Horse Racing Fails to Make Comeback on Third Successive Year
January 6th, 20254 mins

Horse Racing Fails to Make Comeback on Third Successive Year

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.

Del Mar 2024: Johannes Du Jour Will Go Head to Head with Eddie Read
July 31st, 20241 mins

Del Mar 2024: Johannes Du Jour Will Go Head to Head with Eddie Read

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.

Hong Kong Jockey Club's 2024 Race to the Finish
July 29th, 20244 mins

Hong Kong Jockey Club's 2024 Race to the Finish

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.

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Reintroduction of Horse Racing in Central Massachusetts Faces Opposition
July 25th, 20242 mins

Reintroduction of Horse Racing in Central Massachusetts Faces Opposition

July 25, 2024 – A large portion of that sector fled Massachusetts when Suffolk Downs hosted its final horse race in 2019. An investor group hopes to alter that by constructing a new track in Gardner. Many locals are in favor of stopping the project before it even leaves the gate. Gardner Racetrack for Horses An LLC made up of horse racing industry investors is called Bay State Racing. The corporation attempted to proceed with this project on a Gardner property off of Route 140 last year. With a 114-acre plot of land across the street, they are making another attempt this year in the hopes that it would house the state's sole thoroughbred horse racing track. "It is our hope to be engaged and productive with the community and to be good neighbors," Bay State Racing's John Stefanini said at a presentation at Gardner City Hall Tuesday night. The corporation anticipates spending $25 million on new facilities, paying the city half a million dollars in taxes annually, and adding scores of new jobs. The majority of Bay State Racing's revenue comes from sports wagering, and the organization hopes to host two races annually. Residents and Ethical Treatment The property that the corporation is trying to purchase is presently a ranch where people receiving mental health and drug misuse treatment receive therapy from animals. Residents here are concerned about the concept of converting that into a stadium that can accommodate thousands of spectators in addition to several racing animals "The ethical treatment of the animals is still a question in my mind," said one resident. "Seven other communities in this state have turned these people down," another resident added. "So, Gardner, do the same. Tell them to giddy up and go back to Boston."

Horse Racing Event Relocates from Ruidoso Downs to Albuquerque Due to Flash Flood
July 23rd, 20241 mins

Horse Racing Event Relocates from Ruidoso Downs to Albuquerque Due to Flash Flood

July 23, 2024, El Paso, Texas (KTSM) - Ruidoso Downs Race Track and Casino is set to relocate to Albuquerque for the remainder of this year's racing season after flash flooding on Saturday, July 21st ruined a portion of the building, according to a video statement released by general manager Rick Baugh. The rest of the meet will move to the Downs of Albuquerque but will still be run as a Ruidoso Downs meet. The move is due to flooding that compromised bridges and culverts at Ruidoso Downs. Despite the heartbreak, New Mexico’s horse racing industry is uniting to help. “This area has never experienced this kind of flooding. You can’t beat Mother Nature. You just can’t,” Baugh said in a statement. Baugh that he and his staff remain optimistic that horse racing will return to Ruidoso Downs come 2025. Environmental Disasters in New Mexico This summer, the Ruidoso region has had two significant wildfires on June 15 and July 10, which were followed by flooding. The surrounding terrain was severely damaged by the fires, which made the flooding that resulted from the intense rains worse. Local communities and horse racing operations have been badly damaged by these natural disasters.

FanDuel and NYRA Resolve Horse Betting Dispute Prior to Upcoming Saratoga Season
July 18th, 20242 mins

