Economic Impact Of Horse Racing Revised310809 - Pari Mutuel Europe
The economic and socialcontribution of horseracingin EuropeSeptember 2009European Pari Mutuel Associationwww.parimutuel-europe.org
This document is part of a larger effort from EPMA to better describe the horseracingsector in Europe and to track its health over time.The document builds on a joint research investment by McKinsey and Company andEPMA members on the horse racing sector in Europe, to describe the economic flows inthe industry and compare the funding of horse racing across countries, as well as to thatof other sports.Building a comprehensive and rigorous fact base on the horse racing sector at theEuropean level will be a progressive and long term effort that will be repeated by EPMAon a yearly basis in order to support their ongoing dialogue with policy decision makersin Europe.Members of EPMA are present in 10 countries, traditionally active in developing horseracing and horsebreeding (Austria, Finland, France, Germany, Ireland, Italy, Norway, Sweden, Switzerland and UnitedKingdom). They wish to share their common concerns about developing efficient regulations taking intoaccount the promotion of the equine sector and consumer’s fairness and protection.AB Trav. Galopp (ATG), Sweden - Amministrazione Autonoma Dei Monopoli Di Stato (A.A.M.S.),Italy - Fintoto Oy, Finland - German Tote GmbH, Germany - Société de la Loterie de la SuisseRomande, Switzerland - Foundation Norsk Rikstoto, Norway - Pari Mutuel Urbain (P.M.U.), France Horserace Totalisator Board, Great Britain - Tote Ireland Limited, Ireland - Unione NazionaleIncremento Razze Equine (U.N.I.R.E.), Italy - Wiener Trabrennverein, Austria.McKinsey & Company is a global management consulting firm with 94 offices in more than 50 countriesaround the globe. It helps leading corporations and organisations make distinctive, lasting and substantialimprovements in their performance.The economic and social contribution of horseracing in Europe2
ForewordThe European Pari Mutuel Association, EPMA, has published last autumn a White Paperfollowed by a fruitful conference last January, which demonstrates the permanent andunbreakable link between the Pari Mutuel operators and the horse racing sector and theambition to promote its sustainable development. Our demonstration is reinforced by the presentstudy which shows the dimension of racing in Europe and the potential economic, social andenvironmental impact it brings.Moreover, the report is also a contribution to the debate experienced throughout the pastmonths, during which the European Council and Parliament asked for a detailed knowledge ofthe impact of the gambling sector and the funding mechanisms in place. Commitments from PariMutuel operators to the existence of horseracing cannot be diverted by inconsistent or noncompatible regulations.Horseracing is more than a sport competition as it employs more than 300 000 people andgenerates revenue of 6 billion. Horseracing is better developed in countries where a consistentlegal framework for betting exists and where redistribution from betting is organized. This isparticularly true where betting is operated by Pari Mutuel structure. Horse breeding is anessential occupation of our European rural area. Therefore the dynamism of the sector and itshealth strongly depends on financial incentives such as prize money mainly supplied by bettingincome.We thank the Racing Authorities for the information provided which is of great help to this study.Bertrand BélinguierEPMA ChairmanThe economic and social contribution of horseracing in Europe3
The economic and social contribution of horseracing in Europe4
Table of contentsForeword3Executive Summary6Horseracing, an important and vivid sector in Europe8Horse racing involves a variety of stakeholders9Its footprint on the European economy is about EUR 6bn ofeconomic impact10It employs more than 300,000 people (directly and indirectly)11It contributes to the preservation of the countryside12It can be a powerful tool for social cohesion and social integration13Betting is key to horse racing sector funding15Betting can take two different forms: Pari Mutuel and fixed oddbets16The health of the horse racing sector strongly correlates to horsebetting turnover17The legal framework is a key factor in horse racing development18EPMA Conclusions24Annexes261 - Mapping of financial flows within the horseracing industry262 - Area needed to produce horse feed30The economic and social contribution of horseracing in Europe5
