Big purses are seductive. They look like opportunity.

In reality, they’re usually traps.

Every race card is built around a condition book — the written blueprint that determines who is allowed to run, for how much, and under what rules. Most bettors never read it. Most owners glance at it. The sharpest stables live inside it.

When most people think about owning a racehorse, they picture million-dollar yearlings at Keeneland and the Kentucky Derby spotlight. What often goes overlooked is one of the most powerful — and profitable — ownership opportunities in the sport: New York-bred racehorses.