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Speaker 1: Welcome to the Bloomberg Business of Sports podcast, when we

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Speaker 1: explore some of the big money issues in the world

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Speaker 1: of sports. I'm Michael barn, I'm Scarlett and I'm Damien Sas. However, hey,

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Speaker 1: guess what's coming up. The thirty nine annual Breeders Cup.

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Speaker 1: We're talking into the Horse's Dead. World champion horse racing

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Speaker 1: series takes place this year in November four and five

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Speaker 1: at the Keenland Racing Course in Lexington, Kentucky, and it's

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Speaker 1: set to be one of the biggest money moving events

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Speaker 1: of the year. They come together from every corner of

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Speaker 1: the globe and proceed to the one who Lord that

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Speaker 1: sends the special field Corps the title of world Champion.

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Speaker 1: Don't make Swacy's ultimate colination the Botas Cup World Championships

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Speaker 1: at Keenland. In a world where horse racing is king.

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Speaker 1: Joining us now to give us his perspective on everything

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Speaker 1: about the World Championships is Drew Fleming, President and CEO

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Speaker 1: of the Breeders Cup. Mr Fleming, thank you so much

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Speaker 1: for joining us right here on the Bloomberg Business of

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Speaker 1: Sports show. Absolutely, it's an it's an honor to be

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Speaker 1: here and I look forward to talking Breeders Cup with

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Speaker 1: you guys, Well, let's let's start right there. The Breeders Cup.

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Speaker 1: You know what what is interesting is, I know everybody's

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Speaker 1: gonna get mad at me. You know, we talked about

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Speaker 1: other horse races, the one hundred, you know something, whatever, whatever.

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Speaker 1: This is the thirty ninth Breeders Cup, which means we've

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Speaker 1: seen all those Breeders Cups live and it is growing

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Speaker 1: and growing and growing. Are you surprised by it or

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Speaker 1: are you saying, hey, we knew this all along. Well,

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Speaker 1: I mean we've had great success and I think it's

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Speaker 1: a testament to our board and our breeders and nominators

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Speaker 1: from across the globe who have supported the Breeders Cup

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Speaker 1: since it's since it's insumption and um. Breeders Cup started

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Speaker 1: in four with seven races worth ten million dollars in

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Speaker 1: Los Angeles and has grown to the two richest days

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Speaker 1: of racing fourteen races worth thirty one million dollars of

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Speaker 1: purses and awards. And for those somewhat un familiar with

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Speaker 1: the Breeders Cup, always say it's like the perfect marriage

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Speaker 1: between the Super Bowl and track and field in the

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Speaker 1: in the Olympics and the Super Bowl that it always

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Speaker 1: decides who's who's the best football team in the world.

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Speaker 1: And UM like track and field for the Olympics, we

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Speaker 1: have fourteen different divisions where we have young and old horses,

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Speaker 1: male and female, turf and dirt in short and long distances,

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Speaker 1: and those combinations make up our four team m championship

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Speaker 1: races and will determine in very short order who the

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Speaker 1: best horses are in their specific divisions. So, Drew and

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Speaker 1: my question for you is what is the crowd like

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Speaker 1: in Lexington right now? I mean, are we talking you know,

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Speaker 1: cheeks from the Middle East to European aristocracy. I mean,

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Speaker 1: what's the vibe like in this post COVID environment. Well,

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Speaker 1: I think the world is coming to Lexington, Kentucky in

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Speaker 1: short order. And what a what a better place to

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Speaker 1: have it than Kinland, which is just iconic gu'sar Augusta National.

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Speaker 1: I think it's one of the prettiest places on earth.

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Speaker 1: UM with the Stone and the Ivy and Lexington is

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Speaker 1: just rich in horse and horse racing. It's it's the

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Speaker 1: horse capital of the world. I think the moment you

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Speaker 1: get off the plane in Lexington, you smell horse racing

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Speaker 1: in the air and you go to restaurants, people are

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Speaker 1: talking breeding. You have a cup of coffee in the morning,

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Speaker 1: people are talking racing, and we're just so lucky to

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Speaker 1: be here and showcase these beautiful horse farms, these majestic creatures,

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Speaker 1: UM to to the world that's coming in and we'll

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Speaker 1: expect exactly what you said that the we're gonna cap

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Speaker 1: attendance of forty five thousand people this year to make

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Speaker 1: sure it's a world class, high end experience for everybody. Um,

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Speaker 1: but certainly we're going to see all sorts of people

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Speaker 1: coming in from all all over the world to determine

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Speaker 1: who the best horses are and how would people who

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Speaker 1: aren't able to attend readers cup in person watch the race.