Executive SummaryEPMA, European Pari Mutuel Association’s members, have demonstrated the sustainabledevelopment of the European Horseracing industry through pari mutuel betting in the WhitePaper published at the end of 2008. Ongoing national reforms on gambling give us a uniqueopportunity to share our values, model and best practices by presenting the economic and socialcontribution of the horseracing sector to the European economy.The document builds on a joint research investment by McKinsey & Company and EPMAmembers on the horseracing sector in Europe to outline its importance, to describe how horsebetting is critical to the funding of horseracing sector, and explores the frameworks that currentlyapply to the organisation of financing in different European countries. Consequently Europeanwide research bridges the gap between various existing national studies and figures.The study shows clearly that horseracing is an important and vivid sector in Europe with afootprint on the European economy of EUR 6bn of economic impact.Each one of the 170,000 race horses across Europe generates 1.8 jobs. The sector appears asa significant contributor to economy in rural areas with horseracing-related jobs representingmore than 300 000 people.The activity is critical in countryside preservation with 4% of European agricultural landdedicated to horse breeding. European regions benefit tremendously from horse-relatedactivities (e.g. Basse Normandie, County Kildare and Newmarket), with races considered asevent of national importance bringing together spectators from all age and genders with animpact on other equestrian competition and activities.Betting remains the main component of horseracing funding. While most sports are financed byhouseholds, broadcasting rights and “match-day contributions”, horseracing is 65% financed bybetting. Moreover, the health of the horseracing sector strongly relies on horse betting turnoveras a clear correlation exists across 10 European countries between direct employment in thehorseracing sector and horse betting turnover. The document also confirms that Pari Mutuelcontributes much more than the other betting models to the financing of the horseracingindustry.For EPMA members, it was essential to demonstrate the link between the sector’s dynamismand a coherent legal framework guaranteeing on a long term basis and at a certain level, thereturn from betting through the Prize Money that is paid to the professionals of racing.The economic and social contribution of horseracing in Europe6
The following points are essential to meet sustainable development of horseracing and shouldtherefore appear in legislative frameworks:-all agreed forms of betting must compete on equal legal grounds as far as tax andhorseracing funding are concerned. As demonstrated in our study, regulation thatdiscriminate betting operators that financially support horseracing can lead to a rapiddecline of the horseracing industry.-the level of return to players should not be a competitive tool (and therefore should beupper limited) to protect players and match funding requirements.These requirements are consistent with the conclusions of the European Parliament Report onthe integrity of online gambling adopted to a large majority in March 2009, asking governmentsto take steps to regulate online and offline gambling with the objectives to protect consumersand sport competitions.The knowledge about the horseracing sector is pushed further thanks to the present study andbuilding a comprehensive fact base on the horseracing sector at the European level is essentialtoday and on the long term, an effort that will be repeated by EPMA on a yearly basis. Indeed,the document explores the mechanisms in favour of its development and act towards theimprovement or modification of such mechanisms enabling a regular monitoring.* * *The economic and social contribution of horseracing in Europe7
