Horse Racing Industry's Decline Continues Despite Gaming's Rescue Efforts
Horse racing in the United States continues its downward trend, with 2024 marking the third consecutive year of decline in Thoroughbred racing wagering.
Total wagering on Thoroughbred races reached $11.26 billion in 2024, 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 notable considering the industry's peak in 2003, when betting reached $15.1 billion ($25.7 billion adjusted for inflation).
Horses compete in Kentucky Derby race
Gaming initiatives across several states are attempting to revitalize the industry:
- Pennsylvania: Casino subsidies have provided over $4 billion to horsemen since 2004
- Nebraska: New racetrack casinos authorized to boost racing attendance
- Virginia: Historical horse racing (HHR) machines generated over $4 billion in annual wagers
- Kentucky and Alabama: Adopted HHR machines to support racing without commercial casinos
Despite these efforts and a slight increase in purses to $1.3 billion in 2024, casino gaming hasn't successfully converted players into horse racing bettors. Recent scandals, including one involving trainer Bob Baffert, have further complicated the industry's recovery.
The industry suffered another blow with the closure of Freehold Raceway, America's oldest horse racetrack, on December 28, 2024. The New Jersey track, which began operations in the 1830s, had been jointly owned by Penn Entertainment and Greenwood Gaming and Entertainment.
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