I fell asleep before I got to my primer on claiming. You guys need to know this, according to the previews aired after the episode, this is coming up down the road:
The cheapest horses are called "claimers", and run in "claiming" races. This is a safeguard to prevent high-quality horses from entering races against old lame nags for an easy payday. The track doesn't want races like these, where it's obvious who's going to win. They want competitive balance in every race. They want the class horses racing the other class horses, and the cheap horseflesh matched up against one another, so they came up with the claiming system.
It comes down to this: every horse in a claiming race is for sale. In Mon Gateaux's race, the claiming price is $12,500. This means any licensed owner can put in a "claim" on a horse before the race with the track stewards (racing officials), and as soon as the starting gate opens to start the race, they are the horse's new owners (if more than one claim is put in on a horse, they draw for it to see who gets it). The old owners get any purse money won by the horse in the race, but the new owners are responsible to retrieve the horse from the track, take it back to their barn and cool it down and feed it. It's their horse now.
So if you think your horse is worth $12k, you don't enter him in a $6k claiming race. You'll probably win the race, but you'll lose the horse, and get far less than he's worth. Conversely, you don't enter him in a $15k claiming race, because he's not as good as the other horses in the race and has no shot.
You can see how this system keeps the competitive balance finely tuned.
There are drawbacks to this system. For example, if you put in a claim for Tattered Flag, there are no refunds. You are told to go get your dead horse off the track, AND you get a bill from the vet who administered the shot. Tattered Flag's old owner goes from despondent, to "just won the lottery" elated when he hears the horse got claimed (he isn't told before the race, or else he might scratch--withdraw--the horse before the race begins).
In the previews that ran after the pilot, we see a horse getting a "claimed" tag attached to his bridle after a race, and Escalante goes pale when he sees it. They also show Jill Hennessy chasing after him in the barn, "You lose your best horse, so you fire your vet? What do you do next, set yourself on fire?"
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Originally Posted by riverboatking
just wanted to let you know i really enjoyed your write up and hopefully you continue to do em throughout the series.
also since i know nothing about horseracing about how much did they win in total? i know it said 2.6 and change but then they said something about withholding and kickbacks and consolation etc so just curious what an approx number would be for what they're actually going to walk with.
thanks.
6 of 6 pays $2.687M
5 of 6 pays about $9k. This wasn't mentioned in the episode, but that's how they had it in the script I keep mentioning. In the episode, Marcus says they get that 15 times, or $135k. We're up to $2.822M.
IRS will withhold 28%, or $790k (wow!), making the ticket worth $2.032M.
Kagle throws in 33% of $790k (260k), bringing us to a total of $2.292M.
Hard to believe $135k in consolations isn't enough to pay a QUARTER of the tax bill! Also hard to believe that Kagle can come up with $260k. I guess that's why they added the line, "I can steer you to a beard" to cash the ticket.