Horseracing, an important and vivid sector in EuropeThe 170,000 race horses generate more than 300,000 jobs. It is rich in events, with as many as18 races per hour held across the continent (considering the period from 12am to 12pm). Moregenerally, horses play a significant role in the European landscape, with 4% of the Europeanagricultural land dedicated to horse breeding (exhibit 1).The study outlines the importance of the horse racing sector in Europe, describes how horsebetting is critical to the funding of horse racing sector, and explores the frameworks thatcurrently apply to the organization of horse betting in different European countries.Exhibit 1European horse betting and horse racing industry – a largeand vivid sectorThe European horse racing industryThe European horsebetting industryPeople 40 000 breeders Over 300 000 jobs1of which 155 000 people directly employedLand 500 racecourses throughout Europe 4% of European agricultural land used toproduce horse feed2 20 million puntersEUR 35 bn of bets EUR 1.6 bn of taxespaid to governments3Events 80 000 horse races per year On average 18 horse races/hour(considering the period 12am to 12pm)Horses 170 000 race horses EUR 390m of race horses public sales41 Estimates based on horse betting turnover when no direct information is available2 Estimates based on 22 European countries3 Calculated on 12 European countries (including all EPMA members except Austria)4 Based on sales of 9 main European agencies/auction housesSOURCE: EPMA; IFHA; UET; Ecus; PMU; 2009 updated information from Equus 2001; ATGThe economic and social contribution of horseracing in Europe 48
Horse racing involves a variety of stakeholdersThe horse racing sector comprises a number of very different players. It is closely related to therest of the equine sector and is also a key client of a number of other sectors and activities (cf.,exhibit 2).The horse racing sector is essentially organized around 3 categories of stakeholders: Horse racing bodies (e.g., associations, racecourses) organize the sector and the races Horse racing professionals (e.g., trainers and jockeys) are involved in the sport competition Horse betting bodies organize bets on horse racesSome horse breeding professionals (e.g., breeders, stable staffs, veterinaries) are active beyondthe pure horse racing sector and are the link between horse racing and the wider equine sector.Beyond these horse breeding and training professionals, participants in the other equine sectorcan be considered in 3 categories, based on their use of horses: Sports/leisure (e.g., riding schools and federations) Tourism (e.g., riding tours organizers, farms dedicated to horse tourism) Other (e.g., horse therapy centres, training schools)Tourism and leisure activities are excluded from the scope of the study.Other professionals directly, although not exclusively, benefit from horse racing activity (e.g.,insurance agents, caterers, auction houses and brokers, etc.). Each State also extractssignificant benefits from horse racing activities through taxes paid by industry stakeholders.Finally, numerous end users enjoy horse racing and other activities involving horses: Race-goers and punters have a specific interest in horse racing. Riders can be considered the end-users of the wider equine sector.The economic and social contribution of horseracing in Europe9
Exhibit 2The horse racing sector is closely linked with the equinesector and beyond, flows through the overall economyTotal equine sectorEnd usersSpecific stakeholderProfessionals at the intersectionhorse racing/other equineImpacted sectorsNot exhaustiveHorse racingracingHorseHorse racing bodies – racingassociations, racecourses,horse racing schools, Horse racing professionals –trainers, jockeys, drivers, oncourse workforce, employeesof training centersOther equine Horse betting bodies2 – PariMutuel betting operators,bookmakers, PuntersOwnersBreedersStable echnicians Race goersSport/leisure – riding schools,federations Tourism/other – farmsdedicated to horse tourism,organizers of riding tours, horsetherapy centers, RidersIndirect impacted employees/sectors1 – insurance agents, caterers,broadcasters, carriers, contractors, journalists/photographers, auctionhouses, brokers, farmers providing fodder, State1 Assuming 100% of their activity is not dedicated to horses/horse racing2 Partially active outside the horse racing sector (in particular, bookmakers who generally offer bets on a wide range of sports) 5Its footprint on the European economy is about EUR 6bn of economic impactRevenues of the horseracing sector are coming from multiple sources (cf., exhibit 3): Betting operators: use part of the bets they collect for their operating cost and to financethe stakeholders of the horse racing sector Owners: invest money in the sector to buy and bring their horses at the best level to takepart in races (all their expenses are indeed not covered by prize money and premiumsthey receive from the performance) Race-goers: provide direct contribution to the sector by paying racecourse entrance feesand/or hospitality fees at racetracks Other: the horse racing sector receives other contributions in different forms (e.g., Statecontribution, sponsors’ fees paid by players other than betting operators).In addition, on the basis of estimates for France, Finland and Norway, the rest of the equinesector is estimated to generate close to the same economic contribution – roughly 90% of that ofhorse racing - bringing the weight of the total equine sector to well over EUR 10 billion inEurope.The economic and social contribution of horseracing in Europe10
