Pegasus World Cup

[CondorCat]

Heads up on an interesting horse race today amid all the basketball...

The inaugural Pegasus World Cup race is today from Gulfstream. It's the richest horse race in history ($12 million purse) with $7 million going to the winner -- also a record. The main contenders are 2016 North American Horse of the Year California Chrome and 2016 World Horse of the Year Arrogate.

Chrome won 6 in a row in 2016 but lost by 1/2 length to Arrogate in the Breeders’ Cup Classic last Fall. Arrogate broke the 1 1/4 mile track record at Saratoga in August that had stood for 37 years. This will be Chrome's last race before retiring to stud. Keen Ice (who beat American Pharoah in the 2015 Travers) is also in the field.

The 12 horses in the field each paid $1 million for an entry slot. The winner gets $7m, place $1.75m, show $1m, etc. So most entries will lose hundreds of thousands just by running.

POST TIME: 5:40 pm NBC
TIP OFF TIME UK - Kansas: 6:15 pm ESPN

California Chrome-Arrogate showdown makes Pegasus racing's 'Super Bowl'

 

[Glenn's Take]

I'm keying Noble Bird in an exacta with Chrome and Arrogate. I think it's the only way to make any money on the race. You may keep one of them out of the exacta but I seriously doubt you keep them both out. Both Arrogarte and Chrome hate their post positions and I think Chrome took the worst of it. The race is at a mile and an 1/8. At Gulfstream that basically starts in a turn and Chrome has the outside post.

As for losing hundreds of thousands of dollars on the race that is greatly overstated. As part of the $1,000,000 entry fee it also gets them a cut of the pari-mutual pool and a cut of the TV revenue. It's a brand new concept that Frank Stronach came up with. It will be interesting to see how it works going forward. Another interesting thing is that all of the slots in the field were bought up months and months ago. Many were bought and later resold privately.

 

[CondorCat]

As for losing hundreds of thousands of dollars on the race that is greatly overstated. As part of the $1,000,000 entry fee it also gets them a cut of the pari-mutual pool and a cut of the TV revenue. It's a brand new concept that Frank Stronach came up with. It will be interesting to see how it works going forward. Another interesting thing is that all of the slots in the field were bought up months and months ago. Many were bought and later resold privately.

Thanks for the info. I missed the part about slot owners getting a share of the mutual pool plus 1/12 media rights, etc. Make a difference.

Horse racing could use a boost. I hope the finances for this new race work out. It's a new concept. The horse in the starting gate doesn't necessarily have to be owned by the person putting up the money? All the $1 million slots sold quickly this year (most for investment opportunities), but I wonder how it'll go next year.

The Pegasus WC is running at a good time of year to attract the top talent. A horse could run it (like Chrome) and immediately retire to a full breeding season this year.

 

[Glenn's Take]

Thanks for the info. I missed the part about slot owners getting a share of the mutual pool plus 1/12 media rights, etc. Make a difference.

Horse racing could use a boost. I hope the finances for this new race work out. It's a new concept. The horse in the starting gate doesn't necessarily have to be owned by the person putting up the money? All the $1 million slots sold quickly this year (most for investment opportunities), but I wonder how it'll go next year.

The Pegasus WC is running at a good time of year to attract the top talent. A horse could run it (like Chrome) and immediately retire to a full breeding season this year.

Actually saw an interview with some of Chrome's connections and they are talking about maybe running him later this year after the breeding season is over. I've don't remember ever seeing that but that's what they said.
I don't know that they get a full 1/12 of TV and pari-mutual pool takeout but they do get some. Some may still lose money depending on how much they make from that but it's certainly interesting. I'm not sure how well this will work going forward but at least Stronach is trying something new.

 

[buckethead1978]

Nice take Glenn

 

[Tskware]

Chrome was pulled up in the stretch, Arrogate was way way better, think Chrome's owners will elect to hang it up.