Horse-racing in America needs to improve its odds
At Churchill Downs on May 6th Mage, a 15-1 shot, came from behind to win the Kentucky Derby, America’s horse-racing.html” title=”Improvement of Odds in American Horse-Racing”>pre-eminent horse race. The Derby, with its popularity, pageantry and mint juleps, is not typical. “The greatest two minutes in sports” is the only two minutes of horse-racing many Americans watch.
The industry’s popularity has been waning for decades. Attendance at racetracks is abysmal. New York’s Aqueduct, which opened in 1894, will soon close, like dozens of tracks since 2000. In 1989, there were 74,071 races; last year, just 33,453. Only 17,300 thoroughbred foals were registered last year, according to the Jockey Club. In 1990 it was 40,333.
Gambling on horses was once the only legal form of betting in many parts of the country. Now casinos and online gambling are more convenient than a trek to the track. Growth in e-sports and fantasy-sports gambling have also siphoned away potential new fans. Apart from the jockeys, it is unusual to see anyone under 50 at the track.
2023-05-11 08:35:06
Post from www.economist.com
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