Indiana's IG reccommends cutting purses

[FenceBored]

“Assuming that a continued subsidy to the horse racing community is deemed proper by the Indiana legislature, we respectfully recommend the legislature consider evaluating the amount of the subsidy and consider a monetary cap at pre-racino figures,” Thomas stated in the report, which was released Nov. 10.

The effect of such a reduction, which would require legislative action, would decrease horsemen’s funds from $58 million to $28 million.

Read more: http://www.bloodhorse.com/horse-raci...#ixzz1dOrWKvxG

So, the Hoosier horsemen spend years and years fighting to get racetrack slots to increase their purse supplements, and now the Inspector General backs the Legislature's move to grab it.

The other notable item I saw in glancing over the IG's report is:

We respectfully recommend to the Indiana Legislature that the selection and reporting of the HRC Executive Director be similar to that at the Indiana Gaming Commission and Indiana Lottery Commission.

The Executive Directors of the Gaming and Lottery Commissions are appointed by, and serve at the pleasure of, the Governor. IC 4-33-3-18 and IC 4-30-5-1. In contrast, the HRC Executive Director is appointed by, and serves at
the pleasure of, the HRC Commission. IC 4-31-3-10.

To maintain similar accountability, and due to the oversight of over $140 million in annually wagered funds,14 we respectfully recommend the HRC Executive Director be directly accountable to an elected official.
-- http://www.in.gov/hrc/files/Inspecto...ral_Report.pdf

I'd prefer to see that idea and it's assumptions fleshed out a bit more. Not sure I buy into the idea that making the Exec. Dir. a political appointment makes anything better.

[cj]

It is only a matter of time before slots money shrinks for horse racing. This is just one step.

[Robert Goren]

Let's all have a good cry for the horsemen.

[rwwupl]

Horse racing must and can stand on its own. The people love horse racing.

The original design of the business model when racing was successful provides that purses are a a result of wagering handle.

Wagering handle is a result of putting on an attractive show at the right price and compete to attract the bettor.

Putting your hands in the pocket of another to cover your excess is never a long term solution.

Customers reject price hikes via takeout that make their part of the game not attractive,and government will allow subsidy until they need it more than you do.

The price of horses will always adjust over time dependant on the purse structure supported by wagering handle.

Subsidy creates more problems than it solves.

Roger Way

[Tom]

If a track relies on slots money, the deserve whatever happens to them.
Racing must stand on its own.

[cj]

Lets be honest here...we don't need Indiana horse racing in this country. I can see subsidizing the sport a little in places where they actually have a good breeding program, but Indiana breds are the absolute slowest horses known to man. It is the home of the winning single digit Beyer.

[Tom]

Didn't we have a NY Bred at FL with Beyer "bagels?"

[Robert Goren]

Originally Posted by rwwupl

Horse racing must and can stand on its own. The people love horse racing.

The original design of the business model when racing was successful provides that purses are a a result of wagering handle.

Wagering handle is a result of putting on an attractive show at the right price and compete to attract the bettor.

Putting your hands in the pocket of another to cover your excess is never a long term solution.

Customers reject price hikes via takeout that make their part of the game not attractive,and government will allow subsidy until they need it more than you do.

The price of horses will always adjust over time dependant on the purse structure supported by wagering handle.

Subsidy creates more problems than it solves.

Roger Way

Well said. I could not agree more.

[Simple Syrup]

Originally Posted by cj

Lets be honest here...we don't need Indiana horse racing in this country. I can see subsidizing the sport a little in places where they actually have a good breeding program, but Indiana breds are the absolute slowest horses known to man. It is the home of the winning single digit Beyer.

Forgive my ignorance, but is the fact that thorughbred racing is relatively new in Indiana a major factor here? I thought Hoosier Park was harness only until about 2000, and Indiana Downs was only built around the same time.

I don't disagree with your point about subsidies, but does it stand to reason that horse quality should improve with time?

[cj]

Originally Posted by Simple Syrup

Forgive my ignorance, but is the fact that thorughbred racing is relatively new in Indiana a major factor here? I thought Hoosier Park was harness only until about 2000, and Indiana Downs was only built around the same time.

I don't disagree with your point about subsidies, but does it stand to reason that horse quality should improve with time?

It isn't that new. Hoosier has been around more than 15 years.

[cj]

Originally Posted by Tom

Didn't we have a NY Bred at FL with Beyer "bagels?"

Oh, sure, plenty of those around. In Indiana though, the WINNERS occasionally get a bagel.

[therussmeister]

I think slots tracks purses, not counting graded stakes races, should be capped at a certain percentage of average handle. If the track wants to get the full benefit of slots they would need to find a way to increase handle. There are some days when Presque Isle's purses were more than all sources handle.

[Valuist]

Purses for Indiana breds have to be the most out of line with reality. Never has a 50 Beyer been so powerful....

[proximity]

Originally Posted by therussmeister

I think slots tracks purses, not counting graded stakes races, should be capped at a certain percentage of average handle..

absolutely!!

[jelly]

IMO any track that accepts slots should not have takeout higher than 10%.