For Immediate Release, Friday 6 January 2023
BREAKING: REPORT REVEALS 92% OF RACEHORSE OWNERS LOSE THE LOT!
ANIMAL ADVOCATES WILL BE IN ATTENDANCE EVERY DAY OF THE MAGIC MILLIONS SALES TO ENSURE POTENTIAL BUYERS KNOW INVESTING IN A RACEHORSE IS A SHAM
Tue 10 Jan from 11am – 2pm
Wed 11 Jan from 9am – 12pm
Thu 12 Jan from 9am – 12pm
Fri 13 Jan from 9am – 12pm
28 Ascot Court, Bundall, Gold Coast, QLD
Protest at the Magic Millions Raceday
Saturday 14 January 10:30am – 1:30pm
Gold Coast Turf Club – Racecourse Drv, Bundall, QLD – main entrance
The Coalition for the Protection of Racehorses (CPR) will be attending every day of the Gold Coast Magic Millions sales at Bundall, QLD from 10 – 13 January 2023, with the message that investing in a racehorse is not only cruel and exploitative but a really bad investment.
Research conducted by CPR on the horses at the 2017 Magic Millions yearling sales has revealed that 92% lost money for their owners-many losing hundreds of thousands of dollars.
The detailed report (available here) also highlights the following:
92% of racehorses are unprofitable
4.7% won more than $100,000
67.6% lost more than $100,000
11% did not run a single race
26% ran five races or less
$125M income from prizemoney and on-selling horses
$248M spent on purchase costs and training fees
$123M net loss paid for by racehorse owners.
The top ten priced horses from the 2017 Magic Millions sales cost more than $10M to purchase. They won just $940,000. A collective loss of more than $8.8M. Not one of them made a profit.
CPR’s week of outreach and protests will wrap up with a demonstration outside the Magic Millions Race Day on Saturday 14 January 2023 from 10:30am – 1:30pm.
Quotes attributable to CPR Campaign Director Elio Celotto
“Investing” is the term used when buying a racehorse though this is far from the truth. With 92% of racehorses losing money for their owners, its simply gambling with a very low success rate.”
“If the cruelty isn’t enough reason to not invest in a racehorse, hopefully learning how much it hurts their hip pocket will be”
“From the data set of horses put up for auction in the 2017 Magic Millions yearling sales, $100M was won in prizemoney and at an estimated cost of $248M.”
“Many people don’t realise it’s not just the purchase price to be considered, it’s the on-going fees that can really hurt your hip pocket.”
“There is no Magic, it’s tragic, and it’s not only the racehorse owners who pay the price, the horses eventually pay with their lives.”