Claiming
Claiming races constitute the majority of Thoroughbred races. Each
horse entered in such a race is subject to sale, or claim, at the
value stated in the conditions of the race. However, all purse money
earned is the property of the person in whose name the horse
started.
The primary advantage to claiming is that it offers immediate racing
action. Likened to purchasing a used car, the buyer may be obtaining
a horse which, with a change in training routine, may develop and
excel or may turn out to be nothing more than a lemon. Unlike
purchasing a horse at public auction or privately, the buyer is not
entitled to perform a veterinary examination prior to the purchase.
If you elect to pursue this option, you should employ a trainer who
excels in this aspect of the business. With your trainer, devise a
strategy for selecting potential claims.
Consider the following points prior to claiming a horse:
1. Review the jurisdiction's claiming rules.
Claiming rules differ from state to state. It is important to note:
(a) The point at which the horse becomes the property of the new
owner - when it steps onto the track before the race, when it leaves
the starting gate or at another point; and (b) the conditions under
which the horse must make its next start.
2. Complete the paperwork.
Obtain the proper owner's license. To be eligible to claim, you must
possess the proper owner's license from the state in which you
intend to claim. Licensing is controlled by the particular state's
racing commission or board. If you are not licensed in that state,
you are required to complete the application process, receiving
either a permanent or temporary license.
Most states now have rules authorizing open claiming, thus
permitting licensed owners who do not currently have horses stabled
at the particular racetrack where the horse is running to claim a
horse.
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Establish an account with the racetrack's paymaster or
horsemen's bookkeeper. Prior to the claim being made, an owner's
account must have sufficient funds to cover the transaction: the
claiming price plus state sales tax. Sales laws and bookkeeper's
procedures differ from state to state and from track to track.
If you intend to have your trainer make a claim on your behalf,
there must be an authorized agent form on file. Contact the
Horsemen's Bookkeeper and/or Claims Clerk for more precise
information on these matters.
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Complete the claims slip. Claims must be made on the day of the
race and filed prior to the start of the race in accordance with
the rules of the specific jurisdiction. Claiming forms are
available in the racing office. The information on the claim
form must be absolutely correct; a misspelling can invalidate a
claim. A person is not permitted to enter a claim for more than
one horse in a race. If more than one person wishes to claim the
same horse, a random selection system is used to decide the new
owner. The system is commonly referred to as a shake.
3. Take possession of the horse.
Title and risk pass to the new owner immediately upon selection as
the successful claim. As the new owner, you will be expected to take
possession of the horse at the conclusion of the race or after
completion of any post-race tests.
