Media reports about the global business of golf are full of references to its diminishing fortunes. The gloomy tone should be familiar in horse racing circles. Golf, Inc. magazine lamented: “The dark economic clouds that have long threatened the golf industry are now fully upon us. The unemployment and financial wakes of their storm are [...]

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Thoroughbred horse racing is facing many challenges. For example, as of October 2011, wagering on U.S. races declined by 7.4% year-to-date, and U.S. race days were down 4.68%. Some of this is the result of weak economic conditions, but generally, competition from other activities, gambling and non-gambling, has been siphoning off both existing and potential [...]

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