Maryland Racing Industry at Crossroads

Total wagering on the rescheduled, closed-door Preakness Stakes program at Pimlico last Saturday was down nearly 50% from its 2019 renewal, a pandemic-impacted decline similar to that experienced at the Kentucky Derby, which was moved from May to September.

Even in pre-pandemic times, a majority of wagering on horse racing is conducted online, through legal betting platforms like BetPTC.com, TwinSpires, TVG and Xpressbet. Since March, almost all wagering comes via these channels. Betting in person has grown increasingly rare in the internet era, and even more so in 2020. For perspective, of the $369 million bet on races at Laurel Park in 2019, the Maryland Racing Commission’s annual report records that $350.2 million, nearly 95%, came from bettors outside of Maryland…