The horse racing industry has enjoyed a resurgence recently after years of decreasing numbers. Online horse wagering has propped up the numbers and getting into business with mobile sportsbooks could be the best avenue for the industry.
Horse Racing Exec Sees Opportunity
Many horse racing folks believe mobile sportsbooks are stealing gambling dollars from them but others feel as though digital sportsbooks could be magnificent partners instead of archenemies. One of those people is NYRA chief revenue officer Tony Allevato who recently said the following:
“This is the greatest opportunity for horse racing in the last 40 or 50 years,” said Allevato. “You’re taking an audience that you know likes to bet, likes sports, and is probably betting on things they’re watching on TV. (Sportsbooks) are exposing them to horse racing more often than in the past.”
Big Numbers
Based on the figures from this year’s Kentucky Derby, Allevato may be onto something and it could change how the younger demographic views horse racing. Consider that FanDuel enjoyed its highest horse racing handle ever and saw its betting audience spike from 500,000 last year to 700,000 this year.
DraftKings has yet to integrate horse racing into its sports betting platform but has a separate app called DK Horse which was the most downloaded horse racing app on Derby Day. Johnny Avello, DraftKings director of race and sportsbook operations, was quite animated with the results.
“We had an outstanding week of horse racing and wagering leading into the 150th Kentucky Derby, which did not disappoint,” gushed Avello. “We were thrilled with the engagement we saw on Saturday with horse racing fans downloading and using the DK Horse app, which topped off the awesome weekend.”
Caesars Racebook has publicly stated that its Derby Day handle exceeded projections by more than 60%, which is yet another indicator that if people have easy access to betting on big horse races, they will do it. And not just people but young people according to a study that reported 29% of those attending the Kentucky Derby were between 18-34 and 31% were between the ages of 35-54.
“(Caesars) earned some positive momentum from the Kentucky Derby this year,” said Dan Shapiro, Caesars senior vice president and chief development officer. “We saw record TV ratings and handle. Much of that was driven by the marketing that Caesars and other sportsbooks did around the event.”
DraftKings Sponsors Travers Stakes
DraftKings and the New York Racing Association announced the Boston-based bookmaker and owner of the horse racing mobile betting app, DK Horse, would be sponsoring the Grade 1, $1.25 million Travers Stakes at Saratoga Race Course this August.
“Bringing DraftKings and DK Horse back to Saratoga for a second consecutive year is a tremendous honor,” said Christopher Cipolla, General Manager, Horse Racing, DraftKings. “Having our branding present throughout the summer at one of the most beautiful and well-attended race tracks in all of the world and being named the presenting sponsor of this year’s Travers and Acorn further cements our commitment to the sport of horse racing.”
“DraftKings is a premier brand within the rapidly growing sports wagering marketplace, and this arrangement will help to introduce world-class racing to a wider audience of fans and bettors, “said Tony Allevato, NYRA Chief Revenue Officer. “This will be a tremendously exciting year at Saratoga Race Course, and we thank DraftKings for supporting New York horse racing.”
