The Standardbred Owners Association of New York pointed to the success of the state’s video lottery gambling at racetracks as helping the growth of the state’s horse breeding industry.They said that this past Saturday at Yonkers Raceway, the state’s largest VLT parlor, seven horses were sold as high as $50,000, due largely to higher purses for races.
The highest claim for $50,000 was followed by three claims at $40,000; one at $30,000 and two at $20,000. The total spent at the claim box was $240,000.
“Not bad for a Saturday night, as well as for new connections who see the opportunity to reap a substantial return on their investments,” the association said today.
“None of the present positive action at Yonkers Raceway was conceivable before the VLTs came on board. As a matter of fact, for the most part these classes of races didn’t exist at Yonkers pre-VLTs.”
Despite the economic downturn, Yonkers Raceway has had improved success in its second year of operation as more gamblers are staying home because of higher gas prices.
That’s meant higher revenue for the state and the track, and higher purses for races—which was one of the main intentions of the state approving VLTS in 2001 after the 9/11 attacks.
And higher purses mean higher prices to buy racehorses, fueling New York’s still important horse breeding industry.