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The Business of Horse Racing

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    Cobra Farms owner Gary Biszantz on investing in thoroughbreds.

  • Duration 3:34
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So it thoroughbred racing bringing in almost two billion dollars in prize money last year it is no wonder big time investors.

Are looking to get in on the action our own Cheryl Casone is in Saratoga Springs, New York.

With more sure -- you investing.

I tell you what it is lunch time here Melissa at -- accent -- at the auction grounds last night it was a big night though because there are some big money players.

Of course -- the camera on the right now -- loving that that's tell you one of the biggest investors here on the ground.

I was lucky enough to sit of the auction will last night and this have been in Gary this is he owns -- performs.

I was standing between you and Sheikh Mohamed I'm due by the ruler of Dubai through both bidding -- -- -- not like classic.

Very exciting history certainly had a -- like this.

And all the players are here on the horses are great.

It's just too real challenge -- real competition it is very very exciting time.

Do you have a such a storied career you don't deal car dealerships in Southern California your -- -- -- Greg Norman collection so much for the yeah.

Horse racing and -- reason why are you an owner recently.

-- -- loved athletics when I was young and I always thought that the horse was a magnificent animal of -- great style and athletic ability and I just element with a horse.

So all my years in the -- is -- involved in the.

All I was doing was trying to make enough money that I can buy some good horses period of -- sales and of course -- -- straight to camera loving care you're definitely not show rival what are the things I wanted to highlight -- viewers.

You talk -- -- she spent 90000 dollars and right horse.

He sold for 900000.

Dollars Culkin is that these days it's not very common and it's what they call depends on where you pick out a horse that you really like.

And you just hope that the market we'll take care of it and everything goes right from the time you buy it.

Dinosaurs trained well and did beautifully you know -- Florida and -- buyers were on him.

And the big thing you've been looking as you like to get one or two -- -- buyers on a horse -- where they're competing with each other and then the price can really go up.

-- a means -- of these forces last night it was selling for over a million dollars -- he's but this is a risky.

Business absolute more than diligence more than worked in the Greg Norman in your career absolutely -- at all.

No I don't it is really doesn't because it's it's a sport that you have to really enjoy the -- part of that and we organizers high risk and high reward.

And you're gonna have both sides and if you haven't -- encouragement that you've probably shouldn't -- -- -- but if you do it's really exciting it is.

It's very exciting here.

I just say you know sitting with you last night at the auction on the grounds -- -- -- -- hold court Phil Marcelo.

Pot -- he -- in the -- palace he Watson owner of the San Diego Padres walks up to you.

Everybody wants it to you -- and you really do have a handle on this board to think that for our viewers for the average investor that this should take achieved through.

Investing.

In thoroughbred yes I think what you have to look at it from the standpoint of what I call mad money at what your available and comfortable to lose or stand.

I look at what I -- generation -- thing I could take a -- I can take an -- I could travel around the world I can do a lot of things I'd rather spend that money on a horse.

And have some fun and -- that's my thrill.

Okay you're being modest you could behind your -- you -- actually by the pull together the seeds of corporate farms thank you very much can you bad parent it's like it was fascinating ladies to watch him.

Did you think there's been shaken by last night coming up but the next hour of markets -- is there going to be of course talking warm -- -- the business and he just as it can hooking.

It's like flipping a house.

But you're flipping a -- it's a big investment it's risky but it's paid off for somebody is coming up for the next hour -- -- now back to you sounds dangerous all right Cheryl Casone thanks.

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