A lot of people are always invested in the Kentucky Derby for gambling reasons. But this year, nearly 400 people were cheering on Mage to win.
The horse, which entered the race with 15-1 odds to win Saturday, ended up taking the Run for the Roses with Javier Castellano riding.
Outside of Castellano and trainer Gustavo Delgado, however, 391 shareholders were pulling for Mage to cross the finish line first, as they had stock in the horse through an investment app called Commonwealth.
Those shareholders hold 25 percent stake in the horse, and they could invest with a sum as low as $50.
— Commonwealth (@joincmnwlth) May 1, 2023
What is Commonwealth in horse racing?
Commonwealth is a fractional investment app that allows those interested to purchase shares of different athletes. It is not as “Borg”-like as its name suggests, though it does make purchases cheer as a collective.
Although horses are the most common commodity, there are golfers on the app as well, specifically Joey Vrzich and Cooper Dossey, whom it says are “coming Spring 2023.”
Commonwealth has a partnership with WinStar Farm, a premiere breeder of thoroughbreds and the farm from which 2018 Triple Crown winner Justify hails.
“Together we are going to revolutionize the ownership experience and give the world access to horses that were once unavailable to the public,” Brian Doxtator, CEO of Commonwealth said, per the collective’s website.
What do Mage Commonwealth owners get paid?
According to Action Network’s Darren Rovell, Commonwealth owners will be paid out $94.52 per share (prior to taxes) for the win.
With that in mind, while the payout is nice, it’s as much about bragging rights as it is the payout. Think Green Bay Packers shareholders.
The other major horse involved in Commonwealth is Country Grammar, who won four races from 2019 to 2022.
Published at Sun, 07 May 2023 12:42:00 +0000