Last night at dinner, friends were asking about horse racing, so on this bright and bustling Preakness Day in 2025, I found myself deep in thought, reflecting on the current state of horse racing in America. Once upon a time, I viewed racing through a lens of romanticism, never daring to imagine myself doing anything more than placing bets on the swift and graceful ponies. But as the years galloped by, I amassed a collection of 89 win circle pictures, each capturing a moment of triumph as the proud owner of a sizable and well-bred stable of thoroughbreds. These victories, along with the 300 times we proudly hit the board, and the successes I was also lucky enough to enjoy as a breeder and stallion owner, have woven a tapestry of cherished memories. It was the fulfillment of a childhood dream, a dream so grand that I could barely fathom it in my younger days when my mom didn’t work or drive and my dad was a struggling Chicago milkman, now realized in vibrant hues of achievement and satisfaction.

With that said, I decided to step away from racing Thoroughbreds five years ago, when I reached the ripe old age of 68. Although I still have a few old geldings leisurely grazing and enjoying their days in the sprawling green pastures of our Kentucky farm, the once irresistible allure of racing Thoroughbreds gradually diminished over time. I certainly became older and less vigorous, but my enthusiasm waned even more as the darker aspects of the racing industry continued to reveal their unpleasant nature. The harsh realities and ethical dilemmas overshadowed the thrill that once fueled my passion.

I had witnessed it all unfold before my eyes. From the clandestine antics behind the scenes to the countless owners, trainers and racetrack executives who blatantly disregarded the well-being of horses, it became more than I could bear. Certainly, there were some genuinely compassionate individuals in the racing world, but the vast majority were mere hobbyists who felt nothing more than bruised pride when one of their steeds broke down. Without a second thought, actual kill trucks would be allowed to roam the backside and horses that could no longer race would be sent off on a grim journey to slaughterhouses in Mexico or Canada. And for those who deny this harsh reality, I urge you to delve into the USDA’s equine “Livestock, Export History” over the past few decades, and then share your thoughts with me!

Currently, the situation in the industry has improved as much of the hidden ugliness has come to light, prompting regulators to finally address some of the murky aspects of horse racing. Meanwhile, audiences have gravitated towards more engaging and aesthetically pleasing forms of entertainment and sports. Naturally, a large segment of the population remains unaware of these developments, as the propaganda surrounding the grand Triple Crown events saturates the media during this season. Despite these changes, horse racing continues to be a sport in decline.

To truly grasp this situation, one only needs to examine the publicly available data from the industry itself. Over the span of the last 25 years, wagering in the United States has plummeted from a substantial 14.3 billion dollars to a mere 11.3 billion dollars, marking a decline of 21.3%. At first glance, this decrease might not appear overly alarming to some. However, when the persistent creep of inflation over that quarter-century is accurately factored in, the drop becomes a staggering 56.7%!

For a more impactful comparison, consider the number of Thoroughbreds that raced in the year 2000. Back then, thoroughbreds were loaded into the starting gates 494 thousand times to race. Fast forward 25 years, and that starter figure has dwindled to just 259 thousand! It’s akin to imagining the NFL shrinking from its current 32-team league to a mere 17 teams. Envision the uproar as stadiums fall silent and cities lose the vibrant economic vitality that such sports bring. Yet, this is precisely what has unfolded as the world of racing continues its relentless decline.

Once upon a time, horse racing occupied an enviable position in the sporting world as it was one of the rare arenas where legal gambling thrived. The thrill of placing bets on sleek, muscular horses thundering down the track was unmatched. However, the world transformed with the advent of internet casinos and widespread sports betting access. Suddenly, a plethora of far more intriguing wagering options became available to the public, capturing their attention. While some of the more forward-thinking racetracks managed to secure political backing to integrate these new forms of betting, many others were not as fortunate. Many failed to adapt while others were forced to subsidize their losses in the racing arena with revenues from casino games and sports betting, merely to keep their heads above water.

Today, despite the flood of racing propaganda, the sport finds itself in dire straits, and each time another blemish is revealed, a little more of racing’s spirit is eroded. Indeed, even the regulation concerning the use of the riding crop and the fine imposed on the jockey of Kentucky Derby champion Sovereignty for whipping him too many times two weeks ago underscore the unsightly traditions in racing that have sealed the sport’s fate. (Incidentally, they renamed the whip to a crop years ago in the United States merely to further their agenda.)

Such is truth, and life in the racing industry.