FanDuel and NYRA Resolve Horse Betting Dispute Prior to Upcoming Saratoga Season

July 18, 2024 – Just in time for the commencement of Saratoga's much awaited summer racing season, FanDuel and the New York Racing Association (NYRA) have settled a substantial contract disagreement. Horse betting on FanDuel's platforms had been suspended due to a dispute, but it was resolved on Thursday, allowing bettors all over the country to resume on New York racing events. Initial Point of Contention NYRA and FanDuel declared a contract impasse, which resulted in the removal of NYRA material from the FanDuel Sportsbook, FanDuel Racing app, and TVG horse betting app. The timing of this conflict was especially important, since the popular summer racing season was drawing near. NYRA’s vice president of communications, Patrick McKenna shared “NYRA’s mission is to conduct world-class racing for the benefit of the state’s economy while growing the sport and creating opportunities for horsemen and breeders to compete for robust purses throughout the year.” The main point of contention was the extra portion of handling that NYRA requested from wagers placed by citizens of New York State. NYRA agreements used to include host fees solely for content. FanDuel first objected to NYRA's demand for a portion of the material wagered on by New Yorkers, regardless of the game. “NYRA agreements have traditionally been host-fee agreements for content only, but recently they also want a share of New York residents’ play from us regardless of what content those residents bet on. They’ve basically said that if we don’t pay that, then we don’t get access to NYRA content,” Fan Duel Racing’s general manager, Andrew Moore explains. About Saratoga Race Course Starting on Thursday and lasting through September 2, the 2024 summer meet will be held at Saratoga Race Course, one of NYRA's premier horse betting venues along with the Belmont Stakes. Twenty-seven Grade 1 flat races and two Grade 1 steeplechase races with 71 prizes totaling $20.75 million in purses will be held during the 40-day meet.

New Jersey and Darby Entertainment Tap into Horse Betting Marketplace
July 17th, 20242 mins

New Jersey and Darby Entertainment Tap into Horse Betting Marketplace

July 17, 2024 – After an agreement between Darby Development, the owner of Monmouth Park, and NYRA Bets, New Jersey will no longer be a one-app state for horse betting. According to the deal made public on Tuesday, NYRA Bets will take over as the managing vendor of the parimutuel horse betting system in New Jersey. It also opens up the market to new advanced deposit wagering (ADW) platforms. For over ten years, TVG, a division of the FanDuel Group, has been running 4NJBets, the only ADW in the state. When asked about the new partnership, Dennis Drazinm chairman and CEO had this to say “This is a win for the patrons in New Jersey, allowing them to have choices for the first time as to which site they prefer to wager with.” “It’s another step in our ongoing effort to make the racing experience in New Jersey as fan-friendly as we possibly can.” Drain adds.  Wider Variety in Horse Betting Apps on the Rise New Jersey sportsbooks and big ADWs are anticipated to enter the market, providing Garden State horseplayers with additional online options. Tony Allevato, President of NYRA shares “We are pleased to usher in a new era for horseplayers in New Jersey. As the sports betting market continues its rapid evolution, the expansion of NYRA Bets into New Jersey will benefit consumers by increasing competition.”  The New Jersey Horse Racing Commission, Darby Development, and NYRA Bets, the New York Racing Association's ADW platform, must first approve the ADWs. After completing the necessary formalities, NYRA Bets will determine when the applications will go online later this year. There are currently a number of NJ sportsbooks that offer horse betting in other states. FanDuel's sportsbook already incorporates the racing platform into their platform. During the well-liked Triple Crown betting season for horse racing, its shared wallet contributed to an increase in both users and handling. DK Horse is a racing product offered by DraftKings via a different app. It is also in the process of creating a single wallet for all of its gaming apps.

