For much of a recent race at Horseshoe Indianapolis, Dan Spears had reason to be excited.
His horse, Turbeau Man, was leading the field.
Spears has experienced the anticipation of watching his own horse race for most of his life. His father and uncles owned racehorses, and he eventually bought a farm with his wife to breed horses themselves.
"I think I was in my first winning picture at 10 years old, which I still have," Spears said.
Now president of the Indiana Thoroughbred Owners and Breeders' Association, Spears hopes a new fractional ownership program will introduce more Hoosiers to that experience.
MyRacehorse recently launched its Indiana Racing Club, allowing people to purchase a small ownership share in an Indiana-bred thoroughbred named Smokinghot Justice for as little as $250.
The program offers an alternative to traditional horse ownership, which can require substantial financial commitments before a horse ever reaches the racetrack.
Spears said breeding a thoroughbred begins with selecting a mare and stallion, followed by approximately 11 months of pregnancy. The horse then spends its first years growing and training before it's ready to race.
Between breeding fees, veterinary care, feed and training, the costs can add up quickly.
Jessica Barnes, deputy director of the Indiana Horse Racing Commission, estimates preparing a young thoroughbred for racing can cost $10,000 to $15,000, excluding the purchase price.
Fractional ownership offers a way to participate without taking on those expenses individually.
"You do get an equity in the horse, and then the fractional share will give you access to weekly content and updates on the horse, including analysis and general updates from your trainer, your jockey, all that fun stuff," said Nikki Morris, MyRacehorse's racing club marketing lead.
The shares represent small ownership interests in an entity that owns the horse. Shareholders can follow its training and races, receive updates and participate in certain owner experiences, but they don't individually control decisions about the horse.
Morris said the company decided to expand its Indiana presence after seeing enthusiasm from existing fractional owners at Horseshoe Indianapolis.
"We had 90 owners get in the winner's circle for this horse, and it wasn't like a notable race at all," Morris said. "But that winner's circle was so huge and so exciting that we were like, you know, maybe there's something really here in Indiana."
The Indiana Racing Club, founded by MyRacehorse, focuses on local racing and giving participants opportunities to watch their horse compete closer to home.
Although participants purchase an actual ownership interest, MyRacehorse cautions that financial returns aren't guaranteed.
The company's offering documents warn that shareholders could lose their entire investment.
Morris said people should not approach fractional ownership as a financial investment.
"I personally believe that people should view this more as an experience and kind of like how you put money in to go see a concert," Morris said. "You're not really expecting a return on investment on your concert."
Spears said the experience can sometimes encourage people to become more involved in the sport.
He pointed to a member of his association's board who started with MyRacehorse before pursuing traditional ownership.
"He got into MyRacehorse, and then he said, 'Hey, I like this. I'm going to do it on my own,'" Spears said.
Indiana's horse racing industry supports breeding farms, trainers, veterinarians, feed suppliers and other businesses throughout the state.
But the industry also faces challenges attracting new participants.
According to the Indiana Horse Racing Commission's 2025 annual report, the number of thoroughbred foals registered in Indiana declined from 362 in 2024 to 293 in 2025, a decrease of about 19 percent.
The decline in breeding registrations doesn't necessarily mean the entire racing industry is shrinking, but it highlights one measure of participation that has fallen in recent years.
Barnes said introducing the sport to people who haven't grown up around horses remains a challenge.
"One of our biggest challenges is when people don't know that there's horse racing in Indiana," Barnes said. "And just introducing that new generation and spreading the word that it's a family-friendly place."
She said fractional ownership could provide a new entry point for people who might otherwise never consider owning a racehorse.
"When you go to other sporting events, basketball games, football games, you're excited and you're excited for the players," Barnes said. "But to know you have a direct connection to that horse on the racetrack is a feeling that is just indescribable."
The commission oversees horse racing in Indiana, including licensing ownership groups and individuals with ownership stakes greater than five percent.
Barnes said the industry's long-term growth will also depend on maintaining the quality of horses bred and raced in the state.
"We're not just breeding for quantity here in Indiana," she said. "We want to balance that with quality."
For Spears, attracting new owners could eventually benefit Indiana's breeding farms as well.
He hopes some people who begin with fractional ownership will eventually purchase horses of their own, creating more opportunities for local breeders and trainers.
And having an Indiana-based racing club means owners can watch their horses compete without traveling across the country.
"Now that they're local, a regional program, then those people are coming to the track and following their horses and buying merchandise, and then maybe eventually become owners," Spears said.
Back at Horseshoe Indianapolis, Spears' horse couldn't quite hold onto its lead.
After running in front for much of the race, Turbeau Man finished third.
It's a familiar part of horse ownership: the excitement of watching a race unfold, even when the result isn't a win.
For Spears, the hope is that more Hoosiers will discover that experience for themselves, even if they only own a tiny fraction of the horse they're cheering for.
