For a company whose business model focuses on selling an experience to members of the general public, there is no better way to get your name out there than by having that experience broadcast on national television. MyRacehorse knows that firsthand as Seize the Grey , a horse they bought for $300,000 at the 2022 The Saratoga Sale, Fasig-Tipton’s select yearling sale, won the Preakness Stakes (G1) at Pimlico Race Course May 18.
Anyone watching NBC as the son of Arrogate upset Kentucky Derby (G1) winner Mystik Dan witnessed the joy and jubilation of hundreds of Seize the Grey’s shareholders celebrate in the winner’s circle. These owners were not the millionaires and billionaires that most of the general public assumes is behind a top-level horse, but average everyday people like themselves.
“The coverage was phenomenal. The vibe looked tremendous after the horse won,” said MyRacehorse’s founder and CEO Michael Behrens. “I thought the analysts were so complimentary of what had been accomplished.”
MyRacehorse owners celebrate after the Preakness Stakes in the winner’s circle at Pimlico Race Course
MyRacehorse, through their app and website, sells fractional ownership in racehorses allowing racing fans to experience horse ownership for much lower of a price. In total, Seize the Grey has 2,570 owners. The excitement and thrill being experienced by those owners led to such interest from those who were not involved that the website momentarily crashed in the aftermath of Seize the Grey’s victory.
“That’s how much demand there was,” Behrens said. “The app got a ridiculous amount of downloads. When I looked at the Kentucky Derby (which MyRacehorse won as co-owner of Authentic in 2020) … This in an hour was twice as big. It was just incredible, it’s been thousands of new owners.”
Behrens said the interest has come not just from first-time app downloaders, but also from many who had tried MyRacehorse before and perhaps bought into a horse that had not been as successful.
“The odds aren’t very good that your first one is going to be a smash-hit success,” Behrens said. “For us to have this moment to show others who maybe didn’t have a horse to accomplish this that it’s still possible, we got a bunch of people who had given us a trial to come back.”
At the time MyRacehorse won the Preakness, their website was offering shares in a 2-year-old Liam’s Map colt they had purchased for $500,000 at the Ocala Breeders’ March 2-Year-Olds in Training Sale. Once Seize the Grey passed the wire, he sold out immediately.
“The first 5,000 downloads we got sold out the horse we had,” Behrens said.
As 2-year-old in training sales continue and the big yearling sales at Saratoga and Keeneland are on the horizon, Behrens said the extra interest in MyRacehorse will likely lead to the purchase of more horses. In the week following the Preakness, MyRacehorse purchased four horses at the Fasig-Tipton Midatlantic May 2-Year-Olds in Training Sale, two colts and two fillies, for a combined $1.06 million despite only planning to buy two. Shares in two of them will be available on the app within the next week.
“We had already seen what was happening on the app, so we walked away with four,” Behrens said. “I know the number (of horses we buy) will go up because I see the number of downloads that we have of people wanting to buy.”
However, Behrens said that despite purchasing more horses, they will continue to be disciplined on how much they spend, not letting the success on the app bait them into going for the higher-priced horses.
“We’ve been doing it for five years now, I think our team is pretty disciplined in what works, what we want,” Behrens said. “You can come in and be a little excited and want to keep hitting that hammer, but if you’re going to be sustainable and do a good job by your partners, you’re going to have to be disciplined.”
Michael Behrens (left) holds the Preakness trophy
The increased customer base is one of three pillars of running a business that Behrens considers to have been strengthened by the Preakness victory. The second pillar is brand awareness.
“From a business side, it’s been amazing from a brand perspective,” Behrens said. “We can tell our story and clear up misconceptions about how our model works. It’s really helping provide clarity on the business.”
The final pillar is capital, which Behrens said they have received a lot of investor interest at the company level.
“New people wanting to come in and support our mission and passion of what we’re doing has been overwhelming,” Behrens said. “We’re a business that’s always looking to expand. We have big ambitions for MyRacehorse.”
Among those ambitions are building a secondary market, further building out the technology so it can be licensed, geographic expansion, and sports expansion.
Seeing this sudden burst in popularity is not new to MyRacehorse. They saw a similar bump when, as a newer company, they bought a share in Authentic following his runner-up finish in the 2020 Santa Anita Derby (G1). As Authentic was pointed toward the Haskell Stakes (G1) as a prep for the pandemic-delayed Kentucky Derby—which he would eventually win—it allowed the company to get their name and mission out in front of the general public and racing industry.
Authentic wins the 2020 Kentucky Derby at Churchill Downs
“The evolution of how people understood our product—just to buy a horse of this quality—it started to really change,” Behrens said. “It was $206 for a horse targeting the Kentucky Derby. … It wound up the biggest one-moment jump in our history at that time and then the win took it to another level.”
Behrens believes that a major difference between the boost in MyRacehorse’s popularity between Authentic and Seize the Grey comes from when the company bought in. Authentic was purchased well after his career began and marketed as buying into a stallion prospect. Those who bought in would be able to continue making yearly dividends on the colt’s stallion career.
Meanwhile, Seize the Grey was purchased as a racing prospect. Those who bought in to the horse as a yearling had the pleasure of watching him grow up through every stage of his racing career and build a stronger connection with the horse.
“We built up so much momentum,” Behrens said. “The story was longer, it was more in depth, we went on this whole journey. The idea that there was such a build-up, it made the climax so much more significant.”
The journey continues for Seize the Grey and his 2,570 owners as he prepares for a start in the Triple Crown’s final jewel, the $2 million Belmont Stakes (G1) held at Saratoga Race Course June 8. Win or lose, it is sure to be a special weekend for all the MyRacehorse owners who make it to the Spa.
Seize the Grey trains ahead of the Belmont Stakes at Saratoga Race Course
To help give some of the owners an extra special experience, MyRacehorse negotiates with tracks to receive as many special ownership perks as possible to then make available through a lottery for owners attending the event. Owner’s tables, and paddock and winner’s circle passes have already been distributed to the lucky winners, according to Behrens.
Unfortunately, there is not enough space to accommodate all 2,570 owners in those sections. To help make the Belmont experience all the more unique for those attending, MyRacehorse will hold a special cocktail hour event June 7. Seize the Grey’s trainer D. Wayne Lukas and jockey Jaime Torres will be in attendance to meet and mingle with the owners.
“About 200 owners are going to come together,” Behrens said. “Have a couple of drinks, have some food, and get pumped for the day. Have a chance to take a moment and really enjoy it.”
As for the Belmont, Behrens says it is a different feeling than the Preakness. Seize the Grey has now proven he belongs against this competition and is no longer just a longshot taking a chance.
“Hopefully we get to all congregate around the winner’s circle around seven o’clock,” Behrens said.
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