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Speaker 1: I think about the Kentucky Derby and how there's an

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Speaker 1: entire day of fan fair built around one in a

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Speaker 1: quarter mile race. You've got uh a number of different

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Speaker 1: races uh taking place on this over this two day period.

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Speaker 1: What what do you find is the way that people

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Speaker 1: engage with the event. Well, we're we're excited about the

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Speaker 1: different experiences we offer from all price points. Um. We're

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Speaker 1: proud that we still offer general admission tickets and they'll

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Speaker 1: be on sale We still have some limited availability on

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Speaker 1: Friday at a seventy five price point, but those of

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Speaker 1: course go all the way up to an eight price point,

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Speaker 1: which would be a world class fine dining experience. So

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Speaker 1: there's something for everybody, um with different price purchases. But

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Speaker 1: but I think, look, we've we've all had a difficult

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Speaker 1: two years with COVID and and being inside, so it's

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Speaker 1: it's a really good excuse to dress up poor a

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Speaker 1: cold glass of champagne, make a bet, and just watch

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Speaker 1: these wonderful horses compete. And let's talk about it. You

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Speaker 1: you touched off onto it. COVID just shot everything to

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Speaker 1: hell and and including horse racing. It is nice to see,

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Speaker 1: first of all, horse racing coming back, like many of

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Speaker 1: the other sports out there. Uh, in what was a

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Speaker 1: pretty dark time, and it was kind of uncertain. We

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Speaker 1: didn't know what the heck was gonna happen. How did

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Speaker 1: you guys deal with it? Because you know it's it

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Speaker 1: was a tough time for you and and everybody took

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Speaker 1: a hit monetarily. How did you guys do it and

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Speaker 1: deal with it? Well? I assumed the role of CEO

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Speaker 1: roughly to two months before COVID, so it's kind of

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Speaker 1: trial by fire, um. But but I have a wonderful

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Speaker 1: team and uh, unfortunately we were we ran the Breeders

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Speaker 1: Cup without fans and we've got some of the greatest

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Speaker 1: fans in the world that are so supportive, so we

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Speaker 1: hated to not have them there, But of course it

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Speaker 1: was the right and safe decision to make. UM. But

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Speaker 1: when we announced we wouldn't be having fans, we simultaneously

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Speaker 1: said we will come back to Keenland as soon as

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Speaker 1: we can and offer those fans similar seats, and we

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Speaker 1: did just that, and that's why we're at Keenland just

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Speaker 1: just two years later. But I think both Breeders Cup

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Speaker 1: and in the sports support as a whole has really

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Speaker 1: done well and has come out of COVID stronger than ever. Uh.

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Speaker 1: Last year the Breeders Cup saw record wagering two hundred

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Speaker 1: and two million dollars UM. We also saw the record

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Speaker 1: international participation where we had forty two horses come in

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Speaker 1: from from outside the US despite significant global restrictions. And

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Speaker 1: we're seeing that same momentum in this year where we

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Speaker 1: have record ticket sales. But I think horse racing as

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Speaker 1: a whole it's also flourishing. UM last year, UH, the

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Speaker 1: U S wager twelve point three billion dollars in horse racing,

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Speaker 1: which was an increase of twelve percent from the previous year,

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Speaker 1: in the highest since two thousand nine. Purses were a

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Speaker 1: record one point two billion dollars um, which is the

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Speaker 1: second which which is which is a record, and I

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Speaker 1: think the second highest weken was in two thousand and six.

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Speaker 1: And the horse sales are incredibly strong. We saw one

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Speaker 1: point three billion in public auction sales last year. But

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Speaker 1: what we're seeing this year Keenland that just concluded their

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Speaker 1: September sale, they had a record sale four hundred and

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Speaker 1: five million dollars, which is the highest in the history

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Speaker 1: of the company. Phasing Tipton also had a record sixty

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Speaker 1: seven million dollars in their select sale in August. So

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Speaker 1: the sales are soaring. UM, wagering is booming, and we

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Speaker 1: could not be more excited for the future. Well, Drew,

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Speaker 1: you talk about all that, especially the wagering side of

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Speaker 1: the sports betting side, and how that's changing. You know,

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Speaker 1: you know the industry, but I bet you a lot

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Speaker 1: of those wages are going to be in flight line.

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Speaker 1: My goodness. I mean, I just want to hear thoughts here.

