WHAT INSTANT RACING WILL MEAN FOR KENTUCKY’S HORSE INDUSTRY
Economic development experts have said that Kentucky’s horse industry creates more than 100,000 jobs in the Commonwealth and has a total annual economic impact of over $4 billion.
To gain a competitive advantage over Kentucky’s signature industry, nearby states such as West Virginia, Pennsylvania and Indiana have approved expanded gaming options at race tracks and used the revenues derived from those operations to enhance both racing purses and breeders incentive funds. Expanded gaming options for race tracks have now received legislative approval in Ohio and Illinois as well.
With richer purses offered on track and superior breeding incentives available in these and other states, Kentucky racehorses, stallions and broodmares have been leaving the Commonwealth in growing numbers to race for more lucrative purses and breed in states that offer larger breeders incentive payments. As a result, all eight Thoroughbred and Standardbred racetracks in Kentucky have been forced to greatly reduce the number of race days and have continued to cut total purses offered at their race meets.
In order for Kentucky’s signature industry to remain vibrant and competitive, the Commonwealth must develop new sources of revenues to increase live racing purse offerings and to grow the Kentucky Breeders Incentive Fund. Without additional revenues, the outmigration of race horses and breeding stock – and the thousands of jobs that are associated with Kentucky’s racing and breeding industries – will continue.
Throughout the 1990’s, Oaklawn Park in Hot Springs, Arkansas faced similar challenges. Owners were taking their horses to race tracks in Louisiana, Oklahoma and Texas that offered higher purses and access to lucrative breeders incentive programs in those states.
The many interests in the Arkansas horse industry came together in 2000 to develop legislation that enabled Oaklawn Park to introduce Instant Racing – a pari-mutuel electronic system which allows players to wager on historic horse races. Today, Oaklawn Park’s ownership points to Instant Racing as the only reason that the track is still in business. Instant Racing has saved the horse industry in Arkansas, and it contributes more than $3 million per year to purses at Oaklawn Park and to Arkansas breeders incentive funds.
As Instant Racing is “rolled out” at race tracks throughout the Commonwealth, it will generate millions of dollars each year for both live racing purses and the Kentucky Breeders Incentive Fund. These new revenues will help the Kentucky horse industry compete with those states that have taken race horses and breeding stock away from the state and will have a significant positive impact on the Commonwealth in terms of job creation, investment in the state and restoring the vibrancy to Kentucky’s signature industry.
Instant Racing is coming to Kentucky Downs!!!
What is Instant Racing?
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