Exhibit 3The horse racing footprint on the European economyis significant, with EUR 6 bn of economic impactApproach to estimate horseracing impact/other equine contributionHorseracing impact on the economy includes: Betting operators' contribution: betting revenuesexcluding returns to punters and governments Race goers' contribution: expenses incurred byrace goers during race days (admission fees hospitality when data are available) Owners' contribution: net expenses to train horsesand take part in races1 Other contributions: e.g., revenues injected forsponsoring (other players than betting operators),State subsidiesOther equine impact includes: revenues generatedby sport/leisure activity and other activitiesPerimeter: Estimates on 6 countries (France, Finland, Ireland,Norway, Sweden, and UK) Extrapolation on Europe:– Horse acing impact: rationale based on horsebetting market share of these 6 countries versusEurope– Other equine contribution: rationale based onthe average ratio equine contribution/horseracing contribution calculated for countrieshaving disclosed these dataKey figures – Estimates in EuropeHorse racing impactEUR millionsOther equine impact11,8205,6303,950Extrapolated otherequine contribution1,880Taxes paid by bettingoperators (EUR and22501,1200Sweden Finland Norway13010Other151 No reliable data to include capital investment to buy horses2 Excluding contribution from stallion/broodmare breedingSOURCE: McKinsey analysis; EPMA data; public data 6It employs more than 300,000 people (directly and indirectly)It includes a number of very different occupations connected with horse racing. For ans–Farriers–Horse betting employeesEach one of the 170,000 race horses across Europe directly and indirectly generates 1.8jobs. Horseracing-related jobs represent 2.4% of all agricultural sector jobs in Europe.The economic and social contribution of horseracing in Europe11
It contributes to the preservation of the countrysideA number of regions across Europe have focused portions of their economic development onhorse racing (cf., exhibit 5).In Basse Normandy, where the flagship racecourses, Deauville and Cabourg are located, 93,000horses of 44 different breeds occupy more than 25% of agricultural land.In County Kildare, home to 11% of Irish breeders and 23% of Irish horse trainers, the famousPunchestown Festival generates about EUR 43m in economic impact, and close to 2,000 parttime jobs.The town of Newmarket has been of pivotal international importance throughout the racing worldfor nearly 350 years: 2500 racehorses in training, 65 stud farms including the National Stud,associated industries and two distinct racecourses, the Rowley Mile and July Course, TattersallsSales, the largest bloodstock sales in Europe, British Racing School, as well as the country’s topequine veterinary practices and equine hospitals, saddlers, farriers, equine transport companies,etc.Across Europe, 6.8 million hectares of land are used to breed horses.Exhibit 4In addition, horse racing contributes to the preservationand care of a vivid countrysideHorses contribute to countryside preservation as well as to land settlement. Some European regionsbenefit tremendously from horse-related activitiesArea needed to producehorse feedMillion hectares – Europe2Basse Normandie (France)% of nationalagricultural orsicaBosniaSerbiaBulgariaItalyMac edoniaMontenegroSpainTurkeySardiniaGreat Britain0,95AlbaniaMaltaGreeceCyprusRegion profile 1.5m inhabitants 17 589 km 1st French region for horse breedingKey facts on horse industry: 93 000 horses1 ( 10% of French horse population) 44 different breeds1 EUR 620m of revenues generated by the equine sector1 9 200 employees in the horse sector (including 933employees in horse racing associations)1 26% of the worth agricultural land dedicated to horses(area for farms, grazing, hay production)1 