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KENTUCKY RACING GETS $440,000 IN ADDITIONAL MONIES FROM ACCOUNT WAGERING
The National Thoroughbred Racing Association (NTRA) today announced that its subsidiary, NTRA Services, distributed more than $440,000 in additional monies to horsemen and racetracks in Kentucky this week. The revenue was derived from account wagering by TVG subscribers in Kentucky from October 2000 through February 2001 and brings the total amount distributed since September 1999 to $1.95 million.
TVG is available on basic cable in Louisville and Lexington, where most of the wagering activity occurred, and through the Dish Network Satellite service in other local markets in the state.
These ongoing "source-market fee" payments represent NTRA-backed support for live racing programs for the markets in which the TVG wagers are placed. They are distributed based on a mutually agreed upon formula among local racetracks and horsemen, with one-half of the money allocated to purses.
"TVG's revenue sharing program for horsemen in local markets is the model by which account wagering and live racing can both thrive," said NTRA Commissioner Tim Smith. "For evidence, we need look no further than the $1.95 million in incremental monies that have been paid in just 18 months and which benefit our member tracks and horsemen."
"The latest results show that as wagering levels through the NTRA Services hub continue to increase, the economic benefits returning to the Kentucky market become more significant," said Mark Wilson, president and CEO of TVG. "We appreciate the continued support of our track partners and the Kentucky horsemen. With that level of support as we expand into other markets, we are confident that TVG and NTRA Services can produce the incremental growth to the racing industry that we have promised."
"The development of source-market fees was a significant innovation for racetracks and horsemen in this era of growth in account wagering," said Alex Waldrop, president of Churchill Downs. "These fees are an important source of new revenue for all of Kentucky racing and we applaud TVG and the NTRA as they join us in the effort to expand our market and increase those source-market revenues."
An Official Marketing Partner of the National Thoroughbred Racing Association (NTRA), TVG features live, hosted Thoroughbred, harness and Quarter Horse racing from America's premier racetracks. TVG has exclusive long-term agreements with the following racetracks: Aqueduct, Arlington, Bay Meadows, Belmont Park, Calder, Churchill Downs, Del Mar, Ellis Park, Emerald Downs, Fairplex Park, Gulfstream Park, Hollywood Park, Hoosier Park, Keeneland, Laurel, Lone Star Park, Los Alamitos, Oak Tree at Santa Anita, Pimlico, Portland Meadows, Prairie Meadows, Ruidoso Downs, Saratoga Raceway, Saratoga Racecourse, Suffolk Downs, Turf Paradise and Turfway Park. Non-exclusive racetrack partners include Fair Grounds, Louisiana Downs, Balmoral, Maywood, Pompano Park, Great Lakes Downs and Northfield Park. Co-produced with FOX productions, TVG's programming includes expert commentary, tutorials and behind-the-scenes features on the horses and celebrities of racing.
TVG is headquartered in Los Angeles with offices in Broomfield, Colo., Tulsa, Okla., and Louisville, Ky. Currently, the network is available to five million cable and satellite television subscribers via basic programming packages on EchoStar's Dish Network, the Superstar/Netlink/Turnervision group of c-band satellite services and cable systems in Kentucky. TVG is a wholly owned subsidiary of Gemstar-TV Guide International (NASDAQ: GMST). For more information, please visit www.tvguideinc.com.
The NTRA is a broad-based coalition of Thoroughbred interests charged with increasing awareness of Thoroughbred racing and improving economic conditions for industry participants. The NTRA also conducts the Breeders' Cup, Thoroughbred racing's year-end Championship consisting of eight races and $13 million in purses and awards, and the Breeders' Cup National Stakes Program, which are funded by the industry's owners and breeders. The NTRA has offices in Lexington, Ky., and New York City. A compendium of NTRA press releases appears on the NTRA Web site, ntra.com, and at the Web site for the Breeders' Cup Championship, breederscup.com. Contact the NTRA at firstname.lastname@example.org.
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