This post is a sequel to how I got into horse racing (which you can read here), so now here is how you can get involved. This step by step guide is just how I would go about it and not something you have to follow.
1. Do your research/work out what you want
The first thing you’re going to need to do is some initial research and ask yourself a few questions. These questions can include but not limited to:
- Where do I want my horse to race?
- Is the location of my horse important to me (city vs country, WA vs Vic)?
- Do I have a particular trainer I would like to train my horse?
- How long am I willing to wait for the horse to start racing?
Google is the best place to start your research. Just make sure that you’re searching in your local area, as some states in Australia have different rules, trainers, etc, to others.
2. Work out your budget
The next step is working out how much you’re willing to pay for a share in a horse. You must also keep in mind on-going costs. Costs will also vary per month, depending on whether the horse is in work or spelling (on holidays).
Depending on what your budget is, it will determine your type of ownership (though other factors affect this too and it is recommended you include this in your research). Most owners take up what is called “partnership” where you buy a share in a horse. Your budget will also determine how big a share you buy. If, however, there is a large group of you looking to buy a horse, then a syndicate may be more appropriate. More information about the different types of ownerships can be found here .
It is at the stage that I recommend you talk to your significant other (if you have one). A racehorse is not an expense you spring on someone. On the other hand, if you’re single, buy as much and as many horses as you like!
Everyone should remember that not all horses win millions of dollars, so don’t buy into a horse expecting to make money or even cover costs sometimes. You’re buying an experience!
3. Talk to people in the industry
People involved in the horse racing industry will be your best source of information. Head down to a racetrack near you and start talking to the locals. I’ve found that everyone in the industry is very helpful and will be more than happy to point you in the right direction. You can also send me a message on Twitter @thevelvetcourt; I’d be more than happy to answer your questions.
Similarly, you might have started at this step as a friend of yours has recommended that you buy a share in a horse. If this is the case, pick their brains for everything that they know and then start at step 1.
4. Find a trainer/syndicator
So, you’re ready to buy a horse, now what? You’re going to need a trainer or syndicator who has horses for sales. If you have a particular trainer in mind, see if they have a social media page (many have a page on Facebook) or a website. Once you’ve found this, send them a message to see what they have available. Keep in mind they are very busy people and may take a few days to reply. Trainers are also not registered syndicators, so they can’t legally advertise shares, hence messaging them is your best option.
On the other hand, syndicators can advertise they have shares for sale. For people in WA, you can find a list of syndicators here. Then head to their website to see what they have available and contact them from there.
Lastly, you may consider yourself an expert in horses. If this is you, you can always head to the Magic Million sales and pick out a horse yourself. However, this is very risky and I wouldn’t recommend it. If you do see a horse you like at the sales, you can always contact the trainer/syndicator who brought the horse to see if they’re selling shares.
5. Good to go? Buy that horse! Still lost? Go to Owners Only.
So, you’ve worked out your budget, found a trainer and a horse you like. Sounds like you’re good to go! However, if you’re still wanting more information, then Owners Only here in WA is your best place to go (I’m not sure if other states have something similar). You can find them on Facebook and Instagram and I’m sure they’d be more than happy to answer any questions you might have and point you in the right direction.
I hope this guide is helpful to those who are looking to buy a horse! If you do end up buying a share, let me know in the comments below; I love following horses when I know the owners.