Horse Race Betting Markets To Explore In 2023
Tue, Jan 17, 2023
Author: Lindsay Griffin
Horse racing is a sport built not only on earning money through sponsorships and race earnings but through the wagers made by the spectators of the sport.
For many decades, this is what made horse racing unique in sports. For most athletic competitions and national pastimes, betting was illegal.
People could, and did, of course, make casual bets with friends on their favorite teams, but this was a far cry from the booming business that legal betting could generate at the racetrack.
So, we can be thankful that times are different now. Though gambling on human athletes is also now legal in 30 states as well as Washington, D.C., the racing industry is facing competition it has never seen before.
How can horse racing keep itself financially afloat now that its most appealing factor to most spectators is no longer unique? Here are some ideas to explore that can even make betting on horse racing for dummies appealing.
Betting does not necessarily have to take place at the track itself. With the advent of the internet, many bettors are able to place wagers around the world from any location that provides cell phone service. Betting online is fast, easy, and increasingly secure.
The promotion of off-track betting, particularly through websites and apps, also has the potential to draw foreign interest (and therefore foreign money) as well. Drawing interest in horse racing around the world has the potential to keep racing relevant on the international stage.
One advantage that horse racing has over other sports as far as gambling goes is that horse races are, naturally, pretty quick competitions. This means that you can get a winning return on your bet in a matter of a few minutes, and also that the entirety of the competition can be streamed online through the betting program with relatively little interruption.
Also, while the terminology for exotic wagers can be fairly daunting, the concept of the race itself is relatively easy to follow: you choose a horse, the horses run, and if yours crosses the finish line first, you get money. It’s a pretty straightforward process.
This speed and simplicity can definitely appeal to the casual fan, who may not have the attention span to watch and learn the rules for a multiple-hour competition. If someone wants to bet quickly and casually, racing is the sport to look at. Perhaps, in addition to promoting spending “a day at the races,” betting on horse racing could be marketed as a way to quickly make a few bucks in between the hum-drum events of everyday life.
Undoubtedly, the key to keeping any sport relevant is to continually bring in more fans, and in particular, those who have the potential to spend money on the sport over a long period of time.
In short, we need to interest young people in horse racing.
Implementing participation via technology, such as with the aforementioned betting apps, is a good beginning step. Today’s young adults have grown up with technology and are comfortable using it even when money is involved.
Another positive step forward is the introduction of owning micro shares in horses, through programs such as MyRacehorse. Large groups of people are able to purchase fractions of a percent of a horse for a relatively small amount of money.
They are able to gain exclusive access to information on their horses and also have the potential to earn profit from their initial investment. This encourages these people to watch or even attend their horse races. Of course, many microshare owners enjoy supporting their horses by wagering on them at the track and driving up handles as well.