FACTS are stubborn things, and even more so when supported by irrefutable statistical evidence. It is therefore quite bizarre for the Caymanas stakeholders to continue operating in an alternative reality in the belief that the racing product delivered in the failed American claiming system can be viable locally. For the survival of the industry, this misconception has to be abandoned –– and the sooner the better.

The 1993 mistake by operatives at the regulatory Jamaica Racing Commission (JRC) and the promoting company Caymanas Track Limited (CTL) to introduce claiming is now an existential threat to the industry. Truth be told, from 1993 and for the succeeding periods up to 2017, CTL racked up massive losses in marketing the racing product in a Claiming System format.

In 2012 CTL was budgeted to lose $149 million on operations, and the following year it was $98 million. These figures are not cherry-picked but reflect the pattern and trend since the abandonment of the handicap system in January 1993. It is a fact that the support of the Government amounted to US$40 million by the time the 2017 International Monetary Fund (IMF)-mandated divestment was finalised.

Year after year, the claiming system racing product failed to deliver growth in the customer base, rendering the economic viability of CTL impossible to achieve. This was quite predictable on many levels. The claiming decision was based on the false premise that the handicap system, as a racing product, lacked integrity. In fact, it averaged a growth rate of 10per cent annually for 33 years and delivered record profits in 1992, which was its final year as the racing product.

Speaking of the levels of predictability patterns and trends, it was easy to decide that the claiming system was certain to fail using this key indicator. The division of the horse population into 25 artificial categories of classification –– with races projected for sprinters, middle-distance performers, and long-distance stayers –– ensured smaller fields. This counterproductive factor is inescapable in an American claiming system.The US Jockey Club is aware of this fact and plans to take the corrective measure of classification of the dwindling horse population.

Then there is the overmatching of horses perceived by the punters in 50 per cent of races, giving rise to huge numbers of odds-on favourites. Incidentally, in 2012 the 799 races had 331 while the 810 in 2013 had 327 odds-on favourites. Further, for those two years, in another 330 races of the 1609 the favourites were either bet at even money or bet at 6-5, discouraging wagering.

Further, the complicated nature of the claiming product ensured that even the very name of the races and the entry conditions were incomprehensible and lacked customer friendliness. In 2024 there were 755 races with 389 odds-on favourites, as this trend and the pattern is irreversible unless the product is changed. Unsurprisingly, losses amounted to $400 million last year, and the first quarter of 2025 performed worse than the same period last year.

Referring to the 755 races in 2024, it is interesting to note that in 2022 it was 856, in 2023 the calendar had 802. With 581 races completed as of September 28, and 21 race days remaining in 2025, the number is likely to be around 780. However,the 33-year field size malaise will still average less than 10 starters per race and less than 10 races per race meet. In fact, on the current downward trajectory of decline, the date when live horse racing will no longer be viable is entirely predictable.

The stakeholders have greeted all figures in the SVREL promoter’s financial statement with baseless scepticism and are claiming entitlement to share the simulcast revenue stream of the promoters. These investors need to accept the data and admit their love of the claiming system has been counterproductive and has not served them well. How about opting for the system that can turn a profit?

The alternative has been available since 2013 and, just perhaps, the Jamaica Racing Commission may be able to demonstrate and convince stakeholders that they cannot have it both ways. It is amazing that, despite the data, they remain unconvinced that the product is hopelessly flawed. It is time the stakeholders accept the viable alternative to the failed claiming system with the same fervour that Caymanas Park is not for sale.