The complicated economics of horse racing

The economics of horse racing

The Triple Crown races last less than three minutes, but the training and resources needed to create a winning thoroughbred are extensive. This Fox Business article dives into the costs associated with owning and training a racehorse, which can range from $1K to over $1M. It also discusses the extent to which the horse racing industry contributes to the economy.

The Triple Crown, explained

Only 13 horses have ever won the Triple Crown—one of the most elusive titles in American sports. This explainer breaks down how the series works, why it's so difficult to win, and the legendary horses that defied the odds across the Kentucky Derby, Preakness Stakes, and Belmont Stakes.

The global horse market is worth about $400B

In this podcast episode from a new series on horses, Freakonomics explores the market around buying and selling some of the world's top sport horses, and the nebulous forces that make them so valuable.

Breaking down the jargon and strategy of horse betting

Placing bets on horse racing isn't the same as a football or basketball game. You can pick a winner (win), who will come in second (place), and even third (show). And all the bets placed on a race are pooled together and divided among the winners. This Top Ten Picks video teaches the mechanics behind each bet, and shares insider tips that can lead to more informed betting choices.

A guide to the 13 Triple Crown winners

Only 13 horses have swept the Triple Crown since 1919—Sir Barton as the first, and Justify the last in 2018. This Blood Horse rundown lists them all, spotlighting Secretariat's 31-length 1973 Belmont and Baffert's dual crowns with American Pharoh in 2015 and Justify in 2018. Unpack the stats and sires behind racing's grueling five-week gauntlet.

The origins and evolution of the Triple Crown

For nearly 100 years we’ve referred to the Kentucky Derby, the Preakness, and the Belmont Stakes as the “Triple Crown.” But where did that term come from? It was popularized by a sports writer in the early 1930s. But this Old Smoke Clothing article, authored by the woman who wrote the book on Sir Barton, explores the British origins and how it gained popularity with Gallant Fox’s win in 1930.

Every Kentucky Derby-winning horse

Racing a thoroughbred isn't just about riding a horse as fast as you can. There is a complex racing strategy that forces jockeys to balance aggression and patience, conserving energy for that final stretch. This Kentucky Derby Winners article explores the split-second decisions jockeys make during high-pressure races, the moves they make to outsmart their opponents, and the importance of connecting with their horse.

Sports betting, explained

Since a 2018 Supreme Court decision overturned the Bradley Act, which spurred a state-by-state legalization of online gambling, sports betting has become a rapidly growing multibillion-dollar industry.

A timeline of sports-betting scandals

This timeline examines memorable moments from three decades of sports-betting history. It breaks down key political moments, as well as some historical moments such as when the internet pushed underground bookmaking online. There are also multiple descriptions of betting scandals from 1989 on.

How one jockey became one of horse racing's most successful riders

Jockey Victor Espinoza is one of the most successful jockeys in recent American racing history, winning the Triple Crown in 2015 on American Pharoah, as well as seven Triple Crown races. This Paulick Report article, which came out prior to his induction into the Hall of Fame, dives into his background, career highlights, and what he focused on to become a successful jockey.

Horse racing's most notorious trainer

Few names are as synonymous with American horse racing as Hall of Fame trainer Bob Baffert. He has trained seven Kentucky Derby winners and two Triple Crown winners. But he also amassed over 30 drug violations in his career. This LA Times article dives into the suspensions and bans, and gives Baffert a space to defend his complex legacy in horse racing. (Some users may experience a paywall.)

What made Secretariat, one of racing's most dominant horses, so exceptional

No horse had won the Belmont, the "Test of the Champion," by 31-lengths prior to 1973 when Secretariat did it, and no one has done it since. In this New York Race Association article, jockey Ron Turcotte recounts his iconic race and provides his unique bond with his horse. He also reflects on Secretariat's post-Triple Crown career, noting how he matured later on.

Inside the pigeon race with $50K at stake

More than 1,000 pigeons are released each year at the American Racing Pigeon Union convention as owners wait to see which of the birds arrives home first. This essay unwraps the niche activity's paradoxical love for the birds despite its at times utilitarian treatment of them.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

F1 is a billion-dollar industry

But that money doesn't come easily. Team principals have to constantly ensure money is coming in to fund their million-dollar cars every weekend. This CNBC video explores all the costs of running a team. It also shows how team principals woo sponsors and find ways to maximize their technology with a cost cap.

The economics of horseshoe crab blood

Horseshoe crabs are older than dinosaurs and have survived five mass extinctions that wiped most life from the planet. But it's only now that their future as a species is in danger. This blood, worth about $60,000 per gallon, is hyper-sensitized to certain bacteria that are fatal to humans. This 17-minute podcast dives into humanity's pursuit of horseshoe crab blood, a "somewhat magical" mixture heavily relied on by the pharmaceutical industry.

