THOROUGHBRED RACING; A DYING INDUSTRY ?

Frank Sinatra recorded a beautiful holiday song that most have never heard because the classics are the most played.  The song was Whatever Happened To Christmas. Frank sings "it's gone and left no traces".  Racing fans across America may soon be asking that same question of  thoroughbred racing.  The once upon a time glamour of colorful silks and exciting stretch runs no longer there to enjoy. 
   
A vital ingredient to any sport is, and has been, missing from the racing recipe for some time now. An ingredient that all sports needs to succeed; charisma.  To witness what charisma can do, race fans only need to revert back to the late 70's and 80's when racing had not one but, dozens of super stars racing in the same time period.  Racing had the Seattle Slew's, the Affirmed's, the Spectacular Bid'sZenyatta and nine tear olds like John Henry beating up on the youngsters.  We watched great match races and major stakes races filled with super stars.  During that same time period other sports thrived through its super stars.

Golf had its crowd pleasers such as Palmer, Nicklaus, Floyd, Player, etc.  Then Tiger appeared and golf took on an appearance quite similar to racing; a sort of single super star, but one that made golf prosper.  Thoroughbred owners don’t race a single super star choosing instead to retire a star as three year old.  Golf on the other hand has the senior tour and super senior tour.  What racing is left with today is a sparse list of champion thoroughbreds competing during a same time period.

Thoroughbred racing is a very large national industry, one much larger than most people realize and one that legislators have over the years failed to realize as such.  Those of us that do realize this wonder how much longer legislators will continue to ignore the issues or choose to further abuse something so vital to the economy.  It appears that the individuals in position to do something about racing’s growing problems seem only to concern themselves with how next to extract more from racing.  States that are badly in need of revenue, in my opinion, pilferage the industry with little concern for those that make the wheel go around; the public. 


The federal government, with its outdated tax codes, continues to drive investors away from the sport.  Owners and breeders get little in the way of tax incentives aimed at luring new and retaining current investors.  That reluctance to modify tax codes in turn hurts the thousands of providers of products and services to the racing industry.  And let’s least not forget the public.  The public, for the most part is, and has been, left out of any consideration or input into racing issues.  But the public is always included as a victim of legislative sins committed by governmental bodies that are inept, or lack any knowledge of what thoroughbred racing contributes.

I, personally, have been involved in every facet of racing for 50 years, save riding and training.  I bred thoroughbreds at Gainsway Farm in Lexington and raced thoroughbreds in three states.  I eventually exited the owner/breeder segment of racing when the federal government decided that stud fees had to be capitalized instead of allowing it to be treated as an up front expense.   When the maximum tax rate for individuals was set at 50%, tax treatments such as that caused many investors to exit the racing scene.

New tracks have opened in the past ten years while old established race tracks fight for survival causing further saturation of supply with decreasing demand.  Most tracks no longer operate on Monday's, Tuesday's and Wednesday’s and the major race tracks can't fill their race cards. Bettors stay at home and wager with off shore facilities that commonly pay a 7% to 10% rebate on the amount wagered.  Yes, you read it correctly, on the amount wagered, win or lose.

So naturally, what is our government’s answer to the problem?  Chase down the off shore facilities rather than taking a competitive approach of giving the public something similar.  As a start the ridiculous regulation of the 300-1 tax signing requirement when a bettor makes a wager with his after tax dollars and 27% to 30% that is extracted from the pari-mutual pool prior to a race. Oddly enough, in spite of the latter, it is common to hear sports betting enthusiasts talk about how you can’t overcome a 10% vig charged by bookmakers.  Why don’t the various governments become competitors, in some manner, rather than spending all of their time to extricate their opposition?  Most of the tracks that are presently operating are fighting for their very existence

Sadly enough, it has always been take, take, take when it comes to anything involving the thoroughbred racing industry.  In my home state of Florida I have watched the demise of great racing stables and beautiful historic race tracks such as Hialeah Park (soon to become what else, a casino).  I often wonder if Tallahassee has even a clue that next to the citrus industry, thoroughbred racing coupled with all of its associated products and services is the second largest employer in the state.

To illustrate how ridiculous tax codes are, I recently cashed a $2 superfecta ticket that returned $854.  I had to go to the IRS window to cash the ticket.  Now an experienced person such as myself knows better than to buy a $2 ticket instead of two $1 tickets or even ten cent tickets.  But why make a person sign an IRS form and report the winnings when another person that won the same bet on two, or even ten $1 tickets did not?

Isn't it time the state and federal governments get real?  Casino's, who were supposed to help racing with larger purses appear to more than likely be aiding the ruination.  The casino legislative objective of raising purses that was in turn supposed to attract investors for breeding and racing has not done much at all, i.e. 5 and 6 horse fields everywhere.  So why hasn’t it helped?  Because the cost of boarding, training and transporting horses has gone through the roof at the same or greater pace of the increased purses.  The racing industry's battle for existence doesn't end with competition from the casinos and inept legislators.  Also drawing blood are scratch off tickets, multi-state lotteries, intrastate lotteries and illegal sports betting.  And like Cher sang, “and the beat goes on”.  Thoroughbred racing needs immediate attention because the band aids being applied can no longer contain the bleeding.


RAY FOX
http://www.turfrace.net/

THINGS TO REMEMBER WHEN GOING TO THE RACES

WIN MORE AND GAIN FLEXIBILITY

Consider this when betting daily doubles. I have found it to be the case in many instances. A significant amount of smart or hidden money is wagered in doubles rather than put it in the win pool. The public is less likely to find it.  Always check the DD payoff screens, then consider what I suggest below.

Let's assume you are betting four $10 doubles, the 3 and 4 in the first half with the 5 and 7 in the second half. That's a $40 bet in total. Instead bet $20 to win on the 3 horse and $20 on the 4 horse. If one wins, take the entire amount you won and bet half of it on the 5 and half on the 7, the two horses that you were going to use in the second half of the double. You'll be surprised how many times you will have collected more than you would have betting it in doubles. In addition, you have the flexibility to put the money in your pocket if you decide you no longer like the 5 and 7 horses in that next race.  There's no withdrawl option with double tickets once you buy them and the first half is over. 

Would be a shame to have a $30 winner in the first half and lose the second half only to walk away with nothing.  Using my suggestion, you pocket the nice return and forget the next race or bet just a portion.

MONEY MANAGEMENT

For money management, use this as an approach since money management is very important. Wager 10% of your bankroll in each race that you bet. That will ensure that when you are losing, the amount of your wagers are decreasing and when you are winning the amount of your wagers is increasing. A very good rule of thumb for making sure your bankroll lasts the entire day.

GOOD ADVICE BEFORE YOU LEAVE FOR THE RACES

When going to the races be sure to follow this steadfast rule.  Don't eat at the races, don't drink alcohol at the races and don't take your wife or girlfriend to the races.  That's a 3 horse parlay and no one hits 3 horse parlays. (Just kidding, a lttle humor for the road).