Keeneland remains a busy spot in the fall of each year. The November Breeding Stock Sale just got underway in Lexington. The historic horse racing track is also recognizing record gambling activity.
The October Fall Meet registered record all-sources wagering at $210 million. That’s on and off-track betting in all forms, from the betting window to a cell phone. Jim Goodman is the director of mutuels at Keeneland. The 17-day meet was rain-free. That helps boost betting, but Goodman says it’s more than just more people. Rain means taking horses off the grass, lessening the field.
“Because those horses that want to run on the turf don’t have any form on the dirt. So, if you take a 12-horse field and cut it to eight, you’re cutting your handle by at least 50%,” said Goodman.
That’s the amount of money wagered on a race. Goodman said everything economically depends on the weather and the quality of the racing, so it was a “perfect storm” this fall.
Goodman noted the legalization of sports wagering hasn’t taken a bite out of betting on races. Goodman added there’s some cross-marketing, hoping to get people at the Red Mile, for instance, betting on sports.