Aqueduct, the final operating horse racetrack in New York City, held its last race this past weekend and is set to permanently close on September 7. The end of this 135-year-old track marks a significant turning point for horse racing in the United States, which is now left with only 75 thoroughbred racetracks, as reported by ABC7.
The National Thoroughbred Racing Association has indicated that the recent surge in sports betting has contributed to the closure of several prominent racetracks. According to association chief Tom Rooney, "With the expansion of sports gambling, our sport will naturally condense and coalesce around a more pragmatic number of marquee tracks and locations, similar to other sports."
In the past year, US bettors placed nearly $167 billion in sports wagers, with New York leading the country in handle figures. Sports-related prediction market contracts are also witnessing high demand, with annual trading volumes nearing $100 billion. Nevertheless, horse racing bets account for a minor portion of this total. Estimates suggest that 50-60% of all US sports bets are made on American football, with baseball and basketball also drawing significant wagers. In contrast, horse racing's handle has been declining steadily, reaching about $11.8 billion, down from over $12.1 billion in 2022.
Following its last race on Sunday, Aqueduct will continue to simulcast horse races for live, televised betting until September.
The decline in horse racing has led to other notable closures across the country this decade. For instance, in Illinois, the NFL's Chicago Bears acquired Arlington Park two years after its closure in 2021, planning to build a new stadium on the site. San Francisco is also set to close Golden Gate Fields in 2024, marking the end of nearly a century of racing.
A US horse racing insider lamented, "Our entire industry handle is 6.6% of the legal sports betting market. We are not at the table."
Initially opened in 1894 during the height of the US horse racing boom, Aqueduct was one of roughly 320 racetracks across the country at that time. The illustrious track derives its name from the aqueduct that supplied fresh water to New York City from Long Island. Over the decades, notable horses such as Secretariat graced its tracks, with the legendary horse making five appearances there in the early 1970s, including his retirement ceremony on November 6, 1973. Rooney stated, "For over 100 years, thoroughbred racing was one of very few sports outlets you could legally bet on."
While the popularity of horse racing endures in East Asia, where it remains one of the few sports available for wagering, the sport’s online betting handle is also declining in the UK. Figures from the Gambling Commission published in November revealed a 6% year-on-year drop in online betting turnover, just surpassing the $10 billion mark, down from over $13 billion in 2022.
