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Horse racing continues to face a substantial decline in its third successive year, despite all efforts to bring back its appeal, especially by others in the gaming sector, such as casinos. Horse race wagering was at around $11.26 billion last year, a 3.35% decrease from the year before.

The horse racing sector in the United States continues to grapple with a downturn as 2024 marked the third consecutive year of declining parimutuel wagering. Despite ongoing efforts by casinos and other kinds of gaming to support the struggling sector, the numbers tell a sobering story of a sport that has yet to regain its footing.

A declining trend

Betting on Thoroughbred races, the most prominent form of horse racing in the US, saw another year of decline. According to Equibase, the industry's official database, and the Paulick Report, parimutuel wagering on Thoroughbred races totaled around $11.26 billion in 2024. This represents a 3.35% decrease from the $11.65 billion recorded in 2023.

Thoroughbred horse racing, which is synonymous with marquee events like the Triple Crown races - the Kentucky Derby, Belmont Stakes, and Preakness Stakes - alongside the Breeders' Cup Classic and the Travers Stakes, continues to face headwinds. The sport's peak wagering year came in 2003, when bets exceeded $15.1 billion, equivalent to $25.7 billion when adjusted for inflation.

A challenging December 2024 capped what Ray Paulick described as "the worst year for the industry since 2020." That year, the COVID-19 pandemic shuttered businesses across the country, significantly impacting horse racing. In 2024, race days fell by 2.4% to just 3,787, while the total number of races declined by 2.8% to only 30,852.

Gaming to the rescue

To their credit, several states with thriving casino industries have sought to use gaming revenues to prop up horse racing. In Pennsylvania, for instance, casinos have funneled more than $4 billion into horsemen's subsidies since 2004, when the state's first slot machines went live. Similarly, Nebraska is attempting to revitalize its horse racing industry by allowing racetrack casinos.

Following a 2020 statewide referendum, Nebraska racetracks began integrating slot machines, table games, and sports betting. While the majority of the state's tax revenue from these activities is earmarked for property tax relief, the hope is that the casino additions will attract patrons back to racetracks. Some casinos are even building new racecourses and grandstands as part of their resort expansions.

Virginia has also embraced innovative gaming solutions. Historical horse racing or HHR machines, legalized in 2018, have breathed new life into the Colonial Downs Racetrack. These terminals, which resemble slots, enable parimutuel wagering and have generated over $4 billion annually. States like Alabama and Kentucky have followed Virginia's lead, incorporating HHR machines where commercial casinos are absent.

While these efforts have slightly boosted horse racing purses nationwide - reaching over $1.3 billion in 2024, a modest half-percent increase - Equibase data suggests that casino patrons are not transitioning into horse racing bettors. Additionally, scandals such as those involving high-profile trainer Bob Baffert have further tarnished the industry's image.

A storied past, an uncertain future

One of the most significant blows to the horse racing industry came with the closure of the Freehold Raceway in New Jersey on December 28, 2024. Widely regarded as the oldest horse racetrack in the United States, Freehold's history dates back to the 1830s. Harness racing became its defining feature in 1854.

The track's joint owners, Greenwood Gaming and Entertainment and Penn Entertainment, made the difficult decision to shutter operations. Penn Entertainment, originally a horse racing firm, continues to manage the Penn National Race Course and operates four casinos in Pennsylvania. However, even with such storied connections, Freehold's closure is emblematic of the challenges facing the industry.

The future of horse racing in the US

As horse racing battles declining interest and wagering, the industry's future hinges on its ability to adapt and innovate. Casinos and alternative gaming solutions provide temporary lifelines, but the sport needs broader strategies to attract a new generation of enthusiasts. Whether through digital platforms, fan engagement, or enhanced integrity measures, the challenge is clear: horse racing must evolve to survive.

July 31, 2024 – Of the nine turf experts who will mow some lawns on Sunday at Del Mar in the 51st running of the Grade 2, $250,000 Eddie Read Stakes, Johannes and Du Jour are predicted to draw the majority of wagers.

The new morning-line maker at Del Mar, veteran handicapper Jeff Siegel, chooses between the 4-year-old colt Johannes (2-1) and the 6-year-old horse Du Jour (5-2) in the 1 1/8-mile event.

Johannes has won five of his last six starts, including a victory in the Shoemaker Mile at Santa Anita on May 27. Owned by Cuyathy, Johannes is trained by Tim Yakteen, former assistant to Bob Baffert, who trains Du Jour. Du Jour, in the silks of Jill Baffert and Debbie Lanni, aims to add to his six wins and $1,154,220 in earnings.

Last year’s Eddie Read winner, Gold Phoenix, returns along with runner-up Balnikhov. Master Piece, the 2022 Eddie Read champion, also joins the 2024 lineup, adding further intrigue to the race.

July 29, 2024 – The last race of the season took place at Hong Kong's Sha Tin Racecourse on July 14, drawing hundreds of bettors, most of them middle-aged males. Massive horse bettors and enthusiasts showed up to bet, studied racing forms and odds, hurried to the stands as horses bolted from the gate.

Emotions were running high when they came back into the air-conditioned hall after each race. Over 30,000 individuals attended the event, with a record 6,373 viewers traveling from mainland China, where it is prohibited to gamble on horse races.

An 81-year-old participant by the name of Wu had to share “I've been betting on horses for more than 50 years and I always come for day races," said an 81-year-old who gave his name only as Wu.”

Macau Jockey Club’s Closing

Hong Kong's vibrant scene stands in stark contrast to that of Macao and Singapore. The Macau Jockey Club closed in April owing to financial problems; in 2023, it drew only 29,000 spectators.

The waterfront location is slated for a new use by the government. October will see the closure of Singapore's Turf Club when the government takes back the racecourse site, which is being used for housing and other purposes due to competition from the city's two casinos.

While they do not intend to target the HKJC's land, Hong Kong authorities are fighting to use a portion of the Hong Kong Golf Club site for public housing. In contrast to its counterparts in Macao and Singapore, the HKJC is expected to prosper because of its targeted philanthropic expenditure, varied funding streams, and alignment with governmental agendas. Being the largest taxpayer in the city and providing funds for public services like housing, healthcare, and education guarantees government support for its growth.

Government Influence Spreads Across the Jockey Club

Although the Hong Kong Jockey Club (HKJC) is a private nonprofit, government officials have significant influence. Among the club's 189 voting members, 33 are current or former officials, including Financial Secretary Paul Chan.

The board is led by Michael Lee, with two former government ministers. Some, like Regina Ip, see a conflict of interest in these links. However, HKJC CEO Winfried Engelbrecht-Bresges described the relationship as "symbiotic and collaborative" in an interview with Nikkei Asia.

"The position and status of the HKJC depends on its plans to cooperate with the Hong Kong and Chinese governments to expand its reach and power in contemporary and future Hong Kong and China," wrote Leiden University lecturer Pui Chi Lai, in a paper published in 2023.

The University of Hong Kong's John Bacon-Shone, an honorary professor of social science, stated that the club deliberately enlists senior civil officers who are about to retire. "So the government is comfortable with the strategies of the Jockey Club [and] how they are spending their charitable money," Bacon-Shone states.

According to the government budget plan, the city anticipates receiving HK$28.6 billion in betting taxes from the HKJC overall this fiscal year, which is equal to one-third of anticipated collections from personal income taxes. For the year ending in June 2023, the club itself paid HK$542 million in income tax. The HKJC's reaction to opinions such as Ho's extends beyond suggesting that increased taxation will force gaming underground.