Free image courtesy of FreeDigitalPhotos.net
It’s been fascinating to watch state and local governments grapple with the financial problems facing the horse racing industry. With the growth of legal gambling across the country, race tracks have taken a serious hit. Iconic race tracks like Pimlico Race Course that hosts the Preakness Stakes have faced serious financial problems as horse racing isn’t nearly as popular as it used to be. Due the the popularity of the Preakness there were efforts in Maryland to save that track.
It’s not just the proliferation of casinos, of course, threatening the viability of the business of race tracks. It’s also the easy access to online forms of this type of recreation. Plenty of promotions, like this – horse racing betting – join now!, can be found all over the web, so there’s much more competition for the impulse bettor. Of course, nothing can really replace the pageantry of horse racing, and the huge races still get plenty of attention, but getting fans to experience that first race on a casual Saturday has become much more difficult.
In states like Ohio, we have seen the race tracks lobby to get the right to have slot machines, making them more of a casino than a race track. But it’s measures like this that can prop up an industry.
Extreme measures are being taken north of the border in Ontario as well, as a five-year plan was just announced with the Ontario government putting up a staggering $400 million to prop up the industry. The plan was based on a final report from the Horse Racing Industry Transition Panel and will be implemented from 2014 through 2019. The idea is to build on the “great traditions” of horse racing in Ontario and draw a new generation of fans to the sport. Again, drawing fans to this sport might seem odd to people who see gambling as an issue to be contained as opposed to something worthy of promotion, but the world has certainly changed over the years.
