SAN DIEGO -- When it comes to horse racing, there's nothing cheap about the sport, especially if you own a horse. But that's starting to change, thanks to the recent launch of a new app and website that lets anyone become a racehorse owner.
"It's the first ever micro-investing platform for horse ownership," said Michael Behrens, founder of MyRacehorse. "People who want to be involved in horse race ownership can do so for as little as $100."
The platform connects buyers to existing ownership groups who have put a minority stake of their horse up for sale. The app essentially then breaks down that minority stake into smaller percentages in which buyers can purchase.
"If you picked Moonless Sky, who's a horse we have on the app right now, it's $110," said Behrens. "You press checkout and within 30 seconds you are the owner. You get an update, a bunch of new information comes into your feed."
Owners can hear directly from the trainer, the ownership group and the jockey about the horse. In addition, you get to visit the horse at the track, are given special race day privileges and if lucky enough, get to step inside the winner's circle.
"So many people are fans of the races that just want to get a little bit closer but usually that required ownership," said Behrens. "That was inaccessible with $100,000, so now for $100, you unlock this world that you kind of wanted to be a part of but just didn't seem possible."
As an owner, you're also able to profit like one. The MyRacehorse platform distributes any earnings directly to the app's wallet.
"The general liquidity from the industry is the horse will race and if it's sold during claiming races or private sale, that's when you're able to get your money back from your share," said Behrens.
Seven horses with various racing experience are available for purchase, but only for California residents because the business currently operates under a permit. As far as transparency goes, everything is outlined in the app.
"All the fees are listed. You see what the costs were, all the admin costs, any accounting costs," said Behrens.
So instead of spending at least $140,000 to become an owner, MyRacehorse gives you that experience for a fraction of the cost.
"People like to do things now," said Behrens. "Not just spend their money on stuff but get out there and have different experiences. So this is a really cool convergence because to us, this is one of the more interesting experiences and we just wanted to make it accessible."
To learn more about MyRacehorse, click here.