Racing industry in crisis: Can TOBA find a solution?
One of the most important developments in the local horse racing was the establishment of the Thoroughbred Owners & Breeders Association (TOBA) by founding President Howard Hamilton, OD, 32 years ago. Coincidentally this came on stream with the introduction of the claiming system, which champion breeder the late PHO Rousseau along with Hamilton forecasted would never be in the interest of the breeding industry.
On May 25, 2025, TOBA will convene an extraordinary general meeting (EGM) to “address serious and procedural concerns.” The main agenda item will “take the form of a resolution moved by the board of directors to be presented for the approval of the general meeting.” My understanding is that the election of a new executive and board at the recent TOBA annual general meeting was defective constitutionally.
Once these issues have been resolved at the EGM, TOBA is obligated or preferably mandated by the Jamaica Racing Commission, not only to continue its important responsibility as Government lobbyist on behalf of the industry, but to undertake a data-based analysis of the racing product.
This time with a view to accepting the irrefutable facts of the underperformance of the complex claiming system. In excess of 50 per cent of the races present odds-on favourites over the 33 years resulting in Government and the owners funding its very existence to the tune of over US$40 million. In 1992 with 84 cards there was an average 115 runners at 11.25 starters per race. However, claiming has delivered on average 100 at below 10 per race since 1993.
Elsewhere, the last three decades have been nothing short of a disaster for the industry in the USA and Canada. Hence, the US Jockey Club has decided that it has to move to the classification of the horse population and this is why. In 1992 there were 70,393 races in the USA which declined to 30,852 by 2024. Foals of 1992 amounted to 35,051 but the breeding sheds only delivered 16,675 in 2024.
Canada’s 1,701 foals in 2019 became 850 in 2024 and in varying degrees, in all pan-American jurisdictions, with the exception of Argentina, are reporting significant reduction in investment. The Canadian peak of 7,614 races in 1991 stood at 2,697 the end of 2024 whilst Jamaica’s 1,021 races in 1992 has declined to 755 by 2024. By 1992 there were 25 breeding sheds with 250 breeders listed in the Jamaica Racing Commission Yearbook with stakes earnings that season, but a foal crop of 50 per cent less than 25 years ago exists today.
To underscore this disastrous regional decline and or lack of growth, the US pari-mutuel handle of US$9.6 billion in 1992 with 255 million inhabitants was only US$11.6 billion although the US population in 2024 had reached 345.5 million. Whilst Canada’s $770 million gross handle in 2023 declined to $705 million in 2024. Truth be told, the racing industry of the pan-American region has not attracted the potential support of Generation Z thus rendering the industry devoid of development.
Before the question is asked, I must advise that in the UK, France, Japan, Hong Kong, South Africa, Australia, New Zealand, and India horse racing is flourishing with the racing product presented in the 180-year-old tried and proven and easily comprehensible classification handicap system. This weight-for-age formula and equalisation of form, designed by the great British handicapper Admiral Henry Rous, has maintained its uncanny accuracy.
Given the increase in the Jamaican population size and consequent improvement in economic development, any objective analysis of the trajectory up to 1992 would conclude that 33 years later the local breeding industry would have doubled output to at least 800 foals each season, or at a minimum developed a status as a reliable exporter of thoroughbreds to the Eastern Caribbean and likely beyond. This, instead of having its growth stymied by a racing product delivered in a flawed claiming system.
Out of the necessity, many promoters in this region, including SVREL, have become reliant on conducting betting on races held outside of their territory to maintain their revenue streams. Importation from the US and Canada to shore up the local horse population is unsustainable. Although the technology is available to support the simulcast dynamic,the dramatic and increasing shortage of thoroughbreds up north poses an existential threat to the survival of the promotion of horse racing as a viable commercial activity.