CNBC's Robert Frank reports on an NYU student who manages $60 million worth of thoroughbred horses from his dorm room.» Read More
Well, you’ve surely heard about it by now. Glen Fullerton won our “Call the Close” Derby Dream Bet Sweepstakes. He was chosen out of more than 67,000 people to take $100,000 and bet it on one horse to win at Saturday’s Kentucky Derby. He bet Super Saver and will net $900,000 before taxes.
It doesn’t look like there will be any great deal to be had on the breeding rights of Super Saver. In fact, if the horse wins the Triple Crown, its owners could be as isolated as one could be against the economic downturn that has not surprisingly hurt the horse racing industry.
As discretionary income has diminished the horse racing industry has gotten clobbered. Sales are still down 40 to 50 percent and the stallion market, which ultimately drives the value of a Triple Crown horse, has been badly affected.
In the hours after tomorrow's Kentucky Derby, America will learn of the winner's owners and get a glimpse into the finances of it all — how much was paid for the horse and how much the owners made.