Statistics compiled by the Jockey Club paint a grim picture of what's facing horse racing betting fans and why it's increasingly difficult to beat the game. The Jockey Club, which was founded in 1894 and has as its mission the improvement of thoroughbred racing and breeding, published its findings in the 2011 Fact Book.
The statistic that is most closely aligned with horse racing betting is field size. In 2010, the average field consisted of 8.19 horses, down from 9.07 horses per field when the Jockey Club began compiling statistics in 1950. That may not seem like a lot but estimates are that there is an increase of $100,000 in handle for every additional horse entered in a race.
Why is that important?
The greater the handle for a race, the larger the purses for overnight races. The larger the purses, the more interested people are in owning and racing a thoroughbred. The more interested people are in owning and racing a thoroughbred, the more horses that are bred. The more horses that are bred, the larger the fields. The larger the fields, the greater the handle for the race. So it's one giant circle with each segment of the industry responsible for the sport's overall viability.
Propelling that cycle is the horse race betting enthusiast. It's been said that horse racing can't exist without two elements, hope and money. That's true. Have you ever seen the Sigma Derby game in Las Vegas where you bet on mechanical horses? The horses are fake, the jockeys aren't real, there are no trainers or owners and the racetrack is a manufactured box. The only thing that's legitimate is people betting real money with the hope that they'll win.
And as the Breeders' Cup and Triple Crown races readily demonstrate, when the fields are flush, people tend to bet more. Thoroughbred racing bettors aren't overly altruistic; they just know good value when they see it. For example, in an average eight horse field, the favorite might be 7/5 with the second choice at 5/2 and the longshots at 20/1 and 30/1. Put 14 horses in that field, as you get in many Breeders' Cup races, and the favorite might be 5/2, the second choice could be 5/1 and the longshots might be 40/1 and 50/1. The way the pari-mutuel system works, there has to be enough money to cover the possibility of any horse winning so the larger the field, the more the money is spread around and the greater the odds.
One reason for a decline in field size has been the unwillingness of owners and trainers to race their horses. For example, the average racehorse started 6.11 times in 2010, or about once every two months. Ten years ago, in 2000, a horse raced an average of 7.10 times per year. In 1980 it was 9.21 times per year and in 1960 it was a staggering 11.31 times per year.
Interestingly, while equine science has made many advances in the past half-century, horses seem less hardy and more susceptible to illness and injury than they did 50 years ago. Some blame a weakening of the breed caused by emphasis of speed over stamina. Others blame harder, less forgiving race surfaces. And some think the environment plays a role.
As touched on earlier, field size has a direct correlation to handle. According to The Jockey Club, handle at American racetracks and off-track wagering facilities declined by 7.3 percent in 2010, the sixth straight year of negative statistics. Not surprisingly, purses were off by 6.1 percent in 2010 as well.
How do you halt this vicious cycle of smaller fields and less handle? One track, Del Mar, in Southern California, which operates a seven-week boutique meet from mid July to early September, is using incentives to help lure horsemen and their thoroughbreds to the Pacific shore. Beginning July 20, when the track opens, owners will receive a $1,000 bonus if the horse they enter at Del Mar raced in another state or country in its previous start. What's more, that horse will receive a 20 percent bonus for whatever purse money earned. Neither bonus applies to stakes races but if a shipper wins a $75,000 allowance race, the owner would receive an extra $10,000, $1,000 for shipping and a $9,000 bonus ($45,000 for first place + 20%) for winning the race.
There are no guarantees, but nothing less than the viable future of horse racing betting may hinge on the success of the program.
This article was written by Luken Karel for http://www.thegreek.com. The Greek Sportsbook & Casino is host to one of the top online sportsbooks offering college football betting and sports betting on NFL, NBA, MLB, NHL and all other major sports. The Greek is a must have sports betting and entertainment portal with one of the largest wagering menus available online. Article reproductions must include a link pointing to http://www.thegreek.com
