Horse Betting Picking Up The Pace, Is Closing Distance On The Elusive Younger Audience

There just may be a new sport riding a wave of popularity in the ever-expanding wagering marketplace.

Of course, horse racing is not new. In fact, it predates the formation of the United States, and legalized sports betting in a pari-mutuel format has been around since William Howard Taft was in the White House. 

However, it may seem new to some. With more eyeballs on some of the big races and more dollars being wagered on them, it feels like there is more talk about horse racing this year.

Mainstream action 

“We’re on the heels of a massive Kentucky Derby that led to huge wagering during the Preakness and was leading up to more interest in the Belmont,” said FanDuel TV racing host and reporter Scott Hazelton. 

The Belmont Stakes delivered the excitement Hazelton was expecting. Sovereignty beat out the betting favorite Journalism for the win — just like what happened five weeks before in thrilling fashion at the Derby. 

Sovereignty’s reign over Journalism is creating a Magic Johnson-Larry Bird type of rivalry and providing a jolt for the sport. 

Journalism won the Preakness in between those defeats in a race for the ages, partly because Sovereignty didn’t appear at Pimlico.

The intrigue leading up to the Belmont, held last Saturday at Saratoga Race Course, placed the small upstate New York town and horse racing into the same sports conversation with the NBA and NHL finals. 

Having a larger presence in social media is a positive trend, according to Hazelton, who grew up in the sport as the son of trainer Richard Hazelton.

“One of the many things that lends itself to the increase in popularity is social media,” he said. “There are now a lot of posts about it, FanDuel creates and shares stories about it — all getting people more engaged with the sport.”

Griffin Johnson, 26, who owns a small share of Derby and Preakness runner Sandman, is a social media influencer with about 14 million followers. His frequent posts on the races caught the eye of many who were unfamiliar with the sport.

This year’s Derby had an average of 17.7 million viewers combining NBC’s television coverage and the streaming side with Peacock. The number represented a 6% increase from last year and was the highest since 1989, when there were fewer TV viewing options compared to today.

All-sources betting on the 151st running skyrocketed to $234.4 million, up 11.2% from 2024.

With Sovereignty bypassing the Preakness, ratings were down from 2024, but the race still was the highest rated sporting event of the day on TV, according to NBC. Plus, all-sources betting action for the race reached $59.9 million, a hike of 6% year-over-year.

TV ratings bounced back when the two stars dueled again in Saratoga. According to Fox, which televised the final jewel of the Triple Crown, viewership climbed 5% over the previous year, with five million tuned in for the race itself.

John Clay, a Kentucky-based columnist for the Lexington Herald-Leader, wasn’t surprised there was a dip in ratings for the Preakness. Like most sports, it’s star-driven, and Sovereignty’s no-show in Pimlico made an impact.

“Casual horse racing fans get into the sport for the five weeks surrounding the Derby, Preakness, and Belmont,” Clay said. “They really get into it if a horse enters the Preakness for a chance at the Triple Crown, something we didn’t get this year.”

Progress report 

As Clay alluded to, horse racing faces hurdles in keeping the Triple Crown audience locked into the sport once it’s over.

Asked if horse racing is on the rise outside of the annual excitement surrounding the three races, he offered a multi-layered answer. 

“Yes and no,” he said. “The ‘no’ would come from the older people who followed the sport in the ’50s into the ’60s when it was considered a major sport. They would say no because horse racing is nowhere near the level it was back then.

“But others would say, yes, it’s growing. There has been consolidation in the industry, so there are fewer tracks and races. But that means more attention and betting at those places.”

Noted handicapper Paul Bovi had a similar response with his views on the state of horse racing.

“If one assesses the crowd at the track, it becomes evident that horse racing’s popularity is driven in large part by an older demographic,” said Bovi.   

“Days like the Kentucky Derby do unleash a younger clientele, but it’s clear that survival is predicated upon ongoing efforts to recruit a new audience who, unlike other sports, do not gravitate towards racing during their early years.”

While there may be more sports betting talk that brings horse racing into the minds of a broader audience, the industry numbers have shown a decline.

Equibase reported handle for races in the United States dropped five of the last six years prior to 2025, including a 3.35% decline a year ago.

