The New York State Task Force on Retired Racehorses has suggested that a percentage of revenue from video lottery gaming and purses at New York racetracks be set aside in a retirement fund for racehorses as part of its recommendations on responsible retirement practises for the horse racing industry

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The Dec. 23 report states that it is the responsibility of the horse racing industry and its stakeholders to ensure proper aftercare and placement of racehorses as they transition to retirement. The recommendations of the report focus on making the industry financially responsible to do so rather than requiring assistance from the betting public or taxpayers.

The Task Force recommends that owners and trainers complete an online training course on responsible retirement practises prior to being granted a license by the New York State Racing and Wagering Board. The report states that among the responsibilities of owners is to be financially prepared to support their racehorses for a duration of at least six months following their career to facilitate in the retraining and retirement placement process.

The report also recommends that funds to facilitate in the transition of racehorses to retirement come from at least one-half of one percent of video lottery gaming revenue from state racetracks and Resorts World Casino New York City and one-half of one percent from purses at state racetracks. The Task Force estimates that the percentage of video lottery gaming revenue could contribute more than $3.13 million annually while purse contributions could add more than $1.1 million annually. The report recommends that additional funding could come from a percentage of the earnings from winning drivers and jockeys, a percentage of revenue from fines, surcharges on licensing fees, and a percentage of fees from registering horses with breeding funds.

The Task Force recommends that the New York Retired Racehorse Fund be overseen by an Advisory Board consisting of 13 industry representatives.

To view the full report, click here.