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Neither. Most horses don't have any money. The mare owner pays the stud fee. That's the whole point. They pay the stud fee and the next year they get a baby.

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Q: Who pays stud fee - stud or mare?
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Related questions

What is the fee called when a mare mates with a stud horse?

The fee is called a stud fee. This is the amount paid by the mare owner for the breeding services of a stallion.


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