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Horses are unique, graceful animals. They are also an asset that investors purchase for the potential cash flow and / or capital gains. There are a number of ways in which the Thoroughbred breeding and racing industry generates a cash flow from horses (breeding and racing are 2 distinct operations).
An individual investor or group of investors purchases a horse at auction, claiming race or private sale and are the owner(s) of the horse. The purchase is either completed for cash or the owner(s) obtain financing by pledging the horse (and either other collateral or personal guranrtee) as collateral for loan from a financial institution / specialized lender. The owner(s) either have acces to, or contract for, boarding, training, health care, transportation, insurance, and prep or entrance fees related to either showing or racing of the horse. The actual ownership structure may be as a sole proprietorship coproration, partnership (managed by a general partner), limited liability company (LLC), or limited liability partnership (LLP).
One form of investor group is sometimes referred to a syndicate. Because the price of even untested foals to four-year olds increased substantially, even in excess of what a horse may win in terms of race purses due to the shift in emphasis on breeding potential worth, the price to own a horse became prohibitive for a single individual. In the late 1940s in the United States, large member investment groups became the owner of an individual horse. A Thoroughbred sales price of $1.5 million was "syndicated" amoung 25 investors at an investment of $60,000 per investor. All of the investors would then share equally in winnings, breeding fees, and potential sale of the horse. They will also equally share the expense to maintain the horse. Thus, the initial risk, investment and expenses to own the horse was substantially reduced, and this investment form attracted many new investors into the business.
Another form of investor group also referred to a syndicate does not actually purchase the ownership of the horse. Rather, the syndicate is purchasing the exclusive annual access / breeding rights with a well-known stallion that is standing at stud (or scheduled to stand at stud once it retires from racing). The price for the rights can be substantial thus it is "syndicated" or offered to a number of investors at what will be a lower price than what is offeed on the market at a later date, and the investors are given the option to invest. The syndicate contract often indicates that only the members of the syndicate have exclusive access to the stallion, or the total number of breedings in addition to the syndicate's access will be kept to a maximum limit.
A horse farm owns broodmares that are bred to owned stallions or stallions standing at stud on other farms, or owns stallions standing at stud and accepts mares / broodmares, and the foals are then either sold commercially or held on to in order to be turned over to a trainer on-site or at another farm. The horses are minimally trained for further sale or are trained extensively for racing. The farm also boards and trains horses owned by other owners, and provides sales preparation services. This is the business model that most farms practice today.
A horse farm trains owned Thoroughbred horses for racing and/or trains horses owned by other owners.
A horse farm owns, trains and races Thoroughbred horses for itself and/or horses owned by other owners.
A horse farm owns, trains and races Thoroughbred horses for itself. Few farms engage in this business model any more, it it only the older, established, well known farms that can afford to operate in such a manner.
Pinhooking refers to the purchase of a weanling or yearling by an individual investor or group of investors for immediate or future resale. The Seller is responsible for a sales agent's commission, if there was any interim training than there may be a trainer's commission, and any and sales entry and prep fees.
Overall, the Thoroughbred horse industry is a rather capital intensive, uncertain business. The primary purpose is to produce a horse that can win races. Every new foal has the potential to be a champion until proven otherwise. However, there are very few champions, and what investors and industry participants strive for is a horse that can best be described as a money winner, which means that they cover their cost of operation and produce a profit. This is how investors, horse breeding and training farms, support services, and the racing industry remain in operation. Secondly, the equine industry is very reliant upon the public's continued interest in horse racing.
Every horse has its own timetable: how quickly does it develop? How quickly does it learn? What is its obvious potential? How long can the present owner continue to own it and devote resources to it? How many races has it wonn? How old is the horse? What is its future breeding potential?
Ownership is also a matter of perception: every owner / trainer views a horse differently. One owner or prospective purchaser may see potential in a horse where another owner / purchaser does not see it.
A Bloodstock Agent is an experienced and knowledgeable consultant who can provide information on stallion shares, pre-sale inspections, auction representation, appraisals, stallion nominations, and private and public purchase / sale of mares, weanlings, yearlings, horses in Training, and stallion prospects, and has an extensive national / international network of contacts.