Well-known racecourses in Deauville and Cabourg Sizeable yearling sales in Deauville (EUR 26m) World equestrian games to be hosted in Caen in 2014County Kildare ther0,10,10,13,85614Region profile 186 100 inhabitants 1 693 km2Key facts on horse industry: 15% of Irish horse meetings 11% of Irish breeders and 23% of Irish trainers EUR 43m of impact on local economy and 2000 part-timejobs generated by Punchestown festival EUR 28m of fees paid for in-training horses1 2006 data2 Calculated on 22 European countriesSOURCE: Conseil des Chevaux de Basse Normandie; 2009 updated information from Equus 2001; Tote Ireland; Internet 8Estimates of land use are available in Annex 2The economic and social contribution of horseracing in Europe12
It can be a powerful tool for social cohesion and social integrationAs leisure, horse betting is an extremely social activity, as demonstrated by an analysis ofFrench punters’ behaviour: two-thirds of punters have been “initiated” into the sport by friends orrelatives, and more than half bet in groups (cf., exhibit 5).It attracts people, independent of social class, age or gender. As an example, the famousElitloppet race in Stockholm welcomes spectators of all ages (exhibit 5) as well as the EpsomDerby, the Prix de l’Arc de Triomphe, the Prix d’Amérique or Royal Ascot.Exhibit 5Horse racing also fosters social cohesion, Some races are events of national importanceHorse betting attracts numerous and various puntersExample – Elitloppet races in SwedenExample – Profile of French puntersOne of the world’s largest trotting race Horses and drivers from 10 countries participated in 2009 race 53 500 visitors EUR 28 m of revenues EUR 9 m1 of economic outcome for Stockholm EUR 1672 of average expenses for visitorsIn France, horse betting attracts numerous people 6.5 million of punters 600 000 punters/day with a diversified profile Breakdown by age attracting diversified spectatorsBreakdown by ageOther16%18-34Breakdown by origin 4925-34Stockholminhabitants21%38%55-64 17%23%23%35-44Breakdown by genderVisitors 62%Tourists45-54Women25%40%42%Men60%33%35-49 who are keen on betting in group 67% of punters began to bet through their relatives or friends whoalready bet 50% of punters bet in group1 2007 figure2 Expenses for tickets, hotel, food, and shopping (excluding betting)SOURCE: Elitloppet website; ATG; PMU report 9When it comes to social integration of the disabled, a horse is a strong animal often used tosupport psychologically and recreate handicapped people. It allows them to develop and achievetheir best in a caring environment. With the aim of promoting integration of handicapped citizens,the Fédération Equestre Internationale organizes the European Para Equestrian Championshipevery four years, each time in a different country. The 2009 event took place in Norway, withstrong support from the Norsk Rikstoto.Finally, horseracing is a truly European activity. Many racing circuits are organized acrossseveral European countries (exhibit 6).The economic and social contribution of horseracing in Europe13
Exhibit 6 as well as social insertion, and embodies a truly European activityHorse racing is a vector of social insertion Dedicated championships are organized for disabled people and a truly European activitySeveral racing circuits are organized across different European countriesCircuitRace category Localization of the circuit races“European GrandCircuit”13 racesCreated in 1956Key facts on European Para Equestrian Championship Organized by FEI (Fédération Equestre Internationale), the international bodygoverning equestrian sport Held every 4 years Next edition to be hosted by the Norwegian Equestrian Federation in August2009 (partners include the betting operator Norsk Rikstoto) Dedicated to equestrians from around the world, with a wide rangeof disabilities (athletes are classified according to their level ofdisability/impairment) 2 disciplines: dressage and drivingPara equestrian sport is based on the principlethat a disability should not impede one fromcompeting and achieving personal bests (FEI)“Gallop Challenges1”15 racesLaunched in ting“European Circuit ofFrench Trotting”23 racesCreated in 2007“Mediterranean FlatFlatJockey Championship”6 racesParticipation of more than 7nations (only few are listed)Launched in 2005“Challenge EuropeanAll Weather”5 racesCreated in ItalyMoroccoSpainFranceGermanyItalySwedenUK1 "Les Défis du Galop"2 "Tour Européen du Trotteur Français"SOURCE: FEI; PMU; InternetThe economic and social contribution of horseracing in Europe 1014