Exploring one the rivalry between Affirmed and Alydar, one of the Triple Crown's best matchups

The rivalry between Affirmed and Alydar began when they were just two-year-olds in 1977, with Alydar winning four of the first five meetings. But Affirmed found another gear in 1978, and he won the next five races–including the Triple Crown. This Horse Racing Legends video shows all 10 races in the rivalry, including the three Triple Crown races.

Americans spent nearly $150B in sports-related bets in 2024

These bets ranged from who would win the World Series to what color clothes famous celebrities would wear to the Super Bowl. Experts believe the industry will continue to grow.

Watch Secretariat's legendary 1973 Belmont race

When the 1973 Kentucky Derby came around, it had been 25 years since a horse had won the Triple Crown. And then Secretariat laid down the fastest Derby, a record that stands today. Then he won a sloppy Preakness, setting up a chance at a Triple Crown. This video is the wire-to-wire coverage of the 1973 Belmont showing Secretariat winning by a record 31 lengths, and the after-race celebration.

The economics of all-you-can-eat buffets

Is it possible to out-eat the price you pay for a buffet? How do these places make money? We looked at the dollars and cents behind the meat and potatoes.

How math whizzes exploit sportsbooks

Chris Dirkus is a professional sports bettor who approaches the hobby as a math problem, not from a fan's perspective. He focuses on mispriced odds in popular games where many fans are betting for high liquidity. He's one of a rare segment of sports bettors exploiting slow models and human mistakes.

'Moneyball' author Michael Lewis believes sports betting is a problem for young men

The noted journalist and author of "Moneyball," "The Big Short," and "The Blind Side" has now fixed his discerning eye on the sports-betting industry. In this interview, he explains why he sees sports betting as a problem for American society, especially boys and young men, and why he believes the government needs to regulate the nascent industry more seriously.

What it takes to become a professional jockey

This short documentary follows a young, amateur jockey through early mornings and exhaustive gym sessions, where she rides a simulator made to look like real horses. It's a peek into a highly specialized (and highly unusual) athletic pursuit.

Decoding sports-betting language

The world of sports gambling is filled with insider lingo: What's a "spread"? How about a "moneyline" or a "parlay"? This resource breaks down the jargon, helping you navigate the industry or, at least, giving you the keys to talk about it.

College football generates over $13B annually—but many programs run at a loss.

Experts suggest the industry could be a $45B business

Sports betting used to primarily consist of who would win and the points spread, but the rise of online betting apps has fueled a substantial increase in parlay bets. "Existing markets are still growing at a rapid clip," said Noah Naparst, who evaluates sports-betting companies for Goldman Sachs. "So we’re not mature yet, but we’re not in the early wildcat days of the market anymore, either.”

A Netflix docuseries turned the sport into a national obsession

Throughout much of its history, Formula 1 racing was a European sport that failed to ever find a major audience in the US. That changed with "Drive to Survive," the Netflix docuseries that premiered in 2019. This analysis from two communications professors unpacks how the series has successfully presented the sport for an American audience and cultivated a dedicated fanbase in the process.

How universities manage their endowments

The CNBC video report explores how elite universities like Harvard handle their massive endowments, the ethical debates around their investments, and the tension between growing wealth and rising college costs. If you’re curious about where billions of dollars in higher education go, why tuition remains high despite huge endowments, or how student activism is pushing for ethical investing, this video offers a revealing, accessible look at the financial engines behind America’s top colleges.

The long shot victory of Rich Strike at the Derby

Thanks to a last-minute scratch by Ethereal Road, Rich Strike made the 2022 Kentucky Derby field. He only had one win out of six races prior, and was listed as an 80-1 long shot. This USA Today article lays out the favorable draw and strategic ride that led to the biggest upset since 1913. Watch the wire-to-wire replay of his historic comeback and listen to the call by Larry Collmus.

How Seabiscuit's DNA made him a winner

Seabiscuit's sudden success in the sport has been framed as a classic against-the-odds sports story. One Binghamton University molecular physiologist wanted to go a bit deeper, though, to see how much genetics played a role in the horse's legendary career. Using the horse's silvered hooves, his research team discovered that Seabiscuit's genotype was typically associated with late bloomers, a finding confirmed by the horse's track record.

Broadway grosses over $1B annually

The famous but relatively small geographic area is responsible for a relatively enormous economy, thanks to high demand and high ticket prices.

NBA referee Tim Donaghy was paid roughly $300K to fix games

Donaghy said he struggled with a gambling addiction, causing him to risk so much. In this interview, he explains the story of his scandal, and how the mob led to his eventual arrest.

Among most mainstream sports broadcasts, sports betting ads appear most often in women's basketball and hockey

A random selection of 50 different sports broadcasts tracked one sports betting reference every four minutes. In one of the randomly selected hockey games, the longest stretch of no gambling reference lasted about five minutes towards the end of the game.

Roller coasters can cost millions of dollars to make, but they often offer a substantial payoff

Over 6,000 roller coasters are in operation around the world as of 2025, with ongoing demand to build more each year. Despite being costly (some theme parks pay upwards of $50M for these rides), their financiers are able to justify the investment when considering the long-term value of a ride that sticks around for decades with daily streams of visitors.

