Freakonomics Radio
Thoroughbred auction prices keep setting records. But tracks are closing, gambling revenues are falling, and the sport is increasingly reliant on subsidies. Is that the kind of long shot anybody wants? (Part three of a series, “The Horse Is Us.”)
- SOURCES:
- Anne Archer Hinkle, owner and director of Hinkle Farms.
- Cormac Breathnach, senior director of sales operations at Keeneland.
- Emily Plant, thoroughbred researcher and statistician, associate professor of marketing at the University of Montana.
- Mark Taylor, president of Taylor Made Farm.
- Marshall Gramm, horse player, professor of economics at Rhodes College in Memphis, Tennessee.
- Richard Migliore, head racing analyst for Fox Sports and New York Racing Association, retired jockey.
- Sean Feld, bloodstock agent.
- Scott Heider, managing principal of Chartwell Capital, thoroughbred investor.
- Thomas Lambert, economist at the University of Louisville.
- RESOURCES:
- Death of a Racehorse: An American Story, by Katie Bo Lillis (2025).
- “State of the States 2025: The AGA Analysis of the Commercial Casino Industry,” (American GamingAssociation, 2025).
- “An Empirical Analysis of Reputation Effects and Network Centrality in a Multi-Agency Context,” by Emily Plant (University of Kentucky, 2010).
- Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win (Outlooks), by Steven Skiena (2001).
- Bill Oppenheim and Emily Plant’s Thoroughbred Market Reports.
- Horseracing Integrity and Safety Authority.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
614. Is the U.S. Sleeping on Threats from Russia and China?
John J. Sullivan, a former State Department official and U.S. ambassador, says yes: “Our politicians aren’t leading — Republicans or Democrats.” He gives a firsthand account of a fateful Biden-Putin encounter, talks about his new…
613. Dying Is Easy. Retail Is Hard.
Macy’s wants to recapture its glorious past. The author of the Wimpy Kid books wants to rebuild his dilapidated hometown. We just want to listen in. (Part two of a two-part series.) SOURCES: Mark…
612. Is Macy’s Thanksgiving Parade Its Most Valuable Asset?
The 166-year-old chain, which is fighting extinction, calls the parade its “gift to the nation.” With 30 million TV viewers, it’s also a big moneymaker. At least we think it is — Macy’s is famously tight-lipped…
How to Stop Worrying and Love the Robot Apocalypse (Update)
It’s true that robots (and other smart technologies) will kill many jobs. It may also be true that newer collaborative robots (“cobots”) will totally reinvigorate how work gets done. That, at least, is what the…
611. Fareed Zakaria on What Just Happened, and What Comes Next
After a dramatic election, Donald Trump has returned from exile. We hear what to expect at home and abroad — and what to do if you didn’t vote for Trump. SOURCE: Fareed Zakaria, journalist…
610. Who Wins and Who Loses Once the U.S. Legalizes Weed?
Some people want the new cannabis economy to look like the craft-beer movement. Others are hoping to build the Amazon of pot. And one expert would prefer a government-run monopoly. We listen in as they…
609. What Does It Take to Run a Cannabis Farm?
Chris Weld worked for years in emergency rooms, then ditched that career and bought an old farm in Massachusetts. He set up a distillery and started making prize-winning spirits. When cannabis was legalized, he jumped…
Abortion and Crime, Revisited (Update)
With abortion on the Nov. 5 ballot, we look back at Steve Levitt’s controversial research about an unintended consequence of Roe v. Wade. SOURCES: John Donohue, professor of law at Stanford Law School. Steve…
608. Cannabis Is Booming, So Why Isn’t Anyone Getting Rich?
There are a lot of reasons, including heavy regulations, high taxes, and competition from illegal weed shops. Most operators are losing money and waiting for Washington to get out of the way. In the meantime,…
607. Is America Switching From Booze to Weed?
We have always been a nation of drinkers — but now there are more daily users of cannabis than alcohol. Considering alcohol’s harms, maybe that’s a good thing. But some people worry that the legalization of…