You open your sportsbook, and you’re looking to place a bet. What’s on your mind? Maybe some football, baseball, basketball, or the big fight? Wait. Aren’t you forgetting something? What about horse racing?
Horse racing has reigned for hundreds of years all across the world. Why would it be unpopular now? Do people still care about the Kentucky Derby and the other annual, big-ticket events?
Recent figures have shown that interest in horse betting has declined over the past few years. Once the pride of bettors around the world, the horse racing market shrinks a little more every year. Horse betting has lost nearly 10% of its annual market every year since 2008.
Let’s get down to brass tacks. Why is horse betting shrinking?
First, there are many other forms of gambling that avid bettors involve themselves in today. We’re not only talking about alternative sports betting options; we’re talking about legal poker, bingo, lotteries and much more. Anything that helps people scratch that gambling itch.
When professional horse racing began, it was one of the only professional sports betting options. Plus, it was one of the only legalized forms of gambling.As more progressive gambling laws were passed, slot arcades and casinos became much more accessible and widespread. When you throw in legal poker games, enticing lottery offers, and the whole mass of sportsbook options now available, horse racing gets lost in the shuffle.
You could also argue that online sportsbooks played a hand in the decline of horse betting. This is because, prior to the Internet, enthusiasts would usually go to land based sportsbooks or visit the racetracks. Because bettors can access pretty much anything and everything online, there’s a mass of options available to them from home. This pretty much means that, again, horse racing can often be left to the side, thanks to the multiple sportsbook options available.
Also notable are claims of corruption in the world of horse racing. From the use of drugs that supposedly make horses run faster to the jockeys whipping horses, the owners and riders haven’t done themselves any favors.
Horse racing is fighting an uphill battle. Uphill might be an understatement. They’re trying to climb Mt. Everest. While horse racing organizations have attempted to stamp out rampant corruption, horse betting has yet to bounce back.
The popularity of horse betting differs around the world. As with anything, different nations have different interest levels. So, while horse betting is still fairly popular in the UK, it’s undeniably on the decline in the US. Of course, US laws also impact bettor outcomes, so it’s hard to say how much of the decline is due to low interest and how much is due to legality.
There’s nothing to stop the growth of online casinos. These are becoming ever more present around the world – even on the shores of the United States. Plus, US bettors will find it easier to place a wager online now that the Supreme Court has overturned PASPA. While Americans should be happy that they have the freedom to bet online, it probably won’t do the horse racing industry any favors.
Unless younger gamblers have some sudden interest in horse racing, there’s not much the industry can do. As it stands, the average horse racing bettor is 51-years-old.
Granted, horse racing has never really appealed to younger audiences. However, as the Baby Boomers pass, there will be a void in the world of horse betting. Thanks to emerging technology and an abundance of entertainment at our fingertips, there’s little reason to get dressed up and head to the racetrack. Horse racing might just be too old school for future generations.
Horse betting needs a shining beacon of light to lift it out of the mud. Yes, it is available to bet on online, but so are most other forms of gambling. There’s nothing, at the moment, that makes horse racing stand out against other sports.
What could horse racing bring to the table that these other sports cannot? Would whatever that is be strong enough to return it to its former glory? Probably not, but I believe it is a tradition worth holding on to.
The horse racing industry isn’t keeping up with the online casinos and the land-based gambling houses. Even though horse betting is known around the world, it doesn’t quite hold the same appeal as many other betting options. That’s a worrying fact for the overall industry. After all, if nobody’s betting on these races, why hold them at all?
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