There are many reasons for skepticism. Ask about the problems in racing and virtually everybody can produce a list. Overpriced, over-supplied, over the hill or over compensated. Underwhelming, under performing, under priced or under water. We’ve heard it, at times we’ve said it, and perhaps we even acknowledge it.
Dozens of studies over the years have been commissioned to reveal the problems facing the sport and the potential solutions that racing has, for the most part, failed to implement. Many track operators will look you in the eye and tell you that there is little or no hope.
But how often does anyone in harness racing stop to assess and evaluate potential and growth? How many times have you heard anybody talk about a vision for the future – a big picture look at the true opportunity that exists?
Let’s scratch the surface:
• The legal global gaming industry is worth $335 billion – 7.2 per cent of that is still generated from horse racing. In 10 years, worldwide gambling has increased five-fold. People from around the world are forecasted to bet over five times more in 2012 than they did in 2002.
• Canadian harness racing generates all its betting handle from North America, leaving the rest of the planet as an unexplored market. There are virtually no technology limitations to transmitting signals and pooling dollars globally.
• Betfair, the world leader in exchange wagering, processes an astounding 5.5 million trades a day, more than is traded on all European stock exchanges combined. Their primary business? Horse racing.
• Racing has made little or no efforts to change its product to attract today’s consumer, creating an opportunity to clean the slate and start fresh.
• There still remain hundreds of millions of dollars in funding for the development of the sport with the opportunity to reinvent, reinvigorate, repackage, and redesign.
• There are many successful models around the world for developing new distribution channels, vibrant festival programs and wildly popular lottery bets.
• Racing has a loyal participant base that will remain passionate for the sport for as long as the game exists.
• People love our fundamentals – horses, sport and gambling.
In late July, Standardbred Canada announced the Racing Development and Sustainability Plan for the province of Ontario. The plan, which is documented in this edition of Trot, calls for a growth strategy built and led by horsepeople. It is a stage to look at the big picture, to explore the future in a meaningful way. And to do something about it.
Since the announcement, it has become increasingly clear that the necessity to change has never been more palpable than it is at this very moment.
I implore anyone passionate about standardbred racing to learn more about the program and ask questions. It may be an Ontario plan to begin with, but its success would greatly impact the entire harness racing industry across Canada.
Today is the day that opportunity replaces regret and vision trumps despair.
Postscript: Before going to press, the harness racing industry in British Columbia received an extremely disappointing letter from the government that puts the province’s entire industry in jeopardy (see pg. 20). I urge everyone associated with the sport to follow our updates at standardbredcanada.ca as this story develops and to learn how you can get involved in saving harness racing on Canada's west coast.
Darryl Kaplan
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