Horse racing in the United States continues its downward trend, with 2024 marking the third consecutive year of decline in Thoroughbred racing wagering. Total bets reached $11.26 billion, dropping 3.35% from 2023's $11.65 billion.

Race days decreased by 2.4% to 3,787, while the total number of races fell 2.8% to 30,852. This decline is particularly significant when compared to the industry's 2003 peak of $15.1 billion in wagers (equivalent to $25.7 billion today when adjusted for inflation).

Gaming industry initiatives are attempting to revitalize horse racing through various measures:

• States like Massachusetts, New York, and Pennsylvania use casino tax revenue to support racing
• Pennsylvania has provided over $4 billion in casino subsidies since 2004
• Nebraska authorized racetrack casinos to boost attendance
• Virginia implemented historical horse racing (HHR) machines, generating $4 billion annually
• Kentucky and Alabama have also adopted HHR technology

Despite these efforts and a slight increase in purse values (up 0.5% to $1.3 billion in 2024), casino gamblers aren't converting to horse racing enthusiasts. Recent scandals, including one involving trainer Bob Baffert, have further damaged the sport's reputation.

The industry's struggles were highlighted by the closure of Freehold Raceway, America's oldest horse racetrack, on December 28, 2024. The New Jersey track, which began operations in the 1830s, represents another casualty in horse racing's ongoing decline despite gaming industry support.

Related Articles

Previous Articles