Betting is key to horse racing sector fundingBetting is the main component of horse racing funding.While most sports are financed by households, broadcasting rights and “match-daycontributions”, horse racing is mainly financed by betting (65% on a global basis).Flows are schematically described in exhibit 7.Exhibit 7Betting is key to horseracing fundingHorseracing has a specificfinancing mode, relying essentially on betting andowners investmentBetting operators have a key role in organizingbets and funneling economic flows to the industryRevenue sourcesRevenue breakdown forglobal sports market andselected sports(2008 estimates1)OwnersBettingCommercialBroadcastHorse racing professionals Trainers Jockeys Owners Breeders OthersPayment of prizemoney/bonusesMatchdayRaceday/broadcast/other commercialRace courses41%22%30%45%20%36%Redistribution of a share of bettingturnover through: Net profit Levy Non mandatory returns to racingassociations (e.g., ng operators41%25%Big Horse(American racingFootball)WinningsBetsPunters1 2006/2007 data for Big 5 European football leagues; 2006 data for British Rugby Union and HorseracingSOURCE: McKinsey analysis; Deloitte data; PricewaterhouseCoopers dataThe economic and social contribution of horseracing in Europe 1115
Betting can take two different forms: Pari Mutuel and fixed odd bets(cf., exhibit 8)Pari Mutuel, which is, worldwide, the most common type (74% of horse betting stakes):Bets are placed together in a pool, and final payout is not determined until thepool is closed and the race is run– Pay-off odds are calculated by sharing the pool among winning punters after aknown take-out (for State contribution, a return to the horse racing sector, andoperator's expenses)– Betting operators’ profit is not linked to the outcome of the race or the numberof winning ticketsFixed odds betting– Each bet is negotiated individually between the betting operator and the punter– Payout is agreed at the time the bet is sold– Betting operator profit is directly dependent on the outcome of the race.–Exhibit 8The betting activity encompasses different betting typesBetting typePari MutuelbettingDescription Fixed oddsbetting Examples of Europeanoperators offering these betsShare ofhorse bettingstakes(worldwide1)Bets are placed together in a poolFinal payout is not determined untilthe pool is closed and the race is runPay-off odds are calculated by sharingthe pool among winning punters afteran automatic take-out (for State, returnto the horse racing sector, the operator'sexpenses)Betting operators' profit is not linked tothe outcome of the race and the numberof winning tickets74%Each bet is negotiated individuallybetween the betting operator andthe punterPayout is agreed at the time the betis soldBetting operator profit is directlydependent on the outcome of the race26%1 2007 IFHA estimates. Fixed odds are calculated by taking into account bookmakers' margins/profitsSOURCE: EPMA; IFHAThe economic and social contribution of horseracing in Europe 1216
The health of the horse racing sector strongly correlates to horse betting turnoverA clear correlation exists across 10 European countries between direct employment inthe horse racing sector and horse betting turnover (exhibit 9). This suggests that thewhole sector benefits from betting even though employment with betting operatorsrepresents only a 40 to 45%, roughly, of total employment in the horse racing sector.Exhibit 9Horse racing employment is closely correlatedwith horse betting turnoverESTIMATESCorrelation – Horse betting turnover vs. horse racing direct employmentCorrelationcoefficient: 0.9Direct e higher the horsebetting turnover thehigher theemployment in thehorse racing sector30,00025,000 010,00012,00014,00016,000Horse betting turnoverEUR mSOURCE: McKinsey analysis; EPMA data; IFHA data 13The underlying financing mechanisms between betting contribution to horse racing funding andthe dynamism of the horse racing sector are demonstrated in the analysis of the clear correlationbetween prize money and the number of breeders or number of stallions, mares, foals (cf.,exhibit 10).The number of breeders is correlated with total prize money distributed in the country, showingthat prize money (financed partly by bets) is a direct driver of breeding activity.The number of horses (stallions, mares, foals) is correlated with average prize money, showingthe impact of financial incentives on the number of animals raised.The economic and social contribution of horseracing in Europe17
