Historical Racing – Pari-Mutuel Wagering HISTORICAL RACING – WHAT IT IS AND IS NOT

 

Historical Racing – Pari-Mutuel Wagering HISTORICAL RACING – WHAT IT IS AND IS NOT

 

Historical racing is a new version of pari-mutuel wagering using new technology. It uses horse races conducted in the past that are replayed on pari-mutuel wagering terminals only at a facility that is authorized to show simulcast horse races. The only substantive difference between Historical Racing and traditional pari- mutuel wagering is that a patron is wagering on a previously run horse race. Patrons are provided handicapping information but do not know the identity of the horse, jockey, trainer, owner, or the race track where the race was run.

 

Pari-mutuel wagering is a form of gaming where players wager one against another rather than against the house, as they do in casinos. Pari-mutuel wagers placed on horse races become part of a pool consisting of all wagers from all bettors. Winners win the pool – whatever the amount – less a deduction for state tax and the racetrack. The winnings are paid only from money contributed by other wagerers.  The racetrack has no interest in the outcome. The opposite is true in a casino where the house wins only when bettors lose. This is what makes Historical Racing pari-mutuel.

 

Pari-mutuel wagering is regulated and allowed in Idaho. It began in 1965, and Les Bois Park has offered pari- mutuel wagering on horse races at the current location since 1970.

 

WHY THE NEED FOR HISTORICAL RACING

The live horse racing industry relies on purses generated through pari-mutuel racing.  The live racing industry in Idaho and the nation has experienced a serious decline in pari-mutuel wagering over the past decade due to technology advances and other market factors.  Idaho is at risk of losing its horse racing industry.

 

In the 1980’s, the Idaho legislature foresaw the revenue problem and addressed it through the enabling of simulcast wagering. Unfortunately, 30+ years later, simulcast wagering is now accessible via the internet, leading to reduced sales revenue to live horse racing locations. Without additional sources of revenue, Idaho’s horse racing industry is not sustainable.

 

IDAHO LEGISLATURE 2013

In the 2013 session a bill passed and was signed into law by the Governor that authorized wagering on Historical Horse Racing. The bill passed the Idaho House 58 – 12 and passed the Idaho Senate 27 to 8 during the 2013 legislative session. The update in state regulations was supported by the Idaho Racing Commission, the Idaho Thoroughbred Association, the Idaho Quarter Horse Association, Idaho Horsemen Benevolence and Protective Association, and literally dozens of industry professionals such as veterinarians, retail suppliers and small business owners.

 

HISTORICAL RACING – PROVEN RESULTS

Other states like Kentucky and Arkansas have addressed the decline in pari-mutuel wagering in their state through the authorization of Historical Racing with proven results. Historical Racing has saved their horse racing industries. In 2013, the Oregon and Wyoming legislatures authorized the use of the Historical Racing pari-mutuel product to address their need for new revenue streams through pari-mutuel wagering.

 

Kentucky Downs and Oaklawn Park offer wagering on Historical Racing and are two examples of the positive impacts to live race meets attributable to historical pari-mutuel racing. Purses to horse owners have increased significantly at both tracks since Historical Racing was introduced.

 

IMPLICATIONS FOR IDAHO RACING AND BREEDING

Increased purse payments for owners and breeders

Self-reliant, self-generating, self-sustaining gains for Idaho horses, horse people and horse businesses

 

HISTORIC RACING PLAN FOR IDAHO – Les Bois Park

200 self-service terminals at the Turf Club at Les Bois Park.

Operational in 2014

Turf Club capacity 499 persons.

 

TREASURE VALLEY RACING AT LES BOIS PARK

Treasure Valley Racing at Les Bois Park is all-Idaho owned and operated. The new ownership entered into a lease agreement with Ada County to operate live and simulcast wagering at Les Bois Park in 2011. Live horse racing has been run at Les Bois Park for over 40 years. It is the sincere desire of this dedicated and reputable group to preserve this longstanding tradition for future generations.

 

LIVE HORSE RACING SEASON – LES BOIS PARK

Treasure Valley Racing runs a live meet each year from May to August in Garden City at Expo Idaho.  Nearly 110,000 enthusiastic race fans attended the live horse racing meet in 2013. Many of those 110,000 visitors to Les Bois Park also enjoy the many fine offerings that Garden City and the Treasure Valley have to offer in terms or eating, drinking, lodging and entertainment facilities.

 

SECURITY

Treasure Valley Racing understands, accepts and embraces its position as a responsible gaming business and a proactive member of the local community. Treasure Valley Racing employs a full-time security force to support both the live and simulcast wagering activities.

 

Treasure Valley Racing is committed to a safe and secure environment for its customers and will make a significant investment to increase the level of protection by installing the latest in video surveillance and camera systems to its existing security department.

 

RESPONSIBLE GAMING

Treasure Valley Racing has implemented an industry proven responsible gaming program and has actively partnered with a national agency dedicated to responsible gaming. Responsible gaming signs, documentation and literature will be available and prominently displayed in all key areas.

 

 

 

 

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