Purchasing A Horse At The Track
Like any athlete, horses compete at different levels. The racing secretary at a track will write races with varying conditions, which are eligibility requirements for races. One type of race is the claiming race, in which all horses entered are eligible to be purchased by a licensed owner or indirectly through a trainer (most states do require the owner to be licensed prior to claiming a horse). Claiming races are an easy way for a new owner to get involved.
Claiming races also test a horse’s ability. Better quality claiming horses might run “for a tag” (the purchase price) for as much as $25,000. Other, less talented horses will run for a lower price. The dream of many owners is to claim a horse inexpensively in the hopes that in the right hands, he will be an outstanding runner.
Claiming a horse out of a race is almost like buying a used car. Sometimes you buy a real jewel, and other times, you get a lemon. In essence, you have to know what you’re doing when purchasing a horse at a track.
When a trainer enters a horse in a claiming race, he is putting a price on his horse and offering him for sale. He also might be testing the ability of that horse. If the horse wins at that level, the trainer might decide to move him to a higher level, or if he loses, drop him in class.
Turning In A Claim
Should you choose to get involved through the claiming process, there are some important steps you still need to know.
Before a claim can be turned in, the person buying the horse must be approved by the stewards to ensure the buyer is able to accept the financial responsibility.
Once approved, the owner will deposit a copy of the claim certificate with the appropriate person.
The necessary money must be in an account at the racetrack prior to the claim certificate being submitted. Depending on the state, claims must be turned in at least 15 minutes prior to post time. All claims deposited after the deadline are voided.
Be accurate on your claim certificate. It is a binding contract, and errors, such as misspelled words or incorrect prices, will void the claim.
If two or more people claim a horse, a “shake” will determine who gets the horse.
Once the gates open, the person claiming the horse owns him - win, lose or injury. However, the former owner keeps any purse earnings.