July, 2023 | Horse Racing Free Tips

Sports Betting Can Start Sept. 7 at Kentucky Tracks

Although Kentucky's horse racing purses will not directly benefit from recently legalized sports betting, the state's nine tracks on Monday were authorized to apply for retail sports book permits starting Tuesday, July 11. They could start taking bets on games as early as Sept. 7, the first day of the National Football League season.

Online sports wagering, which is expected to eventually account for 90% of an estimated $23 million in sports betting tax and licensing revenues for the state, will be rolled out Sept. 28.

Those dates were confirmed at Monday's Kentucky Horse Racing Commission (KHRC) meeting at The Red Mile in Lexington, at which the commission unanimously voted in both “emergency” and “ordinary” sports betting regulations.

The emergency regulations will allow the state's tracks to apply for sports betting permits and get up and running by the start of the lucrative football season, while the ordinary regulations will go through a public comment and revision process and will eventually replace the set of emergency rules.

By Kentucky law, sports gambling must be done through the state's licensed tracks, which are allowed to partner with up to three sportsbooks each. The brick-and-mortar permit can be applied to either a track's main location or a licensed satellite facility.

Unlike Kentucky's historical horse race gaming and simulcasting, which both by statute guarantee a revenue stream for horse racing purses, sports betting provides no such direct boost.

In lieu of getting a direct cut of booking sports wagers, Kentucky horsemen will be banking on the potential benefit from crossover opportunities that could convert sports bettors into horseplayers.

With a law signed Mar. 31, Kentucky becomes the 37th state to have legal sports betting.

Six of the seven states bordering Kentucky already take wagers on sports.

The law allows Kentucky tracks to be licensed as sports betting facilities for a $500,000 initial fee and an annual renewal of $50,000.

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New Study Reveals Saratoga Generates $371 Million In Economic Activity

The annual summer meet at historic Saratoga Race Course generates $371 million in economic activity and more than 2,900 jobs across the greater Capital Region, according to the findings of a new study by the Saratoga County Industrial Development Agency (SCIDA) highlighted today by the New York Racing Association, Inc. (NYRA).

The report, which was released Monday during a news conference at the Saratoga Performing Arts Center (SPAC), concludes that the overall economic impact generated by the summer meet has increased by 57 percent since 2014 across the nine-county Capital Region.

In addition to Saratoga Race Course, the study commissioned by the SCIDA and performed by Camoin Associates analyzed the impact of Saratoga's major attractions including SPAC, Saratoga Casino Hotel and Saratoga National Historic Park. According to the findings, those four entities generated a total of $647 million in economic impact and 5,770 jobs.

“Horse racing is a powerful engine for the New York economy that supports families and communities in every corner of the state,” said David O'Rourke, NYRA president & CEO. “Nowhere is that more evident than here in Saratoga Springs and throughout Upstate New York, where the popularity and importance of Saratoga Race Course are at an all-time high. NYRA looks forward to welcoming fans back to the Spa for what is sure to be a spectacular summer.”

The report focuses on the economic benefits within a nine-county region including Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.

The study's findings show that Saratoga Race Course generated $371,067,040 in annual economic impact from three primary sources: Direct ($241,311,827); Indirect ($51,656,531) and Induced ($78,098,682). These categories account for spending on goods and services by visitors and racing participants, on-site jobs, and spending at businesses that supply goods and services to Saratoga Race Course, thereby creating an economic ripple effect throughout the region.

The study also determined that Saratoga Race Course is responsible for generating 2,937 jobs in the region.

To view a summary version as well as the complete report, visit https://www.saratogacountyny.gov/economic-development/data-and-demographics/.

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New Study Finds Saratoga Generates $371M in Economic Activity

The annual summer meet at Saratoga Race Course generates $371 million in economic activity and 2,937 jobs across the greater Capital Region, according to a new study by the Saratoga County Industrial Development Agency (SCIDA).

The report, which was released Monday during a news conference at the Saratoga Performing Arts Center (SPAC), concludes that the overall economic impact generated by the summer meet has increased by 57% since 2014 across the nine-county Capital Region.

