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Why horse racing -- and the Preakness Stakes -- is not allowed on prediction markets

New York Post·Sean Treppedi·18 days ago
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Jockeys race horses during Laurel Park's Preakness Meet, Friday, May 8, 2026, in Laurel, Md.. AP Prediction markets are omnipresent these days, but one thing you won’t find listed at Kalshi or Polymarket is horse racing.  Despite the booming rise of sports event contracts over the past year, horse racing’s power brokers are drawing a hard line against letting prediction market companies touch the 151st Preakness Stakes at Laurel Park — or any other races for that matter.  And that’s not because there isn’t money to be made. Last year’s Preakness Stakes generated over $110 million in wagers on the 14-race card. The day’s handle marked the second-highest total in Preakness history, climbing 11.3 percent from the $98.9 million wagered on the 2024 race card.…

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