The fact that the sport relies on casino revenue to fund purses — what the New York Times controversially termed “subsidies” — is in my view one of the biggest strategic risks to racing in the long term. There is no inherent link between these two businesses to guarantee that state legislatures will continue that arrangement in perpetuity. The decoupling crisis in Florida earlier this year is a prime example of the shaky ground racing is standing on, and from the outside, it was clear the industry was slow to respond to the threat. It seems to me the sport has two choices: start from scratch and come up with an entirely new, sustainable way to fund purses — or find a better way to compete with other forms of sports wagering so that racing “pays for itself” through wagering on horse racing.
DECLINE AND REBIRTH OF AMERICAN HORSE RACING: CAN TRADITION SURVIVE THE MODERN ERA
Historical Horse Racing machines key to the sport’s future in California are in peril
Phil M. Stockmen
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