The Hong Kong tracks are packed and $10 million is bet on every race. In fact, American bettors such as William Benter moved there because his $200,000 bets per race moved the odds board so much in America that he killed his own prices.

I remember about 15 years ago Sports Illustrated did a story that said that in the future the U.S. would probably only have tracks in Florida, NY, Chicago, Kentucky and California. Then the signals would be televised throughout the country to betting parlors.

The problem with Bruce Headley and other horsemen is that the tracks negotiated themselves a bad deal when simulcasting started in the early 1990's. Today, the tracks get about 7 percent of every dollar bet from off track, whereas ontrack they make 19 to 30 percent.

When they bargained for the deal it was like found money because the tracks were packed and they never imagined the nightmare that exists now where the only sound you hear between races is crickets chirping. 
 
It seems that most track managers were never horse players and they don't want to get to know their customers either. So it's no surprise that they haven't figured out how to get people to the track.

Everyone is playing in luxurious off-track betting parlors because they are sick of paying for parking, admission, gas money, programs and bad food at the track.

Why pay when all of that stuff is free in Vegas and other off-track betting sites. And sometimes you even get service with a smile.

According to the CNBC report aired tonight, $10 billion was bet on horse racing in 2008, which is more than all movie tickets bought for the year in the U.S. So the sport is far from dead
 
The press points to the older people who play and say that when they die nobody will be there to replace them. But senior citizens were in the grandstand 30 years ago because they have what it takes — lots of spare time and a fairly large bankroll of disposable income. 

Most younger people are busy having families and don't have the extra money.

But when teachers, firefighters, cops and mailmen retire, what do they do? 

Many of them cash their pension checks and try to double it by betting the ponies.