America’s oldest racetrack, Freehold Raceway, was officially shut down permanently after it hosted its final race on the last weekend of 2024.
After more than 170 years, horse racing fans waved goodbye to the New Jersey venue following a series of challenges that made sustenance impossible.
Despite its popularity within the American horse racing community, Freehold struggled to garner the required numbers in attendance and revenue. Failing to acquire a casino license did not help matters.
Howard Bruno, the general manager of the racetrack, claimed that he and the owners could ‘not see a plausible way forward’, a remark that highlights the enormous challenges US horse racing.
The sport has made efforts to reinvent itself by bringing in fresh investments, technological innovation and legalized online sports betting.
However, it was not enough to keep the lights on at the iconic venue.
Freehold’s Closure Marks the End of an Era
Freehold’s closure is a poignant reminder of how easy it is for smaller tracks to get swallowed up in the highly competitive sports and entertainment sector.
Its closure was undeniably a gut-wrenching blow for horse racing enthusiasts in New Jersey, but there is still a flicker of light at the end of the tunnel.
Horse racing contributed over $36 billion to the US economy and supported nearly half a million jobs last year, according to the American Horse Council. Those numbers prove horse racing has a decent fanbase in the US.
With new investors taking an interest in the sport, industry insiders believe horse racing in the US could be poised for a resurgence.
Horse racing has several revenue streams, including tickets, hospitality, merchandise purchases at the track, licensing for television or simulcast, sponsorships and gambling.
If everything goes according to plan, multiple sources claim that the sport could grow by a compound annual rate of around nine percent in the coming years.
Investing in the industry might be the best way to expedite the resurgence of the sport and one person who could be key in shaping its future is John Stewart.
Stewart Expresses Concerns About US Horse Racing
Stewart, the founder of Resolute Racing, has invested heavily in the US horse racing scene but has recently started to spread his wings into Australia.
Given that Australia is famous for its rich horse racing tradition and boasts one of the most engaged fan bases around the world, this could be a shrewd move for Stewart.
Australia already has a thriving horse racing community. Aussie fans pay big bucks to watch and attend national gems such as the Melbourne Cup and The Everest.
However, Stewart’s move is set to take things up a notch by driving fan engagement with innovative ideas, and the betting community will be paying close attention.
He has a record of maximizing betting opportunities through creative collaborations and formats, meaning Aussie punters can expect more market options to choose from and strategies they can implement to improve their experience.
That will come in handy for punters who are always on the lookout for reliable Australian horse racing tips to maximize their chances of success.
Stewart’s expansion into Australia is a promising development, but it also comes with a note of caution about the state of the sport in the US.
The American investor has expressed concerns about several issues including prize money distribution. They currently favor the winning horse, but Stewart believes the ‘significant disparity between first and second place makes it challenging to sustain a profitable racing operation’.
He is also not a fan of how horses are taken care of and has urged stakeholders to prioritize equine welfare to improve the sustainability of the sport.
Opportunities for Growth in the US
Horse racing in the US is far from the peak of its power, but there is a clear pathway toward a potential resurgence through TV coverage, betting platforms and new race models.
For example, the Pegasus World Cup introduced the concept of ‘slot races’, where owners pay for entry spots, and it proved to be a massive game changer.
Australia has a similar format in some races, and Stewart believes the US could take a leaf from their book. The sport’s safety record has also improved, which is another reason for cautious optimism.
The rate of racing horse fatalities in the US fell to an all-time low in 2024, putting the country on par with nations such as the United Kingdom and Japan.
Such developments are crucial for building public trust and attracting new investors.
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.