With the Belmont Stakes set to take center stage in the coming weeks, this is a great time to look at the money associated with horse racing. Is raising a horse an economical endeavor, or do people spend too much money chasing fame and fortune through this sport?
By studying one of the horses in contention to win the Triple Crown at the Belmont Stakes, Fox Business learned about the true cost of raising a horse. Horse owners stated that it cost them around $10,000 to raise a race horse. This figure includes housing, food, vet bills, horse racing lessons, and renovations around their property. That is a remarkable spend considering there is no guarantee that a horse will achieve greatness on the racing circuit.
A director for the Horse Owners and Breeders Association claims that the $10,000 figure stated by Fox Business is normal. In fact, he claims that there are many horses that cost as much as $100,000 to their owners. These would be horses of elite breeding that are bought for a small fortune. Not only does it cost a lot of money to buy a horse, but it is also very expensive to keep them well fed, in good health and on a solid training regime.
Costs in New York –
The Belmont Stakes take place in New York, a state where it costs around $40,000 to $50,000 to own a horse over a one to two year period. That figure includes paying for a trainer, the race track where the horse trains, vet bills, cleaning staff, and transportation.
It is cheaper to own a horse in other states, especially those where farm lands are prevalent. However, transporting horses from states in the mid-west to the east or west coast, where most elite races take place, can be challenging.
Most horse owners tend to be significantly wealthy, allowing them to pay these costs without worrying about making a profit. However, for those who nurture a horse with the intent of profiting from its success, the road to financial freedom is full of hurdles.
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Categories: Racing Basics