A bill currently being discussed in the Indiana legislature could have a dramatic effect on purses in the Hoosier State. A line item in the proposed budget bill calls for revenue from slot machines at the racetracks that goes to horse racing to be cut by nearly half.
Horse racing currently receives the entire 15 percent of adjusted gross revenue from the slot machines at Hoosier Park and Indiana Downs, but the proposed budget calls for reducing the amount by sending 43 percent of the revenue to the state’s general fund. According to projections made by horse racing officials, the total amount of revenue lost for all breeds would be approximately $21 million.
Projections call for Standardbred purses to decrease by $3.3 million, while purses at Indiana Downs would be reduced by $2.1 million. Similarly, breed development funds at Hoosier Park would decrease $2 million and $1.2 million at Indiana Downs.