Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 8 of 8
Full-Text Articles in Business
Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert
Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert
Faculty Scholarship
In order hopefully to revive attendance at the tracks and/or fuel a resurgence in gambling (either in person or virtually), the last year has seen some recent wagering developments and changes at different horseracing tracks in the United States. At Ellis Park Racing and Gaming (Henderson, Kentucky) in the Evansville, Indiana metro area, penny wagering has been tried since the 2022 season to influence gambling revenues. Meanwhile, starting in 2022 Monmouth Park in New Jersey now offers “fixed odds” wagering as an alternative to parimutuel wagering for patrons who do not like the possible fluctuations in odds before a race …
Horse Sense Or Horse Hype? Estimating The True Economic Impact Of Churchill Downs And The Kentucky Derby On The Louisville Metro Area, Thomas E. Lambert
Horse Sense Or Horse Hype? Estimating The True Economic Impact Of Churchill Downs And The Kentucky Derby On The Louisville Metro Area, Thomas E. Lambert
Faculty Scholarship
In trying to assess the true economic impact of the Kentucky Derby on the Louisville region (north central Kentucky and south central Indiana counties), one can find two different estimates appear in doing a quick search on the internet. Some sources, such as the Kentucky Derby Museum, indicate that the economic impact of the Derby is around $217 million (Kentucky Derby Museum 2023) but never mention a source or study for this conjecture. In doing some research, this amount is determined to come from a 2001 study by the marketing research firm Wilkerson and Associates (LaMarra 2001), and therefore this …
Kentucky Downs And The Mint—A Huge “Exporter” For Kentucky?, Thomas E. Lambert
Kentucky Downs And The Mint—A Huge “Exporter” For Kentucky?, Thomas E. Lambert
Faculty Scholarship
Kentucky Downs is a thoroughbred racetrack located in Franklin, Kentucky near the Kentucky-Tennessee border and close to Interstate 65 which features European-style (all turf track) racing. (The Mint and Kentucky Downs n.d.). It is also part of an entertainment complex that features a gaming center called The Mint, which has over 1000 historical horse racing (HHR) machines, machines that are somewhat similar to but not exactly the same as casino slot machines (The Mint n.d.). The Mint has another location around 20-30 minutes away by car in Bowling Green, Kentucky, and combined these two operations have around 125 employees according …
Mergers In The Us Gambling And Horse Racing Industries: What It Means For Local Economic Development And Taxation, Thomas E. Lambert
Mergers In The Us Gambling And Horse Racing Industries: What It Means For Local Economic Development And Taxation, Thomas E. Lambert
Faculty Scholarship
Even before the Covid-19 pandemic, most sectors of the various gambling industries in the United States were showing signs of stagnation. Over the last few years, these industries have seen mergers between horse racing tracks, between horse racing tracks and casinos to form “racinos”, and between casino companies. Many gambling facilities and racetracks have closed and have been sold to developers to be used for other purposes. An industry “shakeout” is occurring, and there appears to be a trend toward greater industry concentration as consumers are showing less and less interest in gambling in general. This has been partially fueled …
A Comparison Of The Economic Impact Of Horse Racing Tracks In Kentucky Versus Neighboring Indiana, Thomas E. Lambert
A Comparison Of The Economic Impact Of Horse Racing Tracks In Kentucky Versus Neighboring Indiana, Thomas E. Lambert
Faculty Scholarship
The Louisville metro area is one that spans two states—Kentucky and Indiana. Since the University of Louisville has many students and employees who come from the Hoosier State, it would be interesting to see how the two states compare when it comes to what has been labeled a “signature” industry for the Commonwealth of Kentucky—horse racing.
The Economic Impact Of Keeneland Race Course On The Lexington Metro Area With Projections For This Year’S Breeders Cup, Thomas E. Lambert
The Economic Impact Of Keeneland Race Course On The Lexington Metro Area With Projections For This Year’S Breeders Cup, Thomas E. Lambert
Faculty Scholarship
Keeneland Race Course in Lexington, Kentucky has had a long tradition for quality horse racing going back to its inception in 1936 (Keeneland 2022). With the 2022 Breeders’ Cup World Championships coming to the race track this November, this paper examines what economic impact the race track has on the Lexington metro area (Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford counties in Kentucky) on an annual basis and how the 2022 Breeders’ Cup will boost the impact of the race track when compared to a typical year.
Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert
Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert
Faculty Scholarship
New Jersey was the first state to legalize sports gaming outside of Nevada after a landmark US Supreme Court decision in May 2018 struck down a federal law banning sports gambling in all other states and the District of Columbia (Liptak and Draper 2018). Some race tracks such as Monmouth Park race track began offering sports gambling as a way to bring back fans to parimutuel wagering which had been and still is in decline for several decades at tracks throughout the nation (Associated Press 2019). This brief paper examines trends in New Jersey on how sports gambling has grown …
Kentucky And The Thoroughbred Industries: Prospects And Challenges As Gambling Stagnates, Thomas E. Lambert
Kentucky And The Thoroughbred Industries: Prospects And Challenges As Gambling Stagnates, Thomas E. Lambert
Faculty Scholarship
Over the last 15 to 20 years or so horse racing has seen declines in wagering and fan attendance throughout the US. Because of this, the number of races, horses per race, the number of thoroughbred farms, and new thoroughbreds bred and born each year for about the last 10 to 12 years have also declined. The decline in wagering has occurred despite simulcasting of races, online betting, and gambling machines which employ films of past races (historical horse racing machines). Those racetracks doing well are usually part of larger casino and entertainment complexes (racinos). Kentucky, which has one of …