The Fundamental Problem
“Between 1990 and 2000, the North American parimutuel handle increased from $10 billion to $15 billion, due not to some emergence of star horses with long careers but to the convenience of full-card simulcasting and an explosion of new betting opportunities. Since then, the figure has not budged, despite all the feel-good stories…. Instead of thinking like 21st century business operators competing for market share, racing prefers to imagine that some old-style publicity … will suddenly make it become 1957 again” (DRF).
