If the bill becomes law the Texas Derby would offer a $5 million purse, equal to the richest purse in the United States at the Breeders’ Cup Classic, but still way below the world’s richest horse race – the $10 million Dubai World Cup.

Revenues have been declining for several years at the horse and dog tracks in Texas and supporters had hoped that a huge budget shortfall would convince lawmakers to finally allow voters to decide whether to bring casino gambling to the Lone Star State. Billions of dollars a year are lost to neighboring states from Texas gamblers going to New Mexico, Oklahoma and Louisiana for gambling opportunities.

But racinos, casinos or video lottery terminals at race tracks weren’t in the cards. Enter Harvey Hilderbrand, a Kerrville Republican who chairs the Ways and Means Committee, who was looking for a way and the means to help horse races get back on track.

Hilderbrand’s bill creates a national race known as the Texas Derby that would rotate in Texas’ top race tracks – Lone Star Park at Grand Prairie, Sam Houston Race Park and Retama Park in San Antonio. The new race could begin as early as 2015 and offer a purse worth up to $5 million. That purse could make the race one of the richest in the country if not the richest.

Texans offer a lot of different reasons that horse race tracks are hurting in Texas. They say that other states offer higher-dollar purses and they can afford them because of slot machines or racinos that provide more cash to the owners.

Hilderbrand’s bill would:

 Create two races – one for Texas bred horses and the other open to all horses across the nation. Out of state horses would have to earn points in Texas by participating in other races to take part in the Texas Derby race.
 Raise money for the $5 million purse through entry fees, license fees and other sources. Supporters say they hope to have an endowment for the race’s first run within two years.

Supporters of the Texas Derby say it will bring in visitors to the state, tourism dollar and help an industry that is important to the history of Texas as it is facing an economic downturn. Even gambling opponents say the Derby is the way for horse tracks to grow their business instead of putting in racinos.

Supporters agree that the Derby is good for Texas – but they still want Texans to have a chance to vote on expanded gambling in the Lone Star State. Until then Texas gamblers will have to be satisfied with existing race tracks, playing bingo, betting on the lottery and the chance for online gambling.