FanDuel-NYRA Dispute Reaches Saratoga's Opening Weekend
July 9th, 20245 mins

FanDuel-NYRA Dispute Reaches Saratoga's Opening Weekend

July 9, 2024 – An impasse that caused havoc on handle data during the week of July 4th was caused by the New York Racing Association's demand that FanDuel pay a higher %age of its handle from New York state residents. During that specific week, Belmont at Aqueduct handled 50.4% less money than it did for the week ending on July 9, 2023. Every week featured the Belmont Derby and ancillary prizes on the Saturday after July 4. In comparison to July 3–9 of last year, there was an 8.3% decrease in the overall handling from Monday to Sunday due to that kind of dip on the most popular signal in North America. However, removing Belmont at Aqueduct left all other tracks with a strong increase of 10.1%. Andrew Moore, the General Manager of Racing at FanDuel only had this to say in an email “We’ve seen a negative impact for sure, but due to our overall volume, not nearly as bad as NYRA has. This situation is bad for almost everyone, us, NYRA, and fans.” Due to a contract dispute between NYRA and FanDuel, fans cannot view or wager on NYRA content on FanDuel. This will certainly impact Thursday's Saratoga opener, as well as Belmont at Aqueduct. According to FanDuel, the NYRA requests an extra 2% of all handling from New York residents, including wagers on races held in other jurisdictions, in addition to the customary host charge. Host-Fee Agreements FanDuel stated that the NYRA wants a %age paid on all transactions from New York residents, which would include bets made on races in other jurisdictions, in addition to the customary host fee, which is paid by third-party bet takers to the host track. "NYRA agreements have traditionally been host-fee agreements for content only, but recently they also want a share of New York residents' play from us regardless of what content those residents bet on," Moore said. "They’ve basically said that if we don’t pay that, then we don’t get access to NYRA content. This sort of local market access is a common fee in ADW wagering, but the issue here is that we already pay it. We pay a 5 % state origin tax to New York state based on New York residents’ play on horse racing, around $18 million a year. NYRA management has told us that they don’t feel they get a fair cut of that tax, and I don’t disagree. But the state handles that distribution, not us. We have already been paying NYRA an additional %age of New York residents’ play, but they want to increase that and that’s the crux of the impasse." The NYRA racing manager adds. FanDuel declined to provide market share or handle statistics, but the difference is noticeable when looking at the total handle. From July 3–9 of last year, NYRA handled 30.5 % of all dollars; this year, it only handled 16.5%, and the following eight tracks handled 51.2 %, up from 39.2 % in the previous year. NYRA was hesitant to credit its drop in handle to a lack of distribution, noting that Belmont Derby day, July 6 this year, and July 8 last year, was down 51.8 % on a 28 % drop in field size and one fewer race. New York-Based Horsemen Affiliations and Groups Rally with NYRA When asked about the NYRA and Fan Duel dispute, Tina Bond, the Thoroughbred Horsemen’s Association president had this to say: “New York's horse owners are deeply invested in making the NYRA racing product the best in the country. We staunchly agree that fair compensation for that investment is imperative. If the New York Thoroughbred industry thrives, we all benefit." NYRA negotiates signal contracts from July 1 to June 30 of each fiscal year. NYRA requested comparable terms from all of the main ADWs in a letter to account-wagering providers of this year's renewal. What Churchill Downs Inc. and 1/ST Racing agreed upon is unknown, but NYRA content was accessible last week on both businesses' platforms and is expected to be accessible at Saratoga this week.

$20 Million Subsidy for Horse Betting Approved by New Jersey Legislature
July 4th, 20243 mins

$20 Million Subsidy for Horse Betting Approved by New Jersey Legislature

July 4, 2024 – On Friday, lawmakers in New Jersey passed two legislation pertaining to horse betting to stabilize and sustain the racing business financially. The legislature's two houses agreed to keep the $20 million yearly horse racing purse subsidy in place. Both Senate Bill S3203 and Assembly Bill A2610 received unanimous votes on Friday. The horse betting business welcomed Gov. Phil Murphy's 2019 approval of an initial $100 million over five years to fund purses. The most recent bill increases those monies by an additional five years. Funding for the Sports Niche The state's general fund will provide the $20 million subsidy. The other half will go to harness racing, and the other half to Monmouth Park to sustain thoroughbred purses. When asked about the extra boost in funding, the CEO of Monmouth Park, Dennis Drazin had a lot to say. “This $10 million helps us remain competitive with other East Coast tracks and attract top-quality horses to New Jersey,” Dennis Drazin, CEO of Monmouth Park, told LSR on Monday. “Gov. Murphy has always had the industry’s back, and we expect him to sign the bill,” Drazin adds. The money is only intended to support racing purses. The track operations at Monmouth Park, where construction of a new Caesars Sportsbook is underway, will not be supported by it. The best horses are usually drawn to higher prizes, which in turn draws more horseplayers. The tracks use the increased money from greater horse betting to pay for operations, development projects, purses, and other expenses. The Jockey Club reports that Monmouth Park awarded prizes of $28.4 million for 541 races in the previous year. In 2010, 50 racing days with payouts of an average of $1 million were offered at Monmouth Park in collaboration with the state government. Racing purses reached a 20-year high in the middle of the 2000s when $67.8 million was given out in 2007. New Jersey held around 1,200 thoroughbred races in 2003; however, in the last few years, that number has been slashed in half. “We want to run more, but having more races means we could not be as competitive with purses,” Drazin adds.” Future Additional Revenue In order to compete with the upcoming casinos slated to open around New York City, Drazin wants to provide more gaming to New Jersey. Finding a means to maintain that business in New Jersey is the goal, he continued. He recommended a casino or playing slots at Monmouth Park or the Meadowlands. Retail sportsbooks are currently available on-site at both racetracks.

