Can Horseracing Change the Sport of Kings to the King of Sports?
The sport of horseracing has a storied history that has sustained itself into modern days. From racing for royals in England in pre-Revolutionary era through premium class racing today, including events like the Breeders’ Cup and the Kentucky Derby in The United States, horseracing is a sport that has weathered many different eras and challenges during this time span finding some way to continue to break horses from starting gates the world over. Perhaps it’s attributable to the long-held investments over great periods of time for the uber rich, or maybe it stems from the day-to-day agricultural investment made by so many average individuals around the world, but either way, the horses that sustain the horse industry continue to be bred and born. However, the challenges that face the horseracing industry build year by year as those that invest and live within it work to mitigate issues and build up on its successes.
If one were to look at sports around the world, considering both fan popularity and financial success, horseracing does not land in the top ten sports in any search. Yet horseracing continues to break its own records for attendance and wagering at premier events. Industry participants have tried to understand how better to build its fanbase using the successes of other sports as a guide. However, the code has not yet been cracked for the horse industry. What would it take to raise the sport of kings to the king of sports in modern times?
An obvious thing the industry could do to begin to build its position as a spectator sport in the world is to engage a younger audience. This is difficult considering most of the owners within the sport tend to be older individuals in high flying lifestyles. Many of this owner class don’t focus on fanbase issues. As a whole, the industry offers some destinations for the younger equine enthusiasts including venues such as The Kentucky Horse Park in Lexington, Kentucky, the Kentucky Derby Museum, in Louisville, Kentucky, and the few scattered educational venues around the world of academia that nurture youth toward the thoroughbred industry. But outside of these few types of offerings, not much exists in the horse industry to draw the under twenty-five population. The Godolphin Flying Start program is an excellent program aiming at nurturing those entering the industry into top management jobs over time, and it should be a program repeated by other notable groups to include major racetracks throughout the industry, but such efforts do not build youth fanbase at large. The obvious necessity for the age group under thirty is high tech integration in the sport and more can be done to revolutionize the industry in tech to attract the younger generation.
The second obvious thing the industry needs to capitalize on is its flagship events. The thoroughbred industry is stamped in public minds by the Kentucky Derby and the Breeders’ Cup. Internationally, one might include the Arc and Royal Ascot. However, these events are not just horse races, they are premier events on the social calendar. If you analyze these events and descend down the scale in the mind of the public, secondary events in the industry would include the Keeneland, Saratoga, and Del Mar race meets. However, those meets are more in the interest of people already vested in the sport at some level, either at the micro level working within the industry or at a macro level being a part of the local social scene surrounding these venues. Keeneland in Lexington, Kentucky has begun to usher in a new, more youthful leadership that has begun to take a look at and advance marketing and outreach to a millennial and younger audience. However, the impact has not been profound enough to carry beyond the local reach as of yet.
A look at horseracing in Japan might give a clue as to how the issue of engagement might be spearheaded. Horseracing in Japan is wildly popular, with its stands filled regularly, however racing in Japan is restricted to fewer days during the week, primarily weekends, and its facilities cater to fan and family friendly experiences. Promotions of Japanese racing give a “Disney” like feel to their experience, with equine meet-and-greets available starring horses of all sizes with all kinds of jobs, from minis working customer service to the outrider horses being available to the fans. The equine athletes in Japan are literal stars as well. Top horses in Japan become hailed and revered as national heroes. Now, with Japanese horses becoming ever more competitive in top international races to include racing in the Middle East, The Breeders’ Cup and the Kentucky Derby in America, the Japanese racehorses are likely to become even greater national heroes. There are big keys to building up horseracing around the world in the successes realized in racing in the land of the rising sun.
In America, an entity that has found very good early success is MyRacehorse.com. This is a pioneering venture in the thoroughbred industry that sells micro-shares of some top prospective runners to the general public at very affordable prices. This concept has become popular among many casual race fans that sometimes only seek better access on race days, a horse to follow for the season, or social interaction versus the breeding investors that seek long term equity. MyRacehorse achieved its biggest accomplishment to date when its three-year-old colt, SEIZE THE GREY, won the 2024 G1 Preakness Stakes. Concepts such as the micro share, combined with the other innovations from the thoroughbred industry’s biggest events and venues could revitalize an otherwise aging sport.
To drive home the point of this article, a huge part of revolutionizing anything lies in innovation. Silk Road, LLC, the parent company of BidXSell is dedicated to rethinking how the industry works, creating products to change the status quo, and innovating with the fan and owner experience as top priority. Truly there is much to be done in a legacy industry such as horseracing, and Silk Road LLC/BidXSell is poised to be a creation and innovation source to help move the industry forward through this century. For example, this auction platform is so versatile, that nearly anything can be offered to thoroughbred market, including to the fanbase. Truly racehorses and race days can be reimagined with the amazingly versatile product that the BidXSell platform can be. We are dedicated to changing the industry for the best of everyone, including the horses!