This review addresses the question of whether Thoroughbred horse racing is sustainable in the context of current social values. A recently acknowledged framework, known as ‘Social License to Operate’ (SLO), provides us with a lens through which to view and assess racehorse welfare. In multiple surveys of the general public, the horse owning public, and university students, the primary topics of concern regarding Thoroughbred racing show considerable concordance: concern about catastrophic injuries—particularly as related to track surfaces, concern over the racing of two-year-olds, whip use by jockeys, drug/medication policies, and aftercare opportunities for retired Thoroughbred racehorses. Legitimacy of an industry, consent from industry stakeholders, and trust between the community players, are all essential to have and maintain SLO. In the current era of 24/7 global media access, and the proliferation of social media providing an interactive platform for all interested parties, a dramatic change has occurred in commentary related to racehorse welfare concerns. The situation at Santa Anita (California, USA) from late December 2018 through mid-November 2019 demonstrated just how tenuous the SLO for horse racing is. This article will provide a brief review of what ‘Social License to Operate’ is, along with a brief literature review of five of the areas of primary concern voiced by stakeholders.

The unwanted horse issue continues to be a major concern in the U.S. equine industry. Nonprofit organizations dedicated to rescuing, retraining, and rehoming unwanted horses are critical in minimizing this problem. This study utilized data collected nationwide from organizations that provide these services for thoroughbreds retired from racing to identify individual horse characteristics that influenced length of stay at the adoption facility as well as characteristics that increased the probability that an adopted horse would be returned to the facility. The results suggested that horses with fewer activity limitations were rehomed more quickly (p < .01), as were gray horses (relative to bays, p < .03) and stallions (relative to geldings, p < .04). Older horses took longer to rehome (p < .05). Interestingly, the results also suggested that gray horses were more likely to be returned to the facility postadoption (p < .02). Results from this study could benefit thoroughbreds retired from racing, nonprofit organizations, end consumers, and the thoroughbred racing industry.

This article utilizes panel data on leading Thoroughbred sires from 1999 until 2008 and estimates the determinants of their stud fees, or the price paid for the rights to one breeding season, and the marginal value of those characteristics. Using a Fixed Effects (FE) estimation procedure, we find strong evidence of ‘breeding to sell’: stud fees for established sires are determined primarily by the sales prices of their progeny. Other determinants include a sire's ability to produce sons who go on to become sires themselves, current year progeny racing performance and cumulative racing performance of a sire's progeny.

This article utilizes data from the complete set of U.S. thoroughbred 2-year-old in-training sales held in 2013 and estimates the determinants of prices for 1806 two-year-old thoroughbreds. The results reveal that the time in which these prospective racehorses run a standardized distance is the most statistically significant determinant of market price. Other individual horse characteristics, pedigree quality variables and sale quality are also found to be price determinants. An additional result of interest is the significant premium buyers are willing to pay for horses by sires of unknown quality.