All Thoroughbreds are descended from two Arabian (Darley Arabian, Godolphin Arabian) and one Turkish (Byerly Turk) racing stallions imported into the United Kingdom in the 1690s, which were then bred with domestic mares. All Thoroughbreds should be able to trace their lineage to the grandchildren of the these original stud stallions. These three grandchildren Throughbreds are: Matchem (foaled 1748), Herod, (foaled 1758), and Eclipse (foaled 1764). The progeny of these horses have, diligently and consistently, been officially registered in the General Stud Book of England (Herod and Eclipse account for most of the Thoroughbreds). Similarly, the United States has its own General Stud Book.
The possible coat hair color of a Thoroughbred horse is referred to bay, black, brown, chestnut, dun, gray, roan or white.
The height of a Thoroughbred horse is measured in terms of "Hands", with one Hand equalling 4 inches / 10.16 cm. Thus, the average height of a Thoroughbred at approximately 16 hands is equal to 64 inches / 1.63 meters. The measurement extends from the ground to the horse's withers, which is the slight hump where the horse's neck and head meet.
The average weight for a Thoroughbred horse is approximately 1,000 pounds.
Conformation is the comparison of a specific horse's body to the ideal size, weight and dimensions of a Thoroughbred horse.
all Thoroughbreds have the same birthday: January 1st. Regardless of when they are born every horse becomes a year older at the start of the new year.
A mare is a female Thoroughbred horse five years old or older.
A mare that is "in-foal" means that she is pregnant. A foal that has been weaned form its mother (no longer nursing at approximately four to five months) is referred to a weanling. At the next immediate January 1st, the weanling is then referred to as a yearling. The yearling then becomes a two-year old (Juvenile), three-year old (Sophomore), four-year old, etc., with the passage of every successive January 1st. Thus, breeders attempt to have the broodmare in-foal drop (give birth to) the foal as early in the year as possible to the January 1st date so that it will mature more compared to a foal that is born in a later month (but both would still be in the same age group).
A filly is a female Thoroughbred horse less than five years of age.
A colt is a male Thoroughbred horse less than four years of age.
A gelding is a male Thoroughbred horse that has been castrated.
A sire is a Thoroughbred horse's father, and a dam is a Thoroughbred horse's mother. The get is the progeny of the sire. The produce is the progeny of the dam.
Fencing must be durable but it must also be safe (attractiveness is a third category).
Boarding costs for a Thoroughbred horse range from USD $20 to USD $65 per day depending on the horse's standing (number and class of races won), age, and location. Often, horse farms will board non-owned horses in order to earn income to offset operating expenses while the farm's own breeding and racing program is developing.
Training costs are also measured on a per day basis.
Veterinary costs and farrier costs are measured on a per month basis.
Individual horses require quite a bit of organized record keeping: sire, dam, owner, health record, feeding schedule, booking schedule, breeding schedule, foaling, racing schedule and racing results.
Income Statement
In the United States, the largest concentration of horse farms is in the Bluegrass region of Kentucky, which consists of the counties of Fayette, Woodford, Jessamine, Scott and Bourbon. The pasture land in the area has historically received much priase, however, it is unclear whether the local grass (Poa pratensis) is native or imported by European settlers. The grass thrives on the calcium carbonate contained in the top soil, which is from the Ordovician limestone shelf underlying the region. Some barns within the region are converted tranverse-crib tobacco barns ("bent" barns).
Just west of Lexington (Fayette County) is the location of Keeneland Race Track, which operates three week Thoroughbred meets in both April and October.
Directory of Kentucky Horse Farms:
Ocala, in Marion County, Florida, also has a very large concentration of Thoroughbred horse farms. The area's horse farm properties have been affected by the overall decline in the real estate market in Florida.
In breeding, the pedigree of the Sire and Dam of a horse is very important. The belief is that successful racers (won many, Stakes class, large purse races) produce offspring that will also be accomplished racers. The more successful, or perceived potential success of the stallion the higher the stud fee the owner receives. The Jockey Club is the breed Registry for Thoroughbred horses in the United States, Canada and Puerto Rico.
A nicking report is a report that can be compiled to list various combinations of breeding pedigrees: broodmares bred to a specific stallion, stallions bred to a specific broodmare, broodmares bred to a specific stallion that resulted in a specific number of foals or stakes winners, foals by a specific stallion, all foals out of a chosen broodmare sire's daughters, etc. The report may also include a grading score forecasting the potential success of offspring as a result of the potential or planned cross of a specific Sire and Dam (also referred to as a hypothetical mating report).
