By By Maggie Biunno
The intricacies of horseracing and ownership step off the Belmont Racetrack and onto the University’s campus.
The Racehorse Ownership Institute (R.O.I.), a program offered through the University College for Continuing Education (UCCE), is the only one of its kind offered by an American university. Coordinated by attorney Chris Wittstruck, the R.O.I. offers insight from the perspective of a racehorse owner on what it really takes to become involved in professional horseracing.
Starting in January 2004, Wittstruck began holding two-day courses through UCCE relating to horseracing, explaining the most essential information to those interested in learning the game.
“I always had in my mind that ownership could be taught in an intellectual and legalistic way,” Wittstruck said. “I met Colleen Slattery, director of Business Studies at UCCE, and she allowed me to start the program and was extremely supportive.”
Wittstruck also received help organizing the R.O.I. from Walter Ebe, the UCCE director of marketing, and Suzanne Shareef, associate director of University Relations.
“Here’s the bottom line: you want to get involved in something,” Wittstruck stated. “It’s attractive to you. You like it, but you don’t know all the ins and outs. Lots of people have thought about owning a racehorse.”
Although students cannot earn credit for courses taken through the UCCE, the information obtained through seminars and classes can be very enlightening.
“The only thing that I explain is how the game works from an ownership perspective,” Wittstruck said. “I spent 12 hours during one weekend, but I could spend 12,000 hours and not be redundant.”
Wittstruck lectures on topics ranging from the differences between thoroughbred and standardbred racing as well as the different types of races. Wittstruck covers all the rules and regulations for racing in New York as well as licensing and taxation.
Thoroughbred racing is the most common type of racing throughout the world. Standardbred is also known as harness racing, because the horses pull carts behind them as they run.
Wittstruck also discusses the different ways to acquire a race horse: private sale, claiming or buying a horse out of a race, breeding horses and auction sales.
Wittstruck provides his students knowledge about the horses: being able to determine if one is good or bad, daily rates to keep a horse, common illness, injury, medical and retirement issues.
Joanne Adams, of Garden City, was one of Wittstruck’s first students in his “Introduction to Racehorse Ownership for the Small Investor” class. Adams works as a divisional sales manager for a fashion company and came to the course after investing for five years in thoroughbred racing.
“I had already started investing, so I was a couple of steps ahead of some people who just didn’t know anything,” Adams said.
Even though she went into the class with some prior knowledge, she was still able to come out with more insight into the industry.
“If you have a passion and an interest, it’s wonderful, but you have to carefully watch your investment,” Adams said. “Although you can make money in this business, Chris gives you a very grounded reality of what it is that you are getting yourself into.”
Even after the course, Adams has still kept in touch with Wittstruck. He has aided Adams, helping form her own limited liability company whose partnership’s investments help minimize her own personal risk. Now regularly racing horses, Adams also runs into Wittstruck while at the Belmont and Aqueduct Racetracks.
“He is knowledgeable in so many areas,” Adams said. “It’s been very helpful. The exceptional thing about his class, besides the fact that you learn a lot, is that he keeps in touch with all of his classmates.”
Wittstruck grew up in Brooklyn, just four subway stops from the Aqueduct Racetrack in Queens.
“I used to go to Aqueduct and Belmont with my grandfather and uncle from the time I was 14 years old,” Wittstruck said.
After receiving his degree from St. John’s University, Wittstruck became more involved with horseracing. From 1982 to the present, he has been actively involved with many organizations, holding titles such as secretary of the New York City Chapter of the United States Harness Writers Association, director for the Standardbred Owners Association of New York and a monthly columnist for the United States Trotting Association.
Wittstruck is also a licensed thoroughbred owner in New York State and a standardbred owner licensed by the state harness racing commissions in New Jersey, Pennsylvania and Maryland.
The New York racetracks receive a handle the total amount of bets coming in from all over the world of a tremendous amount of money each day. These handles in New York can range anywhere from $3 or $4 million on a slow day, to up to $120 million on a good day.Since so much money is on the line, it is extremely important to understand the details that are involved with horseracing. Wittstruck’s course is helpful because it covers all the basic concerns and questions to those involved in the sport.
“[If] you jump in and don’t know what you are doing you will get burned, like any other investment,” Wittstruck cautioned. “It’s not an infomercial. I show you ‘the good, the bad and the muddy.'”
Wittstruck invites anyone with an interest to register for his class, and he takes pride in all of his students.
“Even if you don’t buy, that’s also a success,” Wittstruck said. “I helped you make an informed decision.”
Wittstruck now lives in New Hyde Park and continues to enjoy his passion for horseracing. He has interests in partnerships with two thoroughbreds named Heresheis and Winning Foursome. Wittstruck currently does not work with any standardbred horses, due to the closing of Yonkers Raceway.
The course, “Introduction to Racehorse Ownership for the Small Investor” is being held this weekend on Saturday and Sunday, Nov. 5 and 6, on the University’s campus.
It is not too late to register for this opportunity. For more information contact the University College for Continuing Education at (516) 463-7800.