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Speaker 1: I mean flight Line one that Pacific Classic by what

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Speaker 1: nineteen and a quarter lengths. I mean many people are

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Speaker 1: comparing him to Secretariat and at thirty one length Belmont

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Speaker 1: victory fifty years ago. I mean, how is flight Line's

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Speaker 1: participation changing this year's Breedist Cup. Well, I actually went

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Speaker 1: and saw flight Line yesterday afternoon. He's he's on the

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Speaker 1: grounds of Camlan and I mean, just just an amazing,

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Speaker 1: amazing horse. Uh And and I think the Classic is

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Speaker 1: coming up to a fantastic race where I always like

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Speaker 1: to tell people Mark Twain famously said, if it weren't

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Speaker 1: for differences of opinion, if we wouldn't have horse racing

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Speaker 1: so u which is great. And I think it's gonna

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Speaker 1: be a great betting race where you have horses like

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Speaker 1: olympiad life is good amongst others. And I think they're

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Speaker 1: they're going to get flight Line a test. But he

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Speaker 1: is an amazing, amazing horse. I was out in Pacific

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Speaker 1: Classic and watched him ron and um, you could not

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Speaker 1: be more excited. And it's an honor to have him

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Speaker 1: at the Breeders Cup. And there's also a lot of

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Speaker 1: interest in flight Line as well. Because West Point, which

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Speaker 1: is one of the owners of the horses looking to

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Speaker 1: sell a stake. How do you think the race, the

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Speaker 1: classic Race will affect the valuation of flight Line? Well,

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Speaker 1: I think flight Line has really already proven himself. Um

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Speaker 1: if you look at the last five winds, I mean

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Speaker 1: just just the margins are massive and he's done such

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Speaker 1: a fantastic job. And I think it's really great for

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Speaker 1: the sport and exciting that. Um. I think two point

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Speaker 1: five of of Flightline's ownership will be auctioned off shortly

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Speaker 1: after the Breeders Cup and more appropriately a Keenland. So

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Speaker 1: I think the horse has a very high valuation. Um. Well,

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Speaker 1: we'll go on to be a wonderful style and if

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Speaker 1: and when they decided to retire from racing, And I

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Speaker 1: think it's really cool for the sport. Drew. You know,

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Speaker 1: we talked about, you know, the money being waged sports

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Speaker 1: gambling on horses. We talked about the purse and how

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Speaker 1: that's been growing every year. But you know what we're

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Speaker 1: not talking about is you know what the Breeders Cup

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Speaker 1: stands for, which is actually breeding horses. Right, And I

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Speaker 1: wonder if you could just help me and our audience

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Speaker 1: better understand. You know, let's say flight line where to

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Speaker 1: win and just kill it this week. I mean, what

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Speaker 1: can you know if you wanted to buy his seed,

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Speaker 1: if you follow me, what does that cost? I mean,

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Speaker 1: I've heard some outrageous numbers that you know, horse breeders

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Speaker 1: are charging for that, and I just I just was

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Speaker 1: wondering if you could shed some light on that for me. Well, Damien,

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Speaker 1: what do you mean? See, I'll joy a map to

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Speaker 1: the major stallion farms are starting to announce studies for

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Speaker 1: um breeding season, and um, you can see the I

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Speaker 1: think Tappitt was just announced at a hundred and eighty

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Speaker 1: thousand dollars breed and so um. And I think that's

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Speaker 1: part of the great part about this sport is you

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Speaker 1: have these wonderful creatures and then their offspring go on

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Speaker 1: to be amazing, amazing athletes. And there's a lot of

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Speaker 1: time and patients into taking care of these horses. Um,

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Speaker 1: it's definitely a labor of love, and we have many,

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Speaker 1: many people in the sport to dedicate their life to

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Speaker 1: the horse and and from you know, from from truly

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Speaker 1: the beginning that those folds are on the ground in

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Speaker 1: Kentucky all the way up to the breeders. Cop. Well,

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Speaker 1: before we get more into about horses having dinner in

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Speaker 1: a movie, I want to talk about more about the

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Speaker 1: cost of owning and maintaining raised horses. So let's say,

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Speaker 1: for instance, I want to be I'm an investor and

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Speaker 1: I've got my horse, Lightning Sloth. I said, this is

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Speaker 1: it this this horse is going to kill it. What

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Speaker 1: is it going to take for me to maintain this horse?

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Speaker 1: And how much will it call? Well, so your main

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Speaker 1: your main expense is gonna be obviously the purchase of

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Speaker 1: the horse, and then um training bills, and training bills

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Speaker 1: can run probably I don't know, seventy two ten dollars

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Speaker 1: a day UM, so it's not cheap. But I think

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Speaker 1: one of the really cool things that's going on in

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Speaker 1: racing is that it's it's also affordable for anybody through

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Speaker 1: the syndicates and the microsh shares that we're seeing. Um NFL,

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Speaker 1: for example, they've got thirty two teams. All of those

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Speaker 1: teams are trading well north of a billion dollars. Where

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Speaker 1: in horse racing, yes, there's very extensive horses, but there's

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Speaker 1: also horses that are affordable, especially when you can syndicate

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Speaker 1: the racing partnership and divide the cost up amongst many owners.