Sports leagues have attempted to prevent athletes from betting

As pro and collegiate sports embrace betting (and the revenue that comes with it), each league works diligently to ensure the integrity of the games by hiring private firms to analyze irregular bets. These companies have flagged bets that led to the firing of Alabama’s baseball coach, the suspension of multiple athletes at Iowa and Iowa State, and, most recently, a lifetime ban on former Toronto Raptors forward Jontay Porter by the NBA in April 2024.

Horse diving was a popular attraction for 50 years

The event, which took place in Atlantic City, is exactly as it sounds: horses, directed by (sometimes scantily clad) riders, would jump from diving boards into pools. Although it was a popular spectacle for decades, it fell out of favor by the late 1970s.

The economics of ski resorts

More than 480 ski resorts pack in nearly 65 million visitors each year in the US for historically high prices. Daily lift tickets may cost three figures at many locations. Amid industry consolidation and more stringent land use regulations, ski resorts are upping their prices—a factor that does not appear to be dampening the sport's popularity. Learn more here.

How US horse breeders sourced animals from the Syrian desert

Alexander Keene Richards was a pioneer in thoroughbred racing in the US in the 1800s, a time when every town with a few thousand people had a horse track. This interview highlights how Richards went to great lengths to perfect horse breeding.

Some experts equate prediction markets to the new crack cocaine of gambling addiction

An addiction psychiatrist at UCLA says betting apps are far more potent than traditional gambling, citing a 19-year-old patient who lost $180,000 and hadn't left campus in a year, cycling through sports bets, crypto, meme stocks, and prediction markets on his phone. This interview explores the extreme edge of the nascent industry.

NASCAR started declining in 2007

In the 1990s and early 2000s, NASCAR was one of the biggest sports in North America. It was racking up ratings and ticket sales on par with the NFL, and even beating the NBA Finals viewership. Ratings went down in 2007 and stayed there until 2018 due to a number of factors such as a changing media landscape, rule changes, and the retirement of popular drivers.

Even athletes aren't immune to the sports-betting craze

While gambling scandals occasionally blew up before 2018, the widespread legalization of sports betting provided athletes with more opportunities to bet on the games they were playing.

The decline in value of the NFL running back

Running backs long held the role of superstar on NFL teams, carrying their team down by down to the endzone. Their salaries reflected that importance as well. But in the last 30 years, front offices and fans have taken more to the quarterback instead, who receives much higher salaries. This podcast episode breaks down the economics of the turn in the game's focus from rushing to passing.

Prediction markets and sports betting are not forms of investing, despite how some fans portray them.

College budgets, explained

In this episode of the FutureU podcast, higher education experts Jeff Selingo and Michael Horn explore why so many colleges seem to be struggling financially. Hear how college budgets actually work, and why so many are unsustainable. It’s a crash course in revenue, expenses, and the big shifts schools need to make to survive.

The curious history of the Kentucky Derby's hats

The Kentucky Derby is one of the most prestigious horse races in the world, but it's also known for its iconic hats. This Garden and Gun article explores the historical significance of the hats at the Kentucky Derby, which began in 1875. See photos of the famous Derby hats through the years, and learn why they remain a central part of Derby culture to this day.

The NFL is so successful because it is perfectly suited for television

The predictable weekly cadence of football games ritualizes the experience of watching together, and their relative scarcity makes every game meaningful. With the stop-and-go play of the sport, there are predictable, repeating stoppages to allow broadcasters to sell lots of advertising inventory. The league sits in the sweet spot compared to MLB (many games) and NBA and soccer (continuous play with fewer ads). This Acquired episode distills fascinating insights into the NFL's business and history.

Hear how gladiator fights were funded, judged, and sometimes fixed

In a wide-ranging interview, Professor Michael Carter unpacks the business of gladiatorial games—from advertising and fighter merch to referees, match rules, and a code of conduct that often pushed gladiators to spare defeated opponents.

Sports media have also embraced sports betting

For decades, ESPN kept its distance between reporting on games and talking about gambling lines. Sports teams refused to have franchises in Las Vegas, fearing it would harm the sport. But since 2018, that has changed. ESPN’s personalities regularly pick games, and the company has also launched its own betting app.

The economics of the WNBA

The 2024 WNBA season shattered attendance and viewership records, thanks in large part to rookies Caitlin Clark and Angel Reese. The league secured a record 11-year, $2.2B media rights deal. Yet players' salaries are low compared to the NBA. This CNBC video dives into the WNBA’s business model and explores why it may take years before the longest-running women’s sports league becomes profitable.

Examining golf's problems with race

In 1961, the PGA removed the "Caucasian-only" membership clause, marking the last major professional sports organization to desegregate. But unlike other sports, golf didn't see an influx of Black players following the change. This article from The Ringer's Lex Pryor examines golf's complicated history with race and gender, showing both the progress made and the challenges that remain.