A breeding contract usually contains a clause that guarantees that the foal will be born alive, stand on its own, and nurse or the stud fee is waived.
Requesting that a mare be accepted for breeding with a stallion standing at stud at a farm is referred to as nominating the mare. A Breeding Shed Form must be presented before a mare will be booked, and must accompany a mare each time she is presented for breeding. The form will indicate that the mare has been vaccinated for EHV1 / Equine Herpes Virus Type- 1 (Rhinomune, Pneumabort-K, etc.) from 7-90 days prior to breeding.
Breeding can be accomplished by either actual physical intercourse between the stallion and mare or by artifical insemination. The term of a stallion to "cover" a mare means that the stallion completely covers a mare's back / rump / hind quarters during the mating process. Thus, anytime a stallion "covers" a mare it means that the stallion has mounted the mare in order to breed. the term to "service" the mare has the same meaning. Mares ovulate ("in heat") for approximately 18 days, however the best time to breed a mare is approximately 24 hours just prior to ovulation. A "teaser" is a stallion who is brought within the vicinity of a mare to determine her interest and readiness to breed (both first time and previously bred mares). Teasing is usually conducted in the morning, and a mare that responds calmly to the teaser is judged ready for an actual coupling although it is not an exact science. The teaser is usually not the stallion scheduled to breed with the mare. Rahter, if the mare appears receptive then she booked to be serviced by the desired stallion.
A breeding shed is actually an attached room to a barn, or a separate small barn, where the breeding pair are brought. The process is very business-like due to schedules and the desire to have a few covers as possible, and the shed is also kept as antiseptic as possible in order to minimize disease or infection. There is normally a padded rail that the mare is aligned against and the breeding stallion is led into the shed near her. It is very important to control both horses with leads so that they do not injure each other or any of the handlers. There may be some inspection and/or washing of bothe the mare's and statllion's genitals prior to mounting. The mare's tail is also tied securely out of the way. The handler / groom may also need to "pilot" the stallion's genitals into the mare. The stallion is washed after breeding and led out of the shed, and the mare is led back to a stall.
A horses gestation period is approximately 342 days. Mares are bred to drop their foals at the beginning of a year but by no later than early Spring (births do continue into the Summer due to late matings of the mare). This is done as every foal advances one year in age every Januaty 1st regardless when born. Thus, a foal born in late February has more time to develop in stature and experience compared to a foal born in late May. In reality, yearlings range in age from approximately 7 months to 19 months.
The U.S. Jockey Club Factbook indicates that the annual number of foals born in the United States has been declining since 2005.
| Year | Number of foals | % change |
| 2005 | 35,041 | |
| 2006 | 34,862 | -0.51 |
| 2007 | 34,218 | -1.85 |
| 2008 | 33,550 | -1.95 |
| 2009 | 31,750 | -5.37 |
| 2010 | 27,800 | -12.44 |
Mares with foal are normally kept in a broodmare barn with other mares with foal so that it is easier for a foaling crew to maintain oversight of the mares during gestation. In most cases, the foaling crew handle normal birth and a veterinarian is only called for difficult births. A normal birth means that the foal is in proper position for delivery: head and front feet/legs first, and simultaneously. the mare usually delivers the foal while lying on the ground, and a normal delivery lasts only a few minutes.
In the United States, every Thoroughbred horse will have their unique Jockey Club number tatooed to the interior upper lip.
In the United States, the state of Kentucky dominates the number of foals produced annually (approximately 45% of the total). However, the U.S. Jockey Club indicats that the number of foals born within the state has declined over the past 5 years (2077 through 2011). The U.S. Jockey Club has indicated that 2012 should have a Kentucky foal count equal the same amount foaled in 1940. However, Kentucky will still dominate because there are fewer stallions in the United States (a decline of 11.5% in the United States in 2011 compared to 2010), most of which now stand at stud within the state and by default cover more mares. However, the actual number of stallions within Kentucky declined by 14.3% as breeders move stallions to states that provide higher incentives / purses for state-bred horse races.
Foals are usually weaned in the beginning of October. The weaning process requires separating the foal from the dam. This can be done abruptly in a single day, or removing the mare at feeding time for an extended period of time. If there are several foals then they will be grouped together by sex and age. The goal is to get the foal(s) moved to separate, distant pasture or paddock out of sight and hearing of the dam.
