They assert that vices are one of the few things that are fairly downturn-proof in horseracing. Betting, liquor and smoking (among other vices) seem to ride out difficult commercial times well. But horse racing has seen indications of the troublesome economy in yearling sales for three straight years. Keeneland, particularly, has seen declines in sale costs by as much as 50%.
Naturally, horse racing has things that make it unique from different kinds of gambling, which may make it behave differently in hard economic times. Especially, the purchase of a year old race pony is affected by the quality of the yearling crop. Any specific year may see a drop in average price when the crop is said to be inferior.
And total sales is affected by the amount of horses brought to auction. Three years in a row nonetheless , in the midst of a recession, certainly seems less sure to be caused by the crop and rather more likely because of the economy and the availability of money of the bidders. The bottom line is that horse-racing fans and horseracing owners are affected by the economy differently.
Since the economy remains mired in slow growth and high unemployment, some consumers might have travelled to Keeneland wanting some good bargains again this year to find the bidding to be very tough. Total sales revenue is up 2% notwithstanding a drop in the quantity of horses brought to sale. The average and median sales costs were both up more than 25% from last year?s figures. 6 horses sold for more than a $1 million, double the previous year?s number.
The people at Keeneland have reason to be excited, and should hope the momentum carries thru the rest of the sale, which ends Sep 24th. For the remainder of us, the issue is whether the horse racing industry is a fair indicator of an improving economy overall. Horse-racing fans would definitely like some more betting money, and some great horses to bet on. So Let's hope the positive signs in horseracing are a signal of economic health returning.
Learn more about Horseracing at e-Ponies.com and join the conversation in our Horseracing Forums.
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