Horse racing burdened by outdated funding model, poor marketing

Horse racing needs to change its funding model and broaden its appeal if the industry is to thrive and meet the challenge posed by the booming sports betting market, critics say. The total amount bet on other sports was forecast to overtake horse racing in 2014 and keep on pulling ahead in coming years, according to figures released at the Asian Racing Conference (via Global Betting and Gaming Consultancy, GBGC) in May last year. GBGC estimated that US$133.13 billion was bet on sport in 2014 compared to $132.68 billion on horse racing. However, that only refers to the legal market and the underground figure is thought to be much higher. Former director of trading at the Hong Kong Jockey Club and now British-based independent betting expert Patrick Jay estimates the total amount bet, including illegal gambling, is more than US$1 trillion, and maybe as much as $3 trillion, with 90 percent of...

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