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Horse Betting Study

By Dave Banks

The Jockey Club recently engaged the services of McKinsey and Co. to examine the current problems that the racing industry faces. The report draws some very interesting conclusions. One of the major flaws that were highlighted was conflicting post times. The average horse racing bettor has known this for years, but this report breaks down how much more money would have been wagered if post times were coordinated better. According to the report if major stakes races were not run so closely together, betting handle would increase by more than 5%. Horse betting fans have been complaining about this for years. Hopefully the Jockey Club will work on this issue.

Other problems mentioned in the report include a shrinking base of horse bettors, an aging horse racing fan and a lack of off track betting facilities in large markets. Unless the horse wagering fan base grows the sport will die a slow death. Another interesting fact is that total racing days are down as are the number of horses entered. Total racing days have declined by 14% since 2000 and the number of starters has fallen by 23% over the last 20 years. While attendance has improved for major stakes races, horse racing fans are staying away from the track on regular racing days.

The report suggests that there are simple fixes to help horse wagering handle grow. The first is a reduction in the number of races carded. They also recommend an even further reduction in race days. (Look at the Monmouth Park experiment of only racing 3 days a week during the summer.) There conclusion is that bettors will wager more into fewer races.

The report surveyed horse bettors as to what they felt were major issues at the racetrack and in horse betting in general. One of the top problems was the takeout rate. We encourage all horse bettors to try and find a way to lower their take out, and in turn win more money from horse betting .One way is to use a non-pari-mutuel racebook. Another is to use a horse betting rebate shop. Not every US based horse betting rebate shop will accept new customers, so if you find this to be an issue use one of the non-pari-mutuel racebooks listed on this site.