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Speaker 1: And I think companies like my race Horse are out

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Speaker 1: there where they're even doing micro shares at a couple

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Speaker 1: hundred dollars a unit. So it's really cool where everybody

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Speaker 1: can own a piece of a horse at an affordable

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Speaker 1: level and experience what it's like to be an owner

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Speaker 1: of a sports team, so to speak. Coming around the corner,

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Speaker 1: do you have any data on who exactly is buying

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Speaker 1: into these micro shares? How how spread out that is?

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Speaker 1: I just wonder if younger generations are partaking in this. Yeah,

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Speaker 1: I mean we're we're seeing at the races younger and

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Speaker 1: younger people come out because a day at the races,

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Speaker 1: I mean it's fun. There's there's a lot of time

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Speaker 1: to socialize, dress up, you know again, have a cold

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Speaker 1: glass of champagne, make a bet and um. I think

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Speaker 1: what micro micro shares are doing it it's it's making

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Speaker 1: it affordable for particularly younger demographics to get involved. And

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Speaker 1: you know, I urge everybody to give it a shot.

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Speaker 1: I mean it's a lot of fun. You know, everybody

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Speaker 1: likes to put two dollars down and you might return

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Speaker 1: ten dollars or more. I mean it's it's great. I

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Speaker 1: was out of Cenland last weekend and a ten cent

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Speaker 1: superfacta paid seventy two thou dollars. So I mean that

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Speaker 1: those pasts are aren't don't happen often, but but it's

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Speaker 1: pretty neat when they do. Well. If you talk about

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Speaker 1: that with the bet uh my wife earlier this year.

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Speaker 1: Uh it was one of the races and the Triple

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Speaker 1: Crown and she bets on this horse and I'm like, okay, baby,

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Speaker 1: here he goes. She says, okay, I'm putting fifty dollar.

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Speaker 1: I mean it's the long shot. It is a long,

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Speaker 1: long long shot. I'm like, all right, well, as fifty dollars,

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Speaker 1: we can kiss goodbye. She won over on the long

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Speaker 1: shot and yeah and it yeah, I was Mrs Barr.

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Speaker 1: I didn't see a dime of the money. It was

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Speaker 1: you know, it was gone. But you know that's what

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Speaker 1: the casual fan enjoys. You know, that moment where they

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Speaker 1: put a little something on there and all of a sudden, bam,

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Speaker 1: here it is. Well, of course, you know, that's that's

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Speaker 1: one of those happy stories. Everybody else puts the two

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Speaker 1: dollars is like well, time to go to the restaurant.

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Speaker 1: Well well, and I think to your point, with the

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Speaker 1: rise of the legalization of sports batting in the US,

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Speaker 1: it's a tremendous opportunity of marketing opportunity for horse racing.

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Speaker 1: And our product will be on the same bookshelf as

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Speaker 1: the NFL or the NBA or the MLB. And it is,

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Speaker 1: like you said, it's a really compelling product where you

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Speaker 1: can bet not a lot of money and win a

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Speaker 1: lot and we think it will be a lot of

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Speaker 1: fun and complement some of the other sports betting that's

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Speaker 1: that's going on right now. Drew, you have educated us

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Speaker 1: as usual. Drew Fleming, President and CEO of the Breeders

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Speaker 1: Cup Limited. By the way, the event is scheduled from

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Speaker 1: November fourth and fifth at Keenland Race Course in Lexington, Kentucky,

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Speaker 1: the horse capital of the world. And by the way,

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Speaker 1: Lexington is a beautiful town because we used to drive

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Speaker 1: on heading to Tennessee every year and as you're on

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Speaker 1: I S you'll see it. Uh, Lexington, get off here

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Speaker 1: and it's just a beautiful place. Uh. And we salute

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Speaker 1: you guys and the thank you so much Drew for

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Speaker 1: joining us right here. On the Bloomberg Business of Sports.

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Speaker 1: Thank you so much for having me and I'm looking

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Speaker 1: forward to November four and five. This has been the

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Speaker 1: Bloomberg Business of Sports podcast weeks are some of the

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Speaker 1: big money issues in the world of sports on Michael Barr.

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Speaker 1: You can follow me on Twitter at Big Bar Sports.

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Speaker 1: I'm at Scarlett Fool on Twitter and i am at

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Speaker 1: d Hey. You can get our podcast every Monday, Wednesday

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Speaker 1: and Thursday because we're an action packed munch and by

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Speaker 1: the way, download this show wherever you get your podcasts.