New Mexico Horse Breeders Incentive Fund Information
The following policy was adopted by the New Mexico Racing Commission on May 25, 2006.
This program will permit a New Mexico Bred horse entering an open overnight race and finishing first, second or third to receive a 20% increase of the original purse. The money generated for this program will come from the gaming portion of the overnight purses. The money also is excluded from the 10% Breeders Awards monies.
The incentive money will be distributed as follows:
First place will get 63% of the incentive money and the original first place purse.
Second place will get 24% of the incentive money and the original second place purse.
Third place will get 13% of the incentive money plus the original third place purse.
Money will be wired on a bi-weekly basis and this schedule may be adjusted if necessary. All undistributed incentive money will be carried over to the next meet, if applicable.
This program will be monitored by the New Mexico Horse Breeder's Association and track management to ensure that this is beneficial to the New Mexico Bred Program. Reports on this program will be given at the monthly Commission meetings and any changes to the program must be approved by the Racing Commission.
OTHER NEW MEXICO RACING FUNDS:
State legislation initiated by your New Mexico Horse Breeders Association, allows owners and breeders of New Mexico bred horses to share in generous purses for stakes and overnight races. The following explains the funds:
INCENTIVE AWARD FUNDS:
The Association distributes incentive award monies for the racing seasons ending at the conclusion of the New Mexico State Fair, in accordance with laws and regulation enacted by the New Mexico State Legislature and the New Mexico State Racing Commission. Five-eighths of one percent (.625%) of the straight pari-mutuel handle and one and three-eighths percent (1.375%) of the exotic pari-mutuel race handle at all New Mexico race tracks is transmitted weekly to the Association for distribution as incentive awards to winning New Mexico bred horse owners, breeders, and stallion owners. New Mexico statutes stipulate the division of the monies among owners, breeders, and stallion owners, with the Association participating to the extent of eight percent (8%) for administration expenses.
NM STAKES FUND - BREAKAGE FUND:
Legislation passed in 1992 by the State of New Mexico provides that 50% of the breakage on pari-mutuels at New Mexico race tracks be allocated to enhance the race purses of established STAKES RACES that include only horses registered as New Mexico bred. Breakage is defined as the odd cents of all redistributions to the wagerer over the next lowest multiple of ten from the gross amount wagered through the pari-mutuel system. THE ASSOCIATION RECEIVES BREAKAGE FROM RACE TRACKS AND DISTRIBUTES THE FUNDS TO ENHANCE NEW MEXICO BRED STAKES RACE PURSES AT THE TRACKS FROM WHICH THE BREAKAGE WAS EARNED.
UNCLAIMED TICKET FUND:
Legislation passed in April, 1993 by the State of New Mexico provides that 33.34% of the unclaimed pari-mutuel tickets from each race meeting will be used to enhance each track's OVERNIGHT PURSES for races restricted to New Mexico bred horses. Funds are transmitted sixty days after the conclusion of each racing meet. THESE FUNDS GO BACK TO THE TRACK FROM WHICH THEY WERE RECEIVED.
10% TRACK BREEDERS AWARDS:
Each racetrack in the State of New Mexico is required to pay a 10% track breeders award to any New Mexico bred horse that wins a race. 10% of the winning purse provided by the racetrack is paid to the breeder of record. 10% of ADDED MONIES BY THE RACETRACK IN STAKES RACES is paid by the track to the breeder of record. Any monies added to a purse by an organization other than the racetrack is not included in the 10% track breeder awards. The track breeder award sheets are sent to the New Mexico Horse Breeders offices for completion of addresses and social security numbers as well as verification of the New Mexico bred status of each winning horse.
Monies by the racetracks in stakes races is paid by the track to the breeder of record. Any monies added to a purse by an organization other than the racetrack is not included in the 10% track breeder awards. The track breeder award sheets are sent to the New Mexico Horse Breeders offices for completion of addresses and social security numbers as well as verification of the New Mexico bred status of each winning horse.
GAMING PURSE FUND
Rules were adopted by the New Mexico Racing Commission in February 1999 in accordance with the laws enacted by the New Mexico State Legislature to allow twenty percent of the net take from gaming at the racetracks to go to purses. Of that 20%, the New Mexico Horsemen's Association distributes 80.7% of the fund to the existing purse structure. The remaining 19.3% is distributed to the NMHBA Gaming Purse Fund. The NMHBA gaming purse fund is divided evenly between the Incentive Award fund, NM Stakes Fund (breakage) and the Overnight purse fund (unclaimed tickets). The New Mexico Stakes Fund and Overnight purse fund is distributed back to the racetrack where the funds were generated.