653. Does Horse Racing Have a Future?
This episode of Freakonomics Radio visits the Keeneland September yearling sale to explore how thoroughbred racehorses are bred, evaluated, and sold, and how record auction prices coexist with a shrinking foal crop and declining racing industry. Breeders, buyers, economists, and horseplayers explain the economics of stud fees, the risk-reward profile of buying unproven horses, and how simulcasting, legal sports betting, and computer-driven wagering have transformed the gambling side of the sport. The episode closes by examining racinos, historical horse racing machines, and regulation as key forces that may determine whether horse racing has a viable future in the United States.
652. Inside the Horse-Industrial Complex
This episode examines the modern thoroughbred horse industry, from elite breeding operations in Kentucky to the lived experience and economics of being a jockey and a backstretch worker. Former jockey Richard Migliore describes the physical and psychological demands, risks, and rewards of his nearly 30-year riding career, while industry participants like economist Jill Stowe and farm operator Mark Taylor explain the business structures, sales markets, and breeding strategies that underpin the sport. The conversation also explores how immigration rules shape the racing workforce and how long-standing breeding rules, especially the ban on artificial insemination, help keep Kentucky at the center of the global thoroughbred economy.
651. The Ultimate Dance Partner
This episode explores the past and present of horses, from their central role in ancient empires and industrial America to their modern status as high-value sport animals in disciplines like dressage. Economist-equestrians and historians explain how horses evolved from "living machines" that powered cities to luxury goods shaped by opaque markets, billionaires, and specialized breeding. The host then visits a New Jersey dressage barn to see training up close and even rides a high-level sport horse himself to experience the human-horse partnership.