Change Adds Options for KTDF Purse Funds
Description:
The Kentucky Horse Racing Commission on Monday, March 23, approved changes that will add flexibility in the use of Kentucky Thoroughbred Development Fund purse money generated by wagering on historical races.
Under the new rule, racing associations that offer wagering on historical racing that have a balance of KTDF money earned from historical race wagering that has not been distributed in KTDF purses will have the option of using the funds to supplement purses at another Kentucky Thoroughbred track.
Other options for such funds would be to supplement purses at a future live meet at the track with the excess funds or to supplement previously distributed purses from the track with the excess.
Historical race wagering is gambling on devices that look like slot machines but base payouts on previously run races and a pari-mutuel formula. The gaming currently is in place at Kentucky Downs and Ellis Park. Kentucky Downs currently has an excess of KTDF funds generated by historical race wagering.
"This amendment has the potential to benefit the entire racing circuit by permitting racetracks to share an excess of KTDF funds generated from wagers on historical horse races," said J. David Richardson, chairman of the KTDF advisory committee. "It's a win for our horsemen and our Kentucky racetracks and we are grateful to have this opportunity."
The changes were supported by both the Kentucky Thoroughbred Owners and Breeders (KTOB) and the Kentucky Horsemen's Benevolent and Protective Association.
"We are supportive of these changes and believe the ability to move unspent KTDF funds to other tracks is positive for our horsemen," said KTOB executive director Chauncey Morris in a letter to the Kentucky Horse Racing Commission. "We expect the tracks to work in a collaborative manner to ensure the KTDF funds are used to recruit fuller fields of better Kentucky-bred horses from out of state."