THE PECULIAR ECONOMICS OF HORSE RACING

Despite its much-referenced decline in the United State, horse racing remains a prominent sport in many regions of the world. It takes various forms, with thoroughbred racing and trotting (harness racing) being the most widely practised. This chapter deals mostly with thoroughbred racing, which features the highest-value horses, prize money and prestige. In 2018 countries staging the largest number of thoroughbred races included Australia (19,409), Japan (16,498), Great Britain (10,406), France (7,039) and Argentina (5,320) as well as the United States, which still offered 36,586 races despite the closure of many venues. Smaller jurisdictions with a high level of supply