The Triple Crown's Bursting Economic Bubble

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We've finally got our first real look at the financial implications of potential Triple Crown winner I'll Have Another's withdrawal from the Belmont Stakes. 

When it was announced Friday afternoon that I'll Have Another was pulling out of the Belmont, we knew the financial implications at the betting window would be huge. The New York Post is reporting that the ticket resale market has almost completely dried up since Friday afternoon. General admission tickets were going for as much as $80 dollars before I'll Have Another pulled out, but are now going for $9. One man who spoke to the Post said he had four tickets to the race he was going to sell for $2,400, but since the news broke that their would be no potential Triple Crown winner his phone's gone cold and he can't move the tickets. 

While the potential for a Triple Crown always brings in more casual fans, racetrack insiders don't think he had a chance to win anyway. The New York Times spoke to John Rosiak, who said he's been going to Belmont for 50 years, and he thinks I'll Have Another wouldn't have finished in the top two. "He would have come in third or fourth," Rosiak told the Times. Of 20 bets Rosiak is planning to place for family and friends on Saturday, none of them had to be changed when I'll Have Another retired. Most of the bets are on a long-shot horse named Optimizer. 

This article is from the archive of our partner The Wire.