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Horse Racing And Historical Horse Racing’S Impact On The Kentucky Economy: Possible Hhr Saturation?, Thomas E. Lambert Mar 2024

Horse Racing And Historical Horse Racing’S Impact On The Kentucky Economy: Possible Hhr Saturation?, Thomas E. Lambert

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The Commonwealth of Kentucky currently has 5 thoroughbred racing tracks and 3 harness racing tracks (Kentucky Horse Racing Commission 2023 and Mint Julep Louisville 2021). As Table 1 below shows, the industry employees roughly 7,000 people (direct jobs), and these jobs annually support another 2,000 jobs or so throughout the state. These 2,000 jobs are jobs that are provided by the suppliers to the horse race tracks (indirect jobs) and jobs that are created by the spending of the race track employees and the employees of suppliers on food, housing, transportation, and clothing by vendors and retailers throughout the state …

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Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert Jul 2023

Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert

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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 …

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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 Mar 2023

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

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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 …

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A Comparison Of The Economic Impact Of Horse Racing Tracks In Kentucky Versus Neighboring Indiana, Thomas E. Lambert Nov 2022

A Comparison Of The Economic Impact Of Horse Racing Tracks In Kentucky Versus Neighboring Indiana, Thomas E. Lambert

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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.

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The Economic Impact Of Keeneland Race Course On The Lexington Metro Area With Projections For This Year’S Breeders Cup, Thomas E. Lambert Oct 2022

The Economic Impact Of Keeneland Race Course On The Lexington Metro Area With Projections For This Year’S Breeders Cup, Thomas E. Lambert

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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.

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The Economic Impact Of Buying And Redeveloping Ellis Park By Churchill Downs, Thomas E. Lambert Sep 2022

The Economic Impact Of Buying And Redeveloping Ellis Park By Churchill Downs, Thomas E. Lambert

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Churchill Downs’ acquisition of Ellis Park Racing and Gaming in Henderson, Kentucky reflects the growing number of mergers across the US among racetracks, racetracks and casinos, and casinos with other casinos. Some years back, Ellis racetrack closed for one year due to declining profitability, yet after new ownership took over and a gaming center was added, it began a rebound in earnings (Courier and Press 2008). The $75 million that Churchill Downs plans to spend to transform Ellis Park (Schulz 2022) will have a much bigger impact than the construction, revamping, and expansion of park facilities. This is in addition …

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Did Covid Benefit Or Harm Horse Racing Wagering? A Comparison Of Trends, Thomas E. Lambert Jun 2021

Did Covid Benefit Or Harm Horse Racing Wagering? A Comparison Of Trends, Thomas E. Lambert

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Different media accounts during the recent Covid-19 pandemic have mentioned an upswing in horse racing gambling thanks to a decline in other forms of wagering at casinos and with sports gambling. This paper examines gambling trends across the US before and during the pandemic for these forms in gambling as well as lotteries. Horse racing wagering did see an increase, but not as dramatically as one would expect.

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Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert Jun 2021

Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert

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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 …

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