The complicated economics of horse racing

The economics of horse racing

The Triple Crown races last less than three minutes, but the training and resources needed to create a winning thoroughbred are extensive. This Fox Business article dives into the costs associated with owning and training a racehorse, which can range from $1K to over $1M. It also discusses the extent to which the horse racing industry contributes to the economy.

The Triple Crown, explained

Only 13 horses have ever won the Triple Crown—one of the most elusive titles in American sports. This explainer breaks down how the series works, why it's so difficult to win, and the legendary horses that defied the odds across the Kentucky Derby, Preakness Stakes, and Belmont Stakes.

The global horse market is worth about $400B

In this podcast episode from a new series on horses, Freakonomics explores the market around buying and selling some of the world's top sport horses, and the nebulous forces that make them so valuable.

Breaking down the jargon and strategy of horse betting

Placing bets on horse racing isn't the same as a football or basketball game. You can pick a winner (win), who will come in second (place), and even third (show). And all the bets placed on a race are pooled together and divided among the winners. This Top Ten Picks video teaches the mechanics behind each bet, and shares insider tips that can lead to more informed betting choices.

A timeline of sports-betting scandals

This timeline examines memorable moments from three decades of sports-betting history. It breaks down key political moments, as well as some historical moments such as when the internet pushed underground bookmaking online. There are also multiple descriptions of betting scandals from 1989 on.

Horse racing's most notorious trainer

Few names are as synonymous with American horse racing as Hall of Fame trainer Bob Baffert. He has trained seven Kentucky Derby winners and two Triple Crown winners. But he also amassed over 30 drug violations in his career. This LA Times article dives into the suspensions and bans, and gives Baffert a space to defend his complex legacy in horse racing. (Some users may experience a paywall.)

Inside the pigeon race with $50K at stake

More than 1,000 pigeons are released each year at the American Racing Pigeon Union convention as owners wait to see which of the birds arrives home first. This essay unwraps the niche activity's paradoxical love for the birds despite its at times utilitarian treatment of them.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

F1 is a billion-dollar industry

...but that money doesn't come easily. Team principals have to constantly ensure money is coming in to fund their million-dollar cars every weekend. This CNBC video explores all the costs of running a team. It also shows how team principals woo sponsors and find ways to maximize their technology with a cost cap.

The economics of horseshoe crab blood

Horseshoe crabs are older than dinosaurs and have survived five mass extinctions that wiped most life from the planet. But it's only now that their future as a species is in danger. This blood, worth about $60,000 per gallon, is hyper-sensitized to certain bacteria that are fatal to humans. This 17-minute podcast dives into humanity's pursuit of horseshoe crab blood, a "somewhat magical" mixture heavily relied on by the pharmaceutical industry.

The economics of all-you-can-eat buffets

Is it possible to out-eat the price you pay for a buffet? How do these places make money? We looked at the dollars and cents behind the meat and potatoes.

'Moneyball' author Michael Lewis believes sports betting is a problem for young men

The noted journalist and author of "Moneyball," "The Big Short," and "The Blind Side" has now fixed his discerning eye on the sports-betting industry. In this interview, he explains why he sees sports betting as a problem for American society, especially boys and young men, and why he believes the government needs to regulate the nascent industry more seriously.

What it takes to become a professional jockey

This short documentary follows a young, amateur jockey through early mornings and exhaustive gym sessions, where she rides a simulator made to look like real horses. It's a peek into a highly specialized (and highly unusual) athletic pursuit.

College football generates over $11B annually—but many programs run at a loss

Despite total revenues surpassing $11.5B in 2024, college football’s high operating costs—$14.5B in the same year—mean only a handful of top programs turn large profits, while most run at a loss.

Broadway grosses over $1B annually

The famous but relatively small geographic area is responsible for a relatively enormous economy, thanks to high demand and high ticket prices.

Roller coasters can cost millions of dollars to make, but they often offer a substantial payoff

Over 6,000 roller coasters are in operation around the world as of 2025, with ongoing demand to build more each year. Despite being costly (some theme parks pay upwards of $50M for these rides), their financiers are able to justify the investment when considering the long-term value of a ride that sticks around for decades with daily streams of visitors.

Horse diving was a popular attraction for 50 years

The event, which took place in Atlantic City, is exactly as it sounds: horses, directed by (sometimes scantily clad) riders, would jump from diving boards into pools. Although it was a popular spectacle for decades, it fell out of favor by the late 1970s.

NASCAR started declining in 2007

In the 1990s and early 2000s, NASCAR was one of the biggest sports in North America. It was racking up ratings and ticket sales on par with the NFL, and even beating the NBA Finals viewership. Ratings went down in 2007 and stayed there until 2018 due to a number of factors such as a changing media landscape, rule changes, and the retirement of popular drivers.

Hear how gladiator fights were funded, judged, and sometimes fixed

In a wide-ranging interview, Professor Michael Carter unpacks the business of gladiatorial games—from advertising and fighter merch to referees, match rules, and a code of conduct that often pushed gladiators to spare defeated opponents.

Bank runs, explained

A major feature of the modern financial system is trust: if an institution loses it, customers will quickly withdraw deposits and stockholders will sell their shares. This digestible animated video looks into the nature and history of bank runs and...

How tax breaks power the PGA Tour, a nonprofit organization

When the PGA was formed in 1916, its primary objective was to grow the game of golf, so it was established as a nonprofit. When the PGA Tour split off in 1968, that nonprofit status stayed. But as revenue jumped past $1B, questions began to arise. This "Outside the Lines" investigation from 2013 dives into their tax records and details how much the PGA actually gives to charity.

How ‘vulture’ hedge funds make money

Some hedge funds specialize in snapping up distressed assets, like failing newspaper chains, and further stripping down their operational expenses in a bid to make a profit from the initial capital outlay. Delve into how one secretive firm known for the practice operates—and what’s at stake for the broader economy.

One critic argues opera needs a new business plan

Christos Makridis, a labor economist at Arizona State University, argues that the public has an appetite for the art form, but that the industry's business model is dated, relying too heavily on philanthropy and aging season ticket holders rather than embracing innovation.

Breaking down what makes HBO different

The network took an early gamble on longer episodes and more complicated narratives than a standard television drama. That paid off and, in the process, created what we now consider "prestige TV."

The fitness industry has seen a lot of fads—and Peloton might be one of them

Like SoulCycle and Tae Bo, Peloton has struggled to stay at the forefront of the fitness industry. Despite periods of incredibly high interest and high-profile users (like the Obamas), Peloton has lost many users since the pandemic ended—and has struggled to add more. (Some users may experience a paywall.)

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

Clever Hans was a 1900s horse that was believed to be able to solve math equations, tell time, and read and comprehend German, until a psychology student discovered how he got his answers.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Despite being favored by 87% of Americans, Congress does not have term limits.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Hear about the 250-year history of the United States Postal Service, complete with some of its strangest deliveries, important innovations, and the figures that made it an American institution.

Exploring the Larry Bird punch that almost changed March Madness

Watch how viruses like Ebola can spill over from animals to humans—and vice-versa.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Explore the history, structure, and species of Australia's Great Barrier Reef with this interactive journey narrated by Sir David Attenborough.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

All rainbows are 'raincircles' caused by water droplets separating white sunlight into a spectrum of colors, but Earth's surface blocks the bottom half of the circle from our line of sight.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.