Exhibit 10Horse breeding dynamism is driven by prize money financedby bettingESTIMATESThe higher the total prize money, the higher number of breeders (flat, jump, trotting)Betting operators contributeto the funding of prize moneyCorrelationcoefficient: 0.82Breeders2Number14,000France12,000Prize money: Total prize money: amount of moneydistributed by racecourses to rewardwinning horses Average prize money/race: indicatorthat illustrates attractiveness of horseraces for ownersRecipients of prize money: Owners, trainers, jockeys are theusual players receiving prize money Distribution rules differ by countryFunding of prize money: it is largelyfinanced by betting revenues (e.g., inUK, 601% of prize money is financedby the Board collecting a levy onbetting elgium4,000UKSpain 0120,000374,500Total prize moneyEUR, '000The higher the average prize money/race, the higher number of foals, mares, and t: 0.94Stallions, mares, 10,000 00010,00015,00020,00025,000Average prize money/raceEUR1 2006 data2 Estimated as number of thoroughbred breeders number of trotting breedersSOURCE: McKinsey analysis; IFHA data; UET; European Federation of Thoroughbred Breeders' Associations 14The legal framework is a key factor in horse racing developmentAbsence of regulation or non-uniform regulation endangers the development of horseracingCountries in Europe have adopted different types of legal frameworks (cf., exhibit 11): Countries with no or non uniform regulation:-Regulation is not the same for all stakeholders, for example in Germany:The legal framework requires a contribution from betting operators only for Pari Mutuelbets,Off-shored bookmaking is legal and bookmakers (n
The horse racing sector is essentially organized around 3 categories of stakeholders: Horse racing bodies (e.g., associations, racecourses) organize the sector and the races Horse racing professionals (e.g., trainers and jockeys) are involved in the sport competition Horse betting bodies organize bets on horse races
to promote horse racing in order to expand breeding in Japan and to improve quality of the Japanese horses. In 1923, horse racing legislation, so greatly desired by the horse racing industry, was enacted and led to the formation of 11 racing clubs. Horse racing accompanied by the legal sale of betting tickets was thus established.
to promote horse racing in order to expand breeding in Japan and to improve quality of the Japanese horses. In 1923, horse racing legislation, so greatly desired by the horse racing industry, was enacted and led to the formation of 11 racing clubs. Horse racing accompanied by the legal sale of betting tickets was thus established.
The Horse Racing 4 Idiots Principle 79 What Can You Expect From this System 83 A Bit About Mohammed - the Creator of the Horse Racing 4 Idiots System 85 Meet Some of the Current Users of My Betting System 86 The Facts About the Horse Racing 4 Idiots System 92 How You Can Obtain Your Copy of the Horse Racing 4 Idiots System 94File Size: 1006KBPage Count: 95
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The Horse Racing 4 Idiots Principle I’ve already explained in the free book all about the Horse Racing 4 Idiots principle. However I feel it’s important to quickly cover the vital bits here again. In a nutshell the Horse Racing 4 Idiots principle is all about betting on main favorites that don’t carry any of the major risk factors.
Horse Racing System #1 - Backing for Profits Pages 5 to 6 Horse Racing System #2 - Safe and Sound Laying Pages 7 to 8 Horse Racing System #3 - Risk Reduction Dutch Bets Pages 9 to 10 Conclusion Page 11 So there you have it, the 3 systems you will find within this guide, a little hello from us and a couple of other bits in there for fun.
of gambling. Today horse racing generates more than US 100 billion world-wide every year. This lesson offers students an opportunity to learn about the history of horse racing and its influence on gambling, past and present. Students also get a chance to share and explore different perspectives on horse racing and articulate their position on
The Adventures of Tom Sawyer 4 of 353 She went to the open door and stood in it and looked out among the tomato vines and ‘jimpson’ weeds that constituted the garden. No Tom. So she lifted up her voice at an angle calculated for distance and shouted: ‘Y-o-u-u TOM!’ There was a slight noise behind her and she turned just