Breaking lasts several weeks, and usually begins with placing a saddle pad over a yearling's back with a loosely tightened surcingle fastened around the horse (training surcingles are sometimes fleece-lined), and leading the horse around with a Chifney bit halter, which controls the horse from rearing. The surcingle is then repeatedly tightened after leading the horse around several times. A trainer then lays across the back of the horse to accustom the horse to the weight of a rider. A bridle is then attached, and the preliminary eventually works up a saddle placed across the back of the horse. Once the horse is used ti to bit, bridle, saddle and rider, the horse can then be trained.
Training lasts several months, and usually needs to be done by an experienced, professional trainer. Training involves first testing a horse for soundness and capability, and then teaching the horse by repetition as to how to develop stamina, race on a track, and how to compete.
The key to the quantity and quality of Thoroughbred race horses is the popularity of horse race wagering: it is the source of demand for the horses. If the industry did not exist then thoroughbreds would be held by private owners in much lower quantities than the historical and present population. Horse racing has, historically, been a popular form of entertainment all over the world. However, in the United States, live attendance at horse racing events has been declining since the 1950s, and continues to decline today. The decline in both live attendance and simulcast wagering is due to the growth of alternative gambling opportunities (casinos, video gambling, poker competitions, Internet gambling) and the growth of alternative forms of entertainment (cable television, Internet, consumer electronics, spectator sports, amusement parks, vacation destinations). In the United States, the total annual dollar amount of betting on Thoroughbred horse races has declined 21.5% between 2005 and 2010. Some racetracks have added casino and casino-like gaming to enhance profits (Churchill Downs Inc., one of the pre-eminent racetrack operators, generated 53% of its profit in 2010 from online wagering and casino gambling as opposed to horse racing). The future of horse racing in the United States will probably mean fewer race tracks operating fewer days out of the year.
A horse racetrack has a Thoroughbred season (sometimes referred to as a Meet) for a specific number of days.
In the United States, most races are measured in furlongs (220 yards or one eighth of a mile) or in a mile or fraction thereof, and are approximately 6.5 furlongs (3/4 of a mile) to eight furlongs (1 mile). The longer races are 1 3/16 to 1 1/2 miles. A race less than one mile is often referred to as a sprint, while a race in excess of one mile is often referred to as a route. Most races are sprints rather than routes. Races are also run on two different types of surfaces: dirt or turf (grass). In the United States, most races are on dirt. Outside of the United States, most races are on turf.
A horse participates in the race to accumulate finishes and purse amounts (race win payoff; prize money paid to horse owners). A finish is 1st / Win, 1st or 2nd / Place, and 1st, 2nd or 3rd / Show. The Trifecta is when someone correctly selects the first three finishers in a race in their exact order. The success of a horse to finish in the money is dependent upon the horse's breeding, training, experience, past performance, present health condition, track conditions, gate exit, and what transpires during the course of the race with regard to the number of horses in the race, the ability and stamina of the other race participants, the strategy devised by the trainer and jockey, and whether the horses bunch up or clear running space is available.
Horses who have been entered into a race but have never won a race are called Maidens (regardless of gender). There are specific races in which only Maidens race against other Maidens (Maiden Special Weight Race is the highest class of Maiden race). However, a Maiden may also race in a Claiming, Allowance or Stakes race. The winner of a Maiden race, or if the Maiden wins in a Claiming, Allowance or Stakes race, the horse is then referred to having broken their Maiden in that race.
A Claiming Race may by all Maidens, include Maidens and/or horses that have broken their Maiden. Usually, the horses entered into the race are also being offered for sale at an indicated price or at the owner's option. A potential purchaser may make an offer before or after the race and then "claim" the horse. If the horse finishes the race then the purse is still awarded to the previous owner that offered the horse for sale. However, the key is that the horse is entered and starts the race (leaves the gate), it is not necessary that the horse actually complete the race.
An Allowance Race, which is a non-claiming race, usually consists of horses who have finished in lower level races. The allowance is related to the amount of weight the horse is assigned to carry. Typically, males do not carry over 126 pounds and females do not carry over 121 pounds (including the weight of the jockey). However, in an Allowance Race some horses are handicapped by being requested to carry additional weight based on age and experience, and winnings. The weight is in the form of lead bars that are inserted into pouches on the horse's saddle.
