Horse Racing was initially brought to North America by British colonialists in the 1660s. A lot of time has passed since then, and the world and horse racing have changed quite a lot. So, how is horse racing perceived in the United States in the contemporary era? Are bettors still lining up at the racecourses, or is most of the action moving away from the track as TV and betting sites for horse racing take over from the physical attendance and racebooks on site?
Racecourse Attendances Do Not Look Good
American racecourses might be busy with races running multiple days of the week, from sunrise to sunset, yet there’s a caveat. There’s almost nobody going to these races. Granted, those in the middle of the day on a Tuesday might struggle to get people, but the primetime races on the weekend also struggle to attract audiences. Other than the human participants, venue, and race staff – there’s seldom anyone there. Those who are going generally have been going for years and see horse racing as their primary hobby.
Of course, if nobody is there in person, nobody is betting in person, either. Running these events is becoming less profitable for venues and event organizers. A study from The Jockey Club revealed that, on average, attendance at US racecourses had dropped by around 30% between 2000 and 2022. The same report also indicated that this led to a rapid decline in the number of horse racing events hosted in the US, with numbers down by around 50%.
The notable exception is the Kentucky Derby. As the most famous horse race in the United States, this event still draws a decent crowd. Around 150,000 people still go to the race to enjoy the frivolity of the event and be part of the atmosphere, but it’s also one of the biggest days online for betting sites for horse racing.
Online Betting Continues to Grow
Despite the United States being an incredibly fractured country when it comes to stances on online gambling and betting, the pastime is only growing in popularity. It’s no secret that the online gambling industry globally profited from the COVID-19 pandemic. Vast activity spikes came from players bored with little else to do. Since then, many users have dropped off, but a significant rate has stuck around after the virus, subsequently becoming users of betting sites for horse racing.
Horse racing benefitted from this as these new bettors already understood the metrics of the game. It’s simple. Pick a horse and hope it finishes the line first. Of course, there are more options to add in, like studying a horse’s form, the surface conditions, the odds, and predicting up to specific placements in a race, but the primary goal is to predict a horse that performs well in a race.
The Forecast for Horse Racing in the United States
Looking ahead to the future for horse racing in the US shows a contrasting fortune. While the live events might only dwindle in attendance, the rate of those betting on them remotely is only increasing. To maximize the profits, it might be that some races become online-only events, with no opportunity for public spectators. This could happen in the states where the attendance is abysmal. Kentucky and California are generally considered to be the two places with the best following for horse racing, with the crowds there usually being higher than in other US states – therefore, these two might not adopt the abovementioned process.
It is worth noting that many US states are relaxing their laws on online gambling. Some ardently oppose change, but many see the opportunity to make millions from taxation. As such, the big brands are cashing in on these new opportunities and opening markets. ESPN Bet, MGM Bet, and Bet365 are just three more prominent betting sites for horse racing operating in the US that will lead the way.
One notable difference between the US and other markets is the lack of ‘betting stores’ —i.e., sportsbook shops where bettors can place a bet. This is a cultural difference from, say, the United Kingdom, where betting shops are commonplace in town centers. Instead, the US has many more casino-style establishments where gamblers can enjoy multiple types of betting, including sportsbook wagers.
Online Betting Trumps In-Person
Even if people turn up to the racing events, it doesn’t mean they are betting with the sportsbook vendors (often known as racebooks) at the race. They are probably betting on their phones instead. Why is that?
Costs and value. The physical bookmaker at the event has a lot more overheads to pay, so it won’t offer incredible odds compared to online gambling sites. Another common drawback is that they usually only accept wagers over a specific amount, i.e., $10 or more. However, the online option seldom makes these restrictions, making it more desirable to bet with them.
