HP canceled, where does the purse money go?

[Igeteven]

HP canceled, where does the purse money go?


For the ones that love me so much and I do appreciate your feedback, I really don't know the answer to this question

With no more racing dates this year and the fall season is over.

There is a ton of money left over that suppose to go for purses,

1. Where does it go?

2. Does the track hold on to it until next year

3. Does the track return it to the State to be redistribute to another track?

4. Free money to keep for the race track to keep.

Does anyone know where the money goes?

[Beachbabe]

It would be nice if it became a down payment on digging up what's there & putting in a new dirt track.

[johnhannibalsmith]

HP canceled, where does the purse money go?


For the ones that love me so much and I do appreciate your feedback, I really don't know the answer to this question

With no more racing dates this year and the fall season is over.

There is a ton of money left over that suppose to go for purses,

1. Where does it go?

2. Does the track hold on to it until next year

3. Does the track return it to the State to be redistribute to another track?

4. Free money to keep for the race track to keep.

Does anyone know where the money goes?


I'll take a guess Lester at what are the most likely answers. I really don't know the definitive answer in California, but I can rule out a couple and give you a guess. Your #3 and #4 are out. There is a purse fund that comes primarily from handle (...or those machines or card tables...) and is the source of purse payments. Generally it is monitored on a daily basis to track the over/under (amount horsemen are overpaid or underpaid to date in purse money compared to the available monies).

Most tracks run year after year and it isn't uncommon parties will allow for some excess money to carry over to the next year's meet at that track. It's a comforting feeling to put out condition books with purses and know that you are starting out in the black and can hopefully only worry about adjusting upwards to account for handle, rather than the other direction if projections aren't met.

The other possibility that is reasonably common is a "retro" payment to all purse earners. The total underpayment to horsemen is defined as a percentage and each recipient of a dollar from the purse fund is given a "retro" check, in other words retroactively resetting purses to a true proportional value that effectively leaves the balance at "zero". If you earned $100,000 in purses as an owner or rider and the over/under is +10%, you'd receive a nice $10,000 going away present.

There could be a few other possible ways to handle it on a tightly knit group of tracks, but it's pretty safe to assume that in most cases something along these lines is pretty likely. Vic can probably tell it like it is out there.

[therussmeister]

It is distributed at their next meet. Even without a cancellation the purses don't come out exactly right, they either overpay or underpay a certain amount because the purse levels are set by an estimate of available funds.

[The_Knight_Sky]

Hollywood Attendance Stable, Handle Drops

http://www.bloodhorse.com/horse-racing/articles/60413/hollywood-attendance-stable-handle-drops?source=rss

“We were heartened by the overall results of the meet,”
said Hollywood Park president Jack Liebau.

“Wagering within California surpassed expectations
in light of the 12.5% unemployment rate in the state

_____________________________________

Mr. Liebau still hasn't read the memo stating that horse racing is a "national game".

[johnhannibalsmith]

Hollywood Attendance Stable, Handle Drops

http://www.bloodhorse.com/horse-racing/articles/60413/hollywood-attendance-stable-handle-drops?source=rss

“We were heartened by the overall results of the meet,”
said Hollywood Park president Jack Liebau.

“Wagering within California surpassed expectations
in light of the 12.5% unemployment rate in the state

_____________________________________

Mr. Liebau still hasn't read the memo stating that horse racing is a "national game".

A few years ago when this recession was just the start of a recession, half of everybody at the racetrack (unscientific polling result) was rooting for a recession. Yeah, the one thing you can count on is people will drink, smoke, and gamble when times are tough. These same people are cheerfully shrugging off these perpetual declines with these gratuitous silver linings "in spite of the tought times" now.

God forbid the economy turns around and racing will resort to pinning its demise on the national obesity rate and heart disease silently killing its customers.