While I believe tournaments have a role in the gaming part of horse racing, the notion that tournaments with substantial buy-ins will attract new and younger players is a fantasy.Today's younger gambler has grown up with a need for instant gratification and I can think of no reason--and know no one-who has a desire to learn the intricacies of handicapping, money management and betting merely for the opportunity to "buy-in" to a tournament full of seasoned handicappers, who have spent the better part of a lifetime immersed in horse racing and have judgment and wisdom that take decades to develop. Many of the tourney sites, i.e. horse tourneys.com, DRF, have the right idea by offering feeders and qualifiers for recreational handicappers to sharpen their talents (or learn they have no talent). I have no idea whether those smaller qualifiers take away or add to the handle generally,but they have attracted me,I find them fun and it has not decreased (or increased) my overall betting. In term of the larger buy in tourneys, the issue is not whether I think I am a better handicapper than TGJB, Planet Helmers or others on this board--I am simply not prepared to spend $5k or $10k to find out.That money will carry me--and I suspect most everyone on this Board-for a fair period of regular playing.

This brings us back to a related issue that has been discussed from time to time on this board-sports betting. As most of you know the Supreme Court will soon decide the constitutionality of PASPA, the Federal statute that limits spots betting to 4 states, primarily Nevada. Roughly 13 states-including NY and New Jersey (which challenged the statute)already have states bring to go if, as many expect,PASPA is found to be unconstitutional .How big will this be?? In today's NY Times business section, Churchill Downs Inc.(the entity not the racetrack)made an offering to buy back $500,000,000 of its own stock. "Hmm" I said to myself and did a bit of digging. CDI just sold a mobile gaming company it owned for $990 million.So,it can afford to buy back its stock. The CEO of CDI was quoted as saying the sale of this division was to enable it to refocus on among other things its "casino segment, Twinspires.com and OTHER FORMS OF REAL MONEY GAMING..(emphasis mine)" What did CDI mean about "real money gaming". A bit more research. Well,it seems simultaneously with these corporate issues taking place, Kentucky now has proposed legislation to legalize sports betting if PASPA is overturned by the Supremes. And guess what Ky. administrative agency gets oversight responsibility if the new legislation becomes law--the Kentucky Horse racing commission.
All of this strongly suggests that the home of the Kentucky Derby (and this has been true for some time)recognizes where the next wave gambling dollars will come from--and sadly, it will not be from millenials, Generation X'ers or the like who have decided to take up handicapping as a hobby--it will on sports betting.I suspect horse racing betting will continue as it has for years-on line, a few whales or computer syndicates,big race days and this Board of passionate followers. No one--is likely to be attracted by having to pay $5k or $10k to play in a big money tournament.