B. F. Phillips was regarded as the driving force behind the successful passage of pari-mutuel legislation in 1987. He had been elected to serve as chairman of the Texas Horse Racing Association's executive committee in 1987 -the same year Texas approved pari-mutuel betting. Phillips passed away 10 days after the legislation was approved.

Phillips was the breeder of the most influential Quarter Horse sire in history-Dash for Cash. The horse was the first ever to win the Champion of Champions twice. He also established new standards of breeding partnerships and syndication which influence the industry today.

Phillips is a member of the American Quarter Horse Hall of Fame.

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