"People love to bet on all kinds of stuff, I think sports betting is definitely one of their favorites," Suffolk Regional Off-Track Betting Corporation’s Michael Bonakdar told "Varney & Co." Friday.
"With the technology that's getting improved daily as we go into the future, I think horse racing will hopefully stay alive… especially [with] the Kentucky Derby coming up."
Bonakdar went on to say that the Kentucky Derby is the "most exciting 2 minutes in history that happens every year."
Despite sports betting being more popular in the gambling industry, the expert said there are many hardworking people that will hopefully continue to keep horse race betting moving forward.
He pointed out which horses to look out for during the Triple Crown event taking place at Churchill Downs in Louisville and what the odds are for the following Derby frontrunners – Mo Donegal (7-1), Happy Jack (24-1), Epicenter (9-2), Summer is Tomorrow (60-1) and Smile Happy (16-1).
This year is touted to be one of the more interesting races in recent history since legendary trainer Bob Baffert will not be allowed at the event due to a 90-day suspension.
The ban was given to Baffert by Kentucky racing officials after last year’s winner Medina Spirit failed a post-race drug test. Baffert is scheduled to not participate during the entire Triple Crown series.
Bonakdar noted that although he will not be horse race betting this year, he will continue to look at the odds.
"I'm going to look at the condition of the track and the weather," he advised.
Fox News Ryan Gaydos contributed to this report.