Today is indeed the day, as Supreme Ventures Limited (SVL) through Supreme Ventures Racing and Entertainment Limited (SVREL) takes over from Caymanas Track Limited, the difficult and sometimes onerous task of promoting horse racing in Jamaica.

SVREL does so at a time when racing which is directly linked to the lives of over 14,000 (approximately) Jamaicans in its various sectors has been on the decline for years as people with the luxury of an extra dollar move away to spend that dollar on better promoted and superior regulated games of chance.

While the gaming industry has grown by approximately 13 per cent between 2008-2009 to 2015; the growth in racing over the same period has only been 1.6 to 1.8 per cent. Racing simply had no money to invest in its infrastructure, including the bad conditions on the back stretch and the main racing areas where the stands, Parade Ring and saddling barns are located.

Added to this is the noticeable failure to embrace new technologies, mainly because of a lack of funds. This inability to introduce new technologies has severely influenced racing’s lack of growth during a time when other gaming entities have been using appropriate technology to successfully boost their activities. Plus, there was no diversification at the racetrack, it was the same old, same old all the time, as the physical conditions continued to deteriorate and the racing product on the track itself severely declined.

The number of race days went on a downward spiral, as fewer and fewer horses were bred to race here and even when there was enough they were scooped up by the Trinidadians with their longer pockets. It is safe to say that the Trinis have been keeping our breeding industry alive especially over the last five years.

It is not going to be an easy task for SVREL but the thought out there is that if any company can achieve success, it is SVL. Indeed, they were the ones that took the underground ‘Drop Han’ game and made it into a massive islandwide money-spinner through vibrant marketing.

To achieve their aim of making profits from their investments in racing in quick order, a number of changes have to occur.

1 – Ask 100 people in racing what are the two major problems facing the industry at this time and 110, yes 110, will answer, purses and the poor physical conditions existing at the racetrack. Purses have been way below par for a long while with most owners and trainers having to subsidise the racing product. Interestingly approximately 60 per cent of the horses that race at Caymanas Park have a trainer’s owning input. The announcement to stakeholders of a 20 per cent overall increase by SVREL is a quantum leap in the right direction. As far as the physical conditions are concerned, a phased process of development is expected over the years but with a marked difference within the first year. With better purses and better conditions, new people with money will be attracted to horse racing.

2 – There is what is called the churn effect in horse racing, and the greater the incentives given to punters, the greater the churn and the ability of the promoting company to gather momentum and make money. At present the payout to punters is approximately 68 per cent; this amount has to be significantly increased for SVREL to even think about making profits. The increase required will differ from individual to individual, but probably a good starting point is 73-75 per cent, which is in effect a minimum of a five per cent increase. SVREL must make punters their priority and if payouts are increased on all bets, exotic and otherwise, punters will be more than happy to spend. Even a two per cent increase can have an effect in the short term.

3 – There has to be an increase in the number of races run in any one year. This might be difficult in the early stages and might even mean importing horses, selling them at cost price with the ambit of an auction. Difficult, yes, but attainable. The present amount of approximately 900 races is too little. Thought must be given to the introduction of night races, that is, racing under lights, and the day for that is a Friday.

4 – The marketing of racing is of paramount importance. SVL has shown in the past that it has unique marketing skills which must now be used in the promotion of horse racing.

There are, of course, other initiatives, that can be pursued like the diversification of betting options, using its already well-established network for placing bets and the introduction of new games at the Park.

These and other alternatives will be explored on these pages in time, but for now we wish the new promoter all the best in their new endeavour.