Mixed use properties 

Bovi noted that there is a geographical divide regarding the sport’s growth areas. Outside of Del Mar, he suggested California is on the decline while Kentucky is on an upward trajectory.

Clay believes one reason horse racing is doing well in the Bluegrass State is that tracks such as Keeneland and Churchill Downs have made renovations to emphasize the social components that can thrive in those settings. A day at the races can be like a party where options include food, drink, and wagering. 

“The track is now a place for happy hour or date night,” Clay said.

Hazelton said that once people experience the atmosphere at Keeneland, Saratoga, or Del Mar, they will become fans of the sport.

When we talked to Bovi, he was at Saratoga — and not necessarily because he had easy access to a betting window.

“While I don’t need to be onsite to do what I do, I enjoy the festive atmosphere that comes with a day at a premier racetrack surrounded by good people,” he said. 

Bovi became a horse racing aficionado for a common reason: He accompanied his father to the track years ago. Now, the former Wall Street investor who turned his quantitative mindset into a sports handicapping asset can see why some younger sports fans aren’t coming of age in a similar manner.

Many of those tracks from Bovi’s childhood, he said, have become run down and seedy, in contrast to the notable venues that create optimism around the sport. When network television covers it, much of the airtime is devoted to action like parties, wardrobes, and celebrations.

Convergence 

Younger fans watching and wagering on horse racing are likely doing so on their phones, which helps explain why the sport may be on the rise with this group. Since Generation Z-ers are perpetually connected to their devices, they can watch and bet on races as easily as checking out videos on TikTok. For those located in states where sports betting is legal, races are now available alongside the NFL, the NBA, and other big boys on the same betting menu.

A marketplace more accepting of sports betting has given a recent boost to horse racing, which ironically is the sport associated the longest with wagering.

“When Kentucky was first talking about legalizing sports betting a couple of years ago, we thought the people associated with horse racing would be against it, but they came out and supported it,” said Clay. “They thought sports betting would increase attention for all sports and bring more exposure to horse racing.” 

From his perspective working for FanDuel, the company that promotes itself as the first to allow consumers to wager on horse racing and other traditional sports using the same account, Hazelton has seen a rising tide up-close. 

“At FanDuel, we’ve been able to grow a large customer base over the years, and we have been able to make people more aware of horse racing when they are betting or looking at other sports,” said Hazelton.

Horse racing goes year-round, which poses a challenge to drawing continued interest.

“People ask me when my offseason is, and I always tell them there is no offseason in horse racing,” said Hazelton. “For 365 days, there is horse racing somewhere. That can be good but, at the same time, it’s different from other sports who get added attention during their season. People know when it’s time for the NFL or NBA games.”

Clay cited a similar issue hindering the sport from making a breakthrough with audiences.

“The horse racing people would love to see more people pay attention to the Breeders’ Cup that is run later in the year, well after the Triple Crown races,” he said. “But it has been a catch-22 for them. The Breeders’ Cup features the best horses, but it takes place … right in the middle of the NFL season.” 

Exotic talk 

Another roadblock the sport faces is the overall literacy fans have regarding the language of wagering. Hazelton calls it the “nuances” of betting on the ponies.

There is a skill to reading the Daily Racing Form and making exotic wagers. Pari-mutuel wagering isn’t a common term known to those born around the time Smarty Jones was earning acclaim when nearly winning the Triple Crown in 2004.

Still, don’t expect Hazelton to water down his coverage by giving remedial lessons.

“People in the business often talk about what to do when covering the sport and explaining things some people don’t understand about racing,” he said. 

“I feel the best way to deal with this is to educate by just speaking the language and, if they’re listening and engaged, they will pick up on it. When you watch a football game  and the announcer says the team is playing a nickel defense, he doesn’t need to explain what that is.” 

Bettors who shy away from horse racing because the wagering process is different than for other major sports are missing a good opportunity, according to Bovi.

“Wagering options like quinellas and exactas are easy things to grasp,” he said.

Hazelton points to an aspect about horse racing that should get any bettor’s attention. 

“From a betting perspective, in horse racing, 3-1 odds has a chance of winning that race,” he said. “You see it happen often.”