$12 million Pegasus gives racing big buzz, huge purse (Sports Betting News)

FILE - In this Nov. 5, 2016, file photo, jockey Mike Smith celebrates after riding Arrogate to victory in the Breeders' Cup Classic horse race at Santa Anita Park in Arcadia, Calif. Hall of Fame jockey Mike Smith will ride Arrogate against favored California Chrome in Saturdays $12 million Pegasus World Cup at Gulfstream Park. (AP Photo/Jae C. Hong, File)

The idea was most unusual: Put together the richest horse race in the world, and do so by getting 12 stakeholders to invest $1 million apiece just to have a spot in the starting gate. The biggest purse offered in thoroughbred racing – $12 million – is up for grabs Saturday at Gulfstream Park, where California Chrome and Arrogate headline the field of the inaugural Pegasus World Cup. The winner’s connections will walk away with more than $7 million between purse money and a share of what could be a massive amount of wagering on the race.

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