Vegas Horse Racing Revenues Are Down 30% In A Decade

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Las Vegas Winn Hotel betting area

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The one form of gambling that hasn’t increased revenue over the decade is horse racing. Las Vegas horse racing revenue has declined 30 per cent.People in the industry point to a lack of interest among youth, as well as structural changes that make betting less profitable, according to The Las Vegas Sun:

“You don’t get value for the money,” said Astarita, 62. Bettors are “churned” by fees tracks build into their payouts, while running small lineups of horses with meager chances to win big. “Rebate shops” that take horse bets online are “sucking the lifeblood out of the business” by making big bets that cut into what small gamblers win on long shots. And younger people, attracted to the fast pace of Internet poker, “don’t want to wait 30 minutes between races,” he said.

Even the historic OTB in New York was closed this year.

Of course the Kentucky Derby is still a big event, but it has become the exception that proves the rule.

Meet the millionaire horse tycoons competing in this year’s Derby >