The Preakness Stakes is one of the most anticipated horse racing events in the United States. It is the second leg of the Triple Crown, following the Kentucky Derby and preceding the Belmont Stakes. Every year, thousands of horse racing enthusiasts flock to Pimlico Race Course in Baltimore, Maryland to witness the thrilling race and place their bets on their favorite horses. However, recent data shows that the annual Preakness betting has not increased in 2023.

According to the Maryland Jockey Club, which organizes the Preakness Stakes, the total handle (the amount of money wagered) for the 2023 race was $51.2 million, which is almost the same as the previous year’s handle of $51.9 million. This means that despite the hype and excitement surrounding the event, there was no significant increase in the amount of money bet on the race.

There are several possible reasons for this lack of growth in Preakness betting. One factor could be the ongoing COVID-19 pandemic, which has affected many aspects of daily life, including sports events. The pandemic has led to restrictions on attendance at sporting events, which could have reduced the number of people who attended the Preakness Stakes and placed bets on the race.

Another factor could be the competition from other horse racing events. The Preakness Stakes is not the only major horse racing event in the United States, and there are many other races that attract a significant amount of betting. For example, the Breeders’ Cup, which is held annually in November, offers a series of races with large purses and attracts top horses from around the world.

Additionally, changes in the horse racing industry could also be a contributing factor. In recent years, there has been increased scrutiny of horse racing practices, particularly with regards to the use of performance-enhancing drugs. This has led to stricter regulations and penalties for trainers and owners who violate the rules. While these changes are intended to improve the integrity of the sport, they could also have an impact on the amount of money bet on horse races.

Despite the lack of growth in Preakness betting, the event remains a significant part of the horse racing calendar. The race has a long history, dating back to 1873, and has produced many memorable moments and legendary horses. The Preakness Stakes also has a significant economic impact on the Baltimore area, generating millions of dollars in revenue for local businesses and creating jobs.

In conclusion, while the annual Preakness betting has not increased in 2023, there are several possible reasons for this. The ongoing COVID-19 pandemic, competition from other horse racing events, and changes in the horse racing industry could all be factors. However, the Preakness Stakes remains a beloved and important event in the world of horse racing, and its legacy is sure to continue for many years to come.