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Horse Betting Apps See Surge in New Customers, Plan Next Steps
July 2nd, 20242 mins

Horse Betting Apps See Surge in New Customers, Plan Next Steps

July 2, 2024 – The annual Triple Crown is a season for horse bettors and horse racing enthusiasts to come together and place wagers on the best of the best horses in the country. This year, the Triple Crown season saw a record handle of the new customers in the thousands. FanDuel reported significant growth in all areas of its product line between the Belmont Stakes, Preakness, and Kentucky Derby. More than 800,000 customers have wagered on the Triple Crown through its online sportsbook, FanDuel Racing app, and TVG horse betting app, executives informed LSR on Tuesday. A 10% handle increase via the three FanDuel platforms was driven by a 15% increase in total players over the previous year's Triple Crown. However, FanDuel did not give a precise amount of money. Andrew Moore, GM of FanDuel Racing did share that “It was a great Triple Crown driven by having horse racing in (the sportsbook app.)” In terms of expanding operations, Moore said “What we will be tracking going forward is whether horse racing would be something we make prominent in the sportsbook on an evergreen basis or only at select moments through the year.” Direct Access to Site Sky Rockets Through the FanDuel Sportsbook, more than 550,000 bettors directly on the Triple Crown, an increase of 20% from the previous year. FanDuel numbers increased when legal sports betting in Kentucky became available for the first time during a Kentucky Derby. Sign-ups also saw a spike from broadcast deals between New York Racing Association (NYRA) and FOX Sports. While NYRA did not give any numbers on the Belmont Stakes sign up, they did mention that registration shot up by 159% to since 2022, which was the year FOX began airing the race. Regular Programming FOX Sports will be the network that NYRA continues to air during the summer. As they have done since 2016, the duo will host Saratoga Live, a program centered around betting, every race day. The major races around the country, including this year's DraftKings-sponsored Travers Stakes on August 24, will be televised on Saturdays on FOX.

BBC Radio 4 Cancels Daily Horse-Racing Tips from its Today Segment
June 27th, 20242 mins

BBC Radio 4 Cancels Daily Horse-Racing Tips from its Today Segment

June 27, 2024 – British broadcast giant BBC Radio 4 announced that its Today program will no longer be covering horse-racing tips. The show’s presenter Amol Rajan announced on air that the program that’s been running for 47 years will be scrapped from the show. Horse racing tips are typically broadcast at the end of each sports vertical starting at 6:30 am, 7:30 am, and 8:30 am, six days a week, except for Sundays. Rajan claims that it will be a “significant blow for the profile of the sport as it battles to maintain relevance with the wider public.” When asked about the decision, BBC says “After careful consideration, we have decided to focus racing tips on the big races across the year. The Today program remains committed to covering racing news and this will continue on the program’s sports bulletins.” Politically Sensitive Subject at a Precarious Time BBC executives were looked into by a Daily Mail reporter claiming that the network was considering the drop of the racing tips segment due to anachronism. Some argued that it wasn’t on par to encourage gambling activity at a politically sensitive time. The chair of the Betting and Gaming Council told Racing Post, Michael Dugher shared his thoughts after the network’s announcement on Monday, “I suspect there have always been people at BBC Radio 4 that regard the racing tips as a bit ‘below stairs’ and, if they like racing at all, they only care about the big ‘dressing up’ meetings like Royal Ascot or Cheltenham.” “Millions of ordinary people enjoy a regular bet – whether that’s on bingo, the lottery or sports like racing. There’s definitely more than a hint of snobbery from the Today program with this decision.” Dugher adds.

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