Today’s poor economy leaves none untouched. Even “The Sport of Kings,” horse racing is struggling to make ends meet.
The sport receives much of its income through wagers placed on races. This year, according to dallasnews.com, betting is down 10 to 15 percent around the country.
MSNBC reports that “casinos, lottery agencies and racetracks are losing tons of money as gamblers play it safe.”
Trainers, grooms and riders put in long hours seven days a week at tracks around the country. If the sport is not able to pull through, workers will lose not only their income, but their lifestyle.
Local track Portland Meadows is doing better than most tracks around the country. Even though betting is up, owners, trainers, jockeys and grooms are under more financial pressure than ever reports Nichelle Milner, Racing Secretary at Portland Meadows.
Teri Beckner, co-owner and manager of Beckner Farms in Jefferson, Oregon, says that with money so tight many owners are “dumping their horses” at the farm “without looking back,” creating more bills and less income. Although Beckner hasn’t had to lay off any employees, other trainers have. “The barns are full of speculators,” Beckner states. “It’s almost as though they are hoping for a miracle.”
In the current economic recession one can only hope that the great sport pulls through and continues to engross future generations.
Who: Local and national trainers, jockeys and grooms struggling.
What: Economy harming horse racing industry.
Where: Portland Meadows, Oregon, across the country.
Quote: “Casinos, lottery agencies and racetracks are losing tons of money as gamblers play it safe.”
When: Past 12 months.