Stakes Races are the high profile, high purse races, which includes accomplished horses or horses with perceived high potential. In the United States, the American Graded Stakes Committee of the Thoroughbred Owners and Breeders Association establishes the highest classes (Grade I, II and III) and number of Stakes races that can be run (at the very minimum, a Stakes race must offer a $75,000 purse; races may be restricted by age and gender). A horse must finish races in a specific class in order to remain in that class. In the United States, the highest profile Class 1 Stakes races are the Triple Crown races: the Kentucky Derby, the Preakness and the Belmont Stakes, which are all longer than one mile in length at 1 1/4 miles, 1 3/16 miles, 1 1/2 miles, respectively). However, for 2011 the Committee assigned a Grade I status to 112 races, Grade II status to 153 races, and Grade III status to 209 races for a total of 474 graded races (there is an additional 215 Ungraded races for a total of 689 races).
In the United States, state regulated pari-mutuel racing / wagering has been in existence since approximately 1870 / 1875. Pari-mutuel racing / wagering is a system of betting on races in which those persons who wager on horses that finish in specified positions share the total amount wagered, minus deductions permitted by law. Anyone placing a bet is not betting against the track, but against everyone / each other who is making a wager in a particular race, and all of the bets go into a pool. The odds for each horse is constantly being adjusted based on how much is wagered on each horse to win, and continue to fluctuate until betting is closed just prior to the start of the race. The track really just acts as an agent that holds all the bets prior to the race, and deducts a fee for carrying out that function (as high as 15%).
Pari-mutuel wagering occurs in two forms at a horse race track: live wagering, which individuals place bets on races while physically at the track; simulcast wagering, which is the broadcasting of live races from various in-state / out of state pari-mutuel tracks to television / video screens at the race track. The total revenue earned from both forms of betting is referred to as a race track's "total handle". The simulcast may also be to locations not physically located at the race track, which are referred to as off-track betting (OTB) facilities and are regulated or sponsored by the state. It is not unusual for simulcast wagering to account for 90% of a race track's total handle compared to live wagering dollar amount. The only drawback with the simulcast approach is that the track does not sell additional products such as food, beverages, programs, and branded souvenirs. Similarly, the simulcast attendee does not experience the the sights, sounds, excitement, social interaction, and concessions of the race track. (In the United States, the Interstate Horseracing Act of 1978 permits the simulcast wagering on Thoroughbred horse races to take place across state lines).
In order to promote horse breeding, training and racing within a state, and encourage competition with race tracks in other states, some states use development funds to supplement purses for sired, owned or bred horses from that respective state only. These are referred to as incentive programs or breed development programs but critics of the program refer to it as a subsidy. However, the point of the incentive program is to improve the quality of the stock in the respective state, and encourage racing industry investment and growth in the state by offering higher purse relative to other states, which is seen as an inducement to attract quality horses to state Thoroughbred race meets / season, and then owners and breeders (both in state and out of state) will either increase or establish operations in the state in order to compete for the purses. The increased competition also makes the state's races more attractive for simulcasting, which in turn increases wagering and purse size. Success of these programs are measured in terms of the growth in wagering volume and dollar amount, the growth in horses per farm, an increase in stud stallions, fee volume and stud fee dollar amount, and an increase in horse sales volume and sales prices.
In the United States, any state that offers horse racing usually is regulated by a Horse Racing Commission. Any track that wishes to be certified by the National Thoroughbred Racing Association (NTRA) must also provide an after care program for horses.
The pre-eminent race in the United States is the Kentucky Derby , which is held on the first Saturday in May in Louisville, Kentucky (the 3-year old filles-only race on the Friday immeidately before the Derby is the Kentucky Oaks). The two other well known races that along with the kentucky Derby form the Triple Crown are the Preakness (Pimilco, MD) and the Belmont Stakes (Belmont Race Track, NY). In the Fall, the United States has an annual championship race known as the Breeder's Cup World Championship.
In 2011, Thoroughbred horse racing betting / attendance stabilized / improved. The Churchill Downs, Inc., indicates that attendance at the 2011 Kentucky Derby at Churchill Downs set a record attendance of 164,858 persons on Derby Day. Total attendance from opening day through both the Kentucky Oaks and the Kentucky Derby also increased compared to 2010 by 8.6% (359,690 persons). Kentucky Derby wagering increased by 1.5% compared to 2010 in the amount of $165.2 million. However, television viewership for the 2011 Kentucky Derby declined by 6% compared to 2010. Similarly, Keeneland Race Course reported that the company's Spring Meet total handle from on-site wagering and simulcast increased by 9% $117.2 million compared to $107.9 million earned in 2010. The on-track handle amounted to $18.5 million compared to $17.9 million earned in 2010, which reflected an increase in attendance to 241,684 persons during the Spring Meet compared to 238,282 persons in 2010.
