Getting schooled (not in the paddock)

I've completed my first week of classes at the University of Louisville's equine business program.  As a race fan, I thought you might be interested in the issues we're discussing in my courses:

Economics:  We had a somewhat heated debate on the issue of Artificial Insemination.  AI is banned all over the world for thoroughbred racing, but there's been at least one court case in Australia challenging the ban.  The purists argue that AI will ruin the sport by watering down the gene pool.  Theoretically, everyone might have a Storm Cat foal.  Others say it's time to use the technology available to welcome more people (and countries) into the breeding business.  And there could be measures that would limit the number of foals per stallion. 

AI would likely result in the loss of certain jobs, like laborers who attend to the mating sessions and drivers who transport horses to breeding farms, but in the long run, AI would probably benefit the economy because the breeding business would grow.  It's a contentious issue that won't be resolved anytime soon.

Finance:  Once we get through the complex equations, we should have some fun in this class.  We'll be discussing the dynamics of horse auctions and heading down to the Keeneland sale this fall.  My professor is a breeder and admitted card-counter at the blackjack table who is given to trying almost any new method for making money on thoroughbreds.  He looks for percentage discrepancies in the win/place/show pools and rather than actually handicapping races, he takes a more statistical approach to the amounts being bet in each pool for a particular race.  I don't think I could do it that way, but if he can count cards, maybe that's the best method for him.  It's interesting to hear his theories, in any case.  We'll be devoting at least one class specifically to anomalies like long-shot bias, big-day inefficiencies and pick-6 carryovers.  I don't remember school being this fun!

Equine management: This course is specifically about the nature of the horse, and I'm thrilled to be taking it.  Like many handicappers and race fans, I'm lost when it comes to conformation - what to look for in young horses, tell-tale behavioral and physical signs, etc.   I'm looking forward to understanding that much better.  My instructor has been around horses her whole life, and I'm already learning things about their personalities and physiology that I didn't understand before.  For example, can you tell by a horse's reaction if he is a) scared  b) injured or c) trying to exert dominance?  Pretty interesting stuff.  By next week, I have to memorize all 45 parts of the horse!

Organization and Administration:  In this course, we'll learn about how various horse enterprises operate -- racetracks, breeding farms, trade associations, auction companies, bloodstock agencies -- you name it.  By the end of the semester, we have to create our own business plan, which should be a very useful exercise.

Industry Speaker Series:  This could turn out to be the most valuable course of all, since it will give me the opportunity to network with leaders in the business.  This week, we heard from the VP of brand development at Churchill Downs.  Churchill has brought in people from various non-racing backgrounds to inject new blood into the marketing effort, and so far, it seems to be paying off.  Night racing, "Ladies First," KentuckyDerbyParty.com, food and music festivals, television shows, and Derby Nation are among the many initiatives Churchill has launched.  The message I got was that the social and entertainment aspect of the racing experience will be paramount to the future of the sport.  Attracting new fans might require that the racing, quite honestly, takes a bit of a back seat to the entertainment end of things.  But Churchill is also working on initiatives that will make handicapping races more accessible to the new fan.  Think phone apps.

Regulatory Law:  In this class, we're looking specifically at regulation of the horse industry.  It's taught by an attorney who specializes in Kentucky racing issues.  We discussed the only racing case to be heard by the US Supreme Court - 1979's Barry v Barchi.  Harness trainer John Barchi argued that his suspension for a drugged horse was unconstitutional because he wasn't given a hearing before he was suspended, wasn't given a speedy post-suspension hearing and because the rules for harness and thoroughbred racing suspensions were irrationally different.  The court ruled that Barchi wasn't given a prompt post-suspension hearing, but against him on the other two counts.  The case has affected suspensions of trainers ever since.  Off to the law library next week to start looking at more cases.  Should be extremely helpful to understand the legal aspects of the sport.

Let me know if this stuff interests you at all, and I'll post future updates.

Well, classes and studying haven't left me much time to handicap the Travers.  Better get to it!