Remember when we were children and we used to compete on whose turtle is faster on a race space we would determine on our own? No? Then how about those lazy evenings when you and your dad would share a drink while watching horse racing on your couch and betting on whose horse will reach the finish line? Horse racing is an equestrian sport that has been going on for hundreds of years. Its popularity had risen especially in the 21st century with the advancement of technology as people became able to access details and information online or through mobile applications. Many people are acquainted with horse racing as a sport, but a few of them are given insight into horse racing as a business. It is no secret that this performative sport is quite profitable considering the bets, the entrance passes, the visibility, and the wins.
Betting on horses has become increasingly popular in recent years, especially with the advent of online betting sites as well as sites like British Racecourses that provide all kinds of horse betting information. For many people, this is a fun and exciting way to make some extra money, but it is also important to be aware of the risks involved. Most betting sites offer a variety of betting options, including straight bets, parlays, and exotics. So no matter what your betting style is, you can find a betting site that will offer the types of bets you’re looking for.
It is worth considering, for those horse lovers, starting a horse racing business with the determination of producing a champion or perhaps more than one winner. Here are five tips for you to start a profitable horse racing business.
- Do Your Research:
Perhaps this is the most important tip for someone who wants to start a horse racing business. There is so much to learn to build a good basis for your business, including the types of horse breeds, how to take care of them, how to train them, how to race on horses, how to choose your horse, etc. Without research, you’ll be lost in the market as you’re looking for what horse will assure you a solid win. Some sellers might even tell you to choose a breed that is not compatible with horse racing at all just for the sake of making money. As a horse investor, you need to carefully pick the winning breeds. This is why you need to have a certain amount of knowledge before purchasing your horse. The research will also be vital for the training process.
- Get a License:
Like any other field, getting a license is the step you need to go through into making your business legal. The license will ensure that you’re paying your taxes and that you are allowed to raise and race with horses. With a legitimate profile, you’ll be allowed to start your business freely. However, a license is only valid in the state where you will be applying for. For instance, if your license was acquired in the United States, you cannot continue your horse racing business in France unless you get another license from there.
- Partner – Up (business partner):
It might be too ambitious to consider starting a horse racing business on your own – unless you’re quite wealthy and capable of doing so, then congratulations! Considering the taxes, fees of the horses, the property in which to raise them, the training, etc – it is safe to say that it would cost a fortune. This is where partnership comes in handy. Partners are people who would share the outlay of the investments, as well as the income and losses. Sometimes these partners can be friends, sometimes people who share your passion for horses and horse racing, and at times they can be people looking for a business opportunity to start investing. It is important to highlight that no matter which type of partners you choose, you should always write a formal agreement in which everything is clearly stated and signed by all partners. Remember, this is a business where everyone needs to cooperate, not a school project where some of the group lurk and leave all the responsibilities to you.
- Buy & Breed Winning Horses:
This is where the research phase comes in handy! As we mentioned before, to assure a good business plan, it is important to have some knowledge about horse breeds and especially winning breeds. Once you have acquired this knowledge, you can proceed to buy your winning horse. It can either be a descendant of champion horses or a strong-built horse. For the former, people tend to choose horses with a championship history with the hope that they can make a champion out of them, or better – than they would inherit the same features and strength of their champion ancestors. As for the latter, people opt for these kinds of horses mainly because of their prices. Compared to the decedents of champions who can cost hundreds of thousands of dollars, the regular horses are way cheaper as they reach few thousand.
- Buy A Property:
Buying a property is useful to keep the horses, take care of them and prepare them for the race. It should be wide enough to provide a comfortable space for the horses to move freely and train well. You need to check if the property is accessible to transportation, has the right form and field distance as well as amenities in which horses will rest.
Horse racing is one of the most popular and entertaining performative sports in the world. It is only with great passion and patience that your race business will bloom and perhaps be the reason a horse champion is born.