1. 1. It is imperative that you establish a budget for your racing endeavors!
   2. There is the initial or purchase cost in addition to the daily upkeep charges. A trainer’s day rate in New York typically tops $125; that covers feed and all of the workers that care for the horse–groom, exercise rider, hotwalker. Veterinary and farrier costs will accrue monthly. Generally speaking, the annual cost to maintain a racehorse in training in New York is at least $50,000. 
   3. Here are some possibilities to consider:

Initial Investment Possible Involvement

$1,000 – $5,000 Two, three or more partners in an inexpensive horse

$10,000+ Sole owner of an inexpensive horse; general partner in a small partnership; limited partner in a large partnership or syndicate

$100,000+ Sole owner of one or more horses; sole owner and participate in partnerships; participate in partnerships only

INDIVIDUAL OR PARTNERSHIP?

1. 1. An individual owner gets the thrill of having a horse run in their name and colors, but also must shoulder all of the associated costs. 
   2. A partnership or syndicate typically offers the perks of ownership–paddock & winner’s circle access, e.g.–while sharing the inherent financial risks with others. These group ventures also allow for the possibility of owning a percentage of several horses instead of staking all of one’s investment on one creature. Starting off with a partnership enables a new owner to get a feel for the racing game before making major expenditures.

SELECTING A TRAINER – (Individual ownership)

1. 1. Your goals will also inform this decision. Trainer statistics are available on a number of websites; review them and consider whether you prefer an established name or an up-and-coming conditioner. 
   2. Certain trainers specialize in claiming races, while others are known for getting quick results with 2-year-olds, and still others have had their best results with turf horses.
   3. Review their policy regarding the medical care given to the horse. Does the trainer ask owners to authorize veterinary care expenses? Who maintains the horse’s health records? Do they use certain medications regularly? Some trainers use vets almost compulsively, and with good results, while others use them sparingly and with equally good results. It depends on the trainer and, to some extent, the quality of horses he has to work with.
   4.  Asking these questions should give you a feel for the character, skills and beliefs of the candidates. If you are not comfortable with what you have learned, interview additional trainers until you have found the right one.
   5.  Once you have made a selection, be certain that the two of you have a clear understanding of each other’s expectations and responsibilities. Don’t begrudgingly turn over the responsibility to them to do their job. Be positive and enjoy the experience.
   6.  Finally, consider whether a written contract would be appropriate. Note: Written contracts are not common practice on the racetrack, and the mere proposition of one may evoke a less than positive response. Nonetheless, if you feel you must have one, find a trainer who is willing to enter into a contract.

LOGISTICS

1. 1. Getting licensed by the New York State Gaming Commission is the first step to becoming an owner (click HERE for complete details). The NYSGC has offices at whichever NYRA track is conducting live racing. Once you have your owner’s license, you can get your NYRA credential that will permit backstretch and paddock access.
   2. If you are an individual owner, you will be able to design your own racing silks! New York-based owners must have their silks approved by the Jockey Club. Click HERE to apply.
   3. If you are racing under a stable name, that must be registered with the Jockey Club as well (click HERE for application details).
   4. Owners are required to register with HISA. That process is detailed HERE.
   5. Once all of that is accomplished, you can set up an account with the Horsemen’s Bookkeeper at hb@nyrainc.com or by phone at (917) 599-9155. Click here to register for/log in to InCompass Financial Services.
   6. OwnerView offers detailed resources, as well as a list of racing syndicates.

May the horse be with you!!