Belmont Stakes Beats Preakness by a Mile on Race Ticket Prices
NEW YORK ( TheStreet) -- The Kentucky Derby is history. Now the focus shifts to Maryland and Saturday's Preakness Stakes, the second leg of horse racing's Triple Crown.
For the first time since Affirmed in 1978, there's a real possibility of a Triple Crown winner. Still, according to TiqIQ, when it comes to the secondary market Preakness Stakes tickets are well below the demand of the Derby and the final race, New York's Belmont Stakes.
Right now, the average price for Preakness Stakes tickets on the secondary market are $135.88, a three-year low. Last year's race had a $199.18 average price, while this year is closer to the average price of 2012, which was $139.92.
From year to year the price of Preakness tickets will not shift as much as the other races. Pimlico Race Course usually has a steady stream of demand at the track, regardless of the results of the Kentucky Derby. This year's Derby winner, California Chrome, enters the weekend as the favorite to win the second leg of the Triple Crown. Should that happen, the price for Belmont Stakes tickets will start to skyrocket once the race is finished.
This year's Belmont Stakes is set to be run on Saturday, June 7 at Belmont Park in Elmont, N.Y. Belmont Stakes tickets currently have an average price on the secondary market of $283.09, 108.3% above this year's price for the Preakness.
The future price of the Belmont, however, is greatly influenced by the result of the Preakness. Should California Chrome come out victorious, Belmont Stakes tickets on the secondary market could rise to rival those of the Kentucky Derby. If any other horse wins, the Belmont Stakes will likely be the cheapest of the three races this year by a fair margin.
Last year, after Derby-winner Orb failed to win the Preakness, Belmont Stakes tickets dropped to an $87.81 average price. In 2012, both a rise and fall occurred as I'll Have Another entered the weekend with a chance to win the Triple Crown. However, the horse was scratched due to injury a day before the race, causing a sudden last-minute drop in price on the secondary market. Still, Belmont tickets had an average price of $320.40, 264.8% above the average price in 2013.
As California Chrome was the favorite going into the Kentucky Derby and remains the favorite heading into the Preakness, there is a high possibility the Belmont will be hosting a chance at history. The current 36-year drought without a Triple Crown winner is the second longest in history, behind the 44-year drought from 1875 to 1919.
If the Preakness finishes with a chance for history to be made at the Belmont Stakes, expect both price and demand for tickets on the secondary market to increase almost immediately.