However, a report conducted by McKinsey Company on the behalf of the U.S. Jockey Club in 2011 indicated that total betting at racetracks has declined by 37% in the past 10 years, and attendance at racestracks had declined by 30% at U.S. racetracks over the same period. The report further indicated that 28% of races do not generate sufficient betting to cover the cost of the purse after taxes, and a further 50% do not even cover the cost of the race.
If horse races could be streamed live via the Internet to desktop computers, handheld devices and mobile telephones then there is a possibility that the popularity of the sport and viewership would increase. However, present technology prohibits the ability of the respective race track or pari-mutuel system to regulate and profit from the increase in wagering.
Directory of U.S. & Canada Thoroughbred Horse Racetracks:
Non-US Races:
Dubai Worl Cup; Dubai Duty Free (UAE)
Piguel QE II cup (Hong Kong)
International Cup (Singapore)
Melbourne Cup (Australia)
Insurance coverage for a horse farm / equine operation include:
Equine Mortality and Theft Insurance covers death, theft or humane destruction of a covered horse, and covers all possible sources / causes of death from illness to transportation accident (referred to as Full Mortality or All Risk). Additional coverages such as major medical, surgical and loss of use may be added to a full mortality policy at an additional cost. Animals covered by a full mortality policy must meet certain age and health criteria in order to be eligible for coverage. The owner is named the beneficiary of the policy, and the coverage is an annual policy.
Horse Farm Property Insurance is provided to cover any owner occupied residential property (replacement cost coverage) and contents, and farm-related barns, sheds, owned machinery, equipment, tack and livestock. The owner is named the beneficiary of the policy, and the coverage is an annual policy.
Horse Farm General Liability Insurance is provided to cover the owner occupied residential property and the horse operation, on and off premises, including such operations as boarding, breeding, racing, training, sales / auctions. This covers a person (other than an employee) that is injured on or off the horse farm premises, or property is damaged (other property not owned by the owner or horse farm) when on or off the the horse farm premises.
Stallion Infertility Insurance is provided to cover the possibility that a stallion standing for stud suddenly becomes infertile or impotent due to illness or injury.
Colic, or gastrointestinal distress, is the number one condition that results in a horse mortality.
Laminitis is the second most fatal condition that results in a horse mortaility. The condition, also known as founder, results in the deterioration of the tissue between the foot and the hoof, which results in the coffin bone penetrating the sole. It can be quite prevalent in older horses but is often the result of the severe leg fracture.
Presently, U.S. states / race courses do not have a uniform, national medication and testing rule. Rather, each state racing authority has the authority to establish medication and testing rules within their jurisdiction. During 2011 there may be a banning of race-day medication, including the anti-bleeding (pulmonary bleeding) drug Salix which is administered to most horses in the United States (the Jockey Club indicates that approximately 95% of starters in the 2010 season had some form of anti-pulmonary bleeding drug administered to them). The Association of Racing Commissioners International (ACRI) is the source of the request for a five-year plan to eliminate race-day medication.
Breeder's Cup www.breederscup.com/
Canadian Thoroughbred Horse Society (CTHS) www.cthsnational.com/
Fasig-Tipton www.fasigtipton.com/
Florida Thoroughbred Breeder's and Owner's Association (FTBOA) www.ftboa.com/
Kansas Thoroughbred Association www.kansasthoroughbred.com/
National Horsemen’s Benevolence & Protective Association www.hbpa.org/
National Racing Compact www.nationallicense.com/
National Thoroughbred Racing Association www.ntra.com/
Racing Medication and Testing Consortium (RMTC) www.rmtcnet.com/
The Jockey Club (U.K.) www.thejockeyclub.co.uk/
The Jockey Club (U.S.) www.jockeyclub.com/
The Jockey Club of Canada www.jockeyclubcanada.com/
Thoroughbred Owners and Breeders Association www.toba.org/
University of Kentucky Agricultural Experiment Station, Horse Genome Project www.uky.edu/Ag/Horsemap/