The newly released study, based on data from 2021, finds that Saratoga Race Course is responsible for contributing $7.3 million of tax revenue to New York State, nearly $2.4 million of tax revenue to Saratoga County and nearly $2.1 million to Saratoga Springs. In addition to Saratoga Race Course, the study commissioned by the SCIDA and performed by Camoin Associates, analyzed the impact of Saratoga's major attractions including SPAC, Saratoga Casino Hotel and Saratoga National Historic Park. According to the findings, those four entities generated a total of $647 million in economic impact and 5,770 jobs.

“Horse racing is a powerful engine for the New York economy that supports families and communities in every corner of the state,” said David O'Rourke, NYRA president and CEO. “Nowhere is that more evident than here in Saratoga Springs and throughout Upstate New York, where the popularity and importance of Saratoga Race Course are at an all-time high. NYRA looks forward to welcoming fans back to the Spa for what is sure to be a spectacular summer.”

The report focuses on the economic benefits within a nine-county region, including Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.

To view the complete report, click here.

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Ascot Racecourse Announces 2022 Financial Results

Edited Press Release

The turnover at Ascot Racecourse exceeded £100 million for the first time with a strong recovery from COVID-19 last season. The return to profit will allow for record prize money of £17 million set to be returned to the sport in 2023 and a voluntary increased loan repayment will help reduce debt ahead of schedule. The 2022 business summary highlighted several points of improvement:

A return to profit with a pre-tax profit of £3.4m after two difficult years of COVID-19 restrictions. This compares to a pre-COVID profit of £7.3m in 2019, highlighting significantly increased overheads and operating costs in the current economic climate.
Turnover rose by 161% to a record level of £101.4m with hospitality and admission revenues recovering strongly.
Attendance at Royal Ascot 2022 bounced back from COVID disruption to 273,465 with a total for the full year, excluding industry joint venture QIPCO British Champions Day, of 483,424.
Strong broadcast reach: World Pool turnover and international interest helped grow diverse revenue streams. Royal Ascot 2022 was broadcast into over 170 territories including NBC terrestrial coverage in America on the Saturday, reaching 2.5 million unique viewers, up 47% on 2021.
The loan agreement was renewed during the year and the term of the loan was extended by a minimum of three years.
£6m of the loan was repaid in 2022 (a £3m mandatory repayment and a voluntary partial early repayment of £3m) and the revolving credit facility of £5m, drawn down in March 2020, was repaid. Net debt at 31st December 2022 was £17.2m (2020 £25.4m).
The standby loan facility of £20m arranged through the Government CLBILS scheme remained undrawn during the year and matured at the end of April 2023. This was replaced by a revolving credit facility of £12.5m which remains undrawn.
Strong 2022 performance enabled record planned prize money in 2023 with £17m set to be on offer, an increase of £1.33m versus 2022. This excludes the £4.45m on offer at the industry joint venture fixture, QIPCO British Champions Day. Prize money at Royal Ascot 2023 was £9.52m, an increase of 10% over 2022.

Alastair Warwick, Chief Executive Officer at Ascot Racecourse, said:

“The figures for 2022 show that Ascot has recovered strongly from the impact of the pandemic. Last year's performance, headlined by record turnover, gave us the confidence to invest in the business this year, including reaching the £17m prize money mark for the first time.

“Having further reduced our debt, including through a voluntary additional repayment, we are in a good position to continue to improve both prize money and facilities.

“We are particularly encouraged to have seen strong attendance and hospitality metrics at Royal Ascot this year, the first under the reign of King Charles III. We had incredibly competitive, international fields and World Pool betting continues to be strong while viewing figures on ITV were excellent, including a peak of over a million every day and a ten year high for the final day.

“Their Majesties The King & Queen attended on all five days and it proved to be a very special occasion with Desert Hero carrying the Royal silks to victory, whilst Frankie Dettori signed off his Royal Ascot story with a ninth Gold Cup win.

“I would like to thank all our hard-working staff and our commercial and broadcast partners for their continued commitment to Ascot.”

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