Steve Kornacki, chief data analyst at NBC News, navigated a hectic schedule to deliver a keynote at The Racing and Gaming Conference in Saratoga. Despite a late night covering a surprise political primary in Wisconsin, he arrived on time to dive into major issues affecting horse racing. His presentation addressed the declining foal population and dropping television ratings for major racing events like the Triple Crown — topics that have concerned industry experts for years.
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Decline in Racing Viewership and Handle
Kornacki didn’t pull punches when laying out the grim numbers. He revealed that the U.S. annual racing handle has tumbled from approximately $15 billion in 2003 to around $11.8 billion last year. Just as troubling is how viewership for events outside the Triple Crown has sunk. Last year’s Breeders’ Cup, despite its $34 million combined purse across 14 Grade I stakes, failed to draw more than a million average viewers on its second day, a far cry from its inaugural 4.3 million viewers in 1984. College football’s rise is seen as a culprit, with several games outdrawing major horse races, Kornacki noted. Though he didn’t propose specific solutions to revitalize Breeders’ Cup ratings, Kornacki floated the idea of rescheduling events to avoid college football clashes. The suggestion of midweek races, when NFL and college games aren’t aired, was also mentioned.
Triple Crown’s Resilience and Upcoming Changes
Interestingly, the Triple Crown events held steady in the face of this downturn. The Kentucky Derby achieved record ratings, attracting some 24.4 million viewers. However, the Preakness, held just two weeks after the Derby, only managed to draw 6 million viewers. Maryland has already announced a shift in The Preakness schedule starting 2027 to potentially lure more Derby competitors, offering a longer period for horses to rest. And kornacki hinted at the potential of expanding wagering options — such as introducing more prop bets — to entice younger audiences. But uncertainty remains about how effective these measures could be.
Legal Battles Over Kalshi’s Prediction Markets
The conference also spotlighted a major legal battle involving New York’s Attorney General Letitia James, who filed a $36 billion lawsuit against Kalshi for allegedly running illegal gambling operations. The suit argues that Kalshi’s sports markets qualify as gambling under New York state law. James and New York Governor Kathy Hochul framed this as an effort to uphold state regulatory authority over prediction markets in contrast to federal interventions. Panel discussions hinted that this case might climb the judicial ladder to the Supreme Court, where New York State Gaming Commission Chair Brian O’Dwyer expressed confidence that state rights would prevail.
Racing Integrity Under Scrutiny
Trainers and bettors alike watched closely as the Horseracing Integrity and Safety Authority (HISA) launched an investigation into betting anomalies linked to the Fair Hill Training Facility. Four horses trained by Angel Quiroz snagged wins at tracks across the Northeast, causing UK bookmakers to suffer staggering losses from successful parlays and trifectas. But quiroz defended his record, minimizing the controversy surrounding the horses’ unexpected performances. Still, complicating matters, Quiroz faces a separate case over an alleged substance violation, with one of his horses testing positive for a banned substance. The results of the recent post-race drug tests are still pending.
What’s Next?
As the conference wrapped, industry players were left with several questions: whether rescheduling events could truly reverse racing’s downward trends, and how Kalshi’s legal fight might shape the future of prediction markets. While these debates continue, stakeholders will be closely monitoring developments leading up to Maryland’s 2027 Preakness changes and any further regulatory actions.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
