Sports betting is racing’s greatest danger, and a lack of effective regulation is fueling sports betting’s rise and the controversy that seemingly goes hand in hand with it. However, for many, the so-called “sport of kings” still bears the taint of corruption and controversy. It seems to be more than a bit unjust, especially considering that when it comes to integrity and standards, racing continues to be miles ahead of other sports. If racing is not proactive, the sport will stay reactive, putting out flames or, worse, acting after the fact. Racing, on the other hand, must remain on the offensive with regard to the integrity of the Sport.
Horseracing – a Game or a Sport – Horse racing is a sport, and an entire multi-billion Pound business supports that notion. Jockeys weigh roughly 120 pounds and ride horses that may weigh seven to eight times their weight. Training these men and women to navigate these thoroughbreds through races requires a great deal of expertise and effort as well as physical training for riders and their horses, which is crucial to the results of a Race.
Horseracing The Sport- The possible Drawbacks
However, there are several reasons against horseback riding being classified as a sport. Many people believe that horseback riding is damaging to animals. Opponents believe that although horse racing is popular because it enables people to wager, it is very detrimental to the animals on whom it is based.
According to fans of other sports, horse racing is not a sport since the jockey does not perform any of the work, but the horse does. According to these critics, this is why horse racing does not attract the same audiences as a football or basketball game.
Horse racing does encourage gambling, but so do other sports. When it comes to the jockey’s role in horseback riding, it’s simple for someone who has never raced to criticize the degree of ability and technique a jockey utilizes while atop a strong animal.
It’s not simple to keep a thousand-pound beast under control while it races around a track. Jockeys train and strategize to maximize their horses’ performance at each race. As with any other sport, hours are spent training and practicing with the horse to achieve a synchronized performance.
There are certain unpleasant parts of horse racing, such as animal maltreatment or allegations of breeders euthanising horses when they are no longer able to race, but this should not cast a negative light on the whole sport.
Many people consider poker and card games on online platforms, to be a sport since they encourage competitiveness and need some amount of strategy. Horseback riding does the same thing, but it also requires a remarkable physical effort on the part of the jockey and it is deserving of its time in the spotlight.
Horseracing the Sport – The Unregulated Exchanges & Betfair
Racing was created on betting, and it exhibits fairly robust returns from wagering and, for the most part, open dialogue with the betting providers who pay the bills. Racing continues to lose market share to sports betting year after year.
This is due not only to the sport’s seemingly declining popularity but also to the fact that the major participants in sports betting give little back to the sports from which they profit. It is not easy to compete with bookmakers who operate on a 2% profit margin on Sports Betting versus the Jockey Club’s identical fixed-odds product, but their operating margin is eight percent.
Racing also faces competition from what is termed “unregulated” operators like Asian Betting Exchanges CITIbet and AA-Star. Both of these Exchanges are not breaking any laws, but operate in the grey with regard to the laws of their country.
Betfair is the most well-known Betting Exchange in the World. They are regulated and provide a plethora of Sports Betting for the enthusiastic betting public. As the Exchange allows Punters to bet as well as lay bets on several Sports (including Horse Racing), it is a direct competitor to Bookmakers, and the odds are in the main better than the odds offered by Bookmakers.
Horseracing the Sport – Lack of Transparency, Intellectual Property Theft & Sky
When Betting Exchanges are discussed the question that lingers is what action the Jockey Club will or can take to address concerns ranging from a lack of transparency to intellectual property theft and copyright concerning how Betting Exchange operates.
So, while sports, which rely on broadcast rights and commercial agreements, buries its head in the sand and waits for the next controversy, racing will have to battle – it is too dependent on the wagering dollar to do otherwise.
Last year, at the Asian Racing Conference, Jockey Club CEO Winfried Engelbrecht-Bresges said that racing earns 65 percent of its income from wagering, with just a minor portion coming from television and advertising. Then there’s the English Premier League, of course.
Sky, the owner of Sky News, and BT agreed in 2018 to pay £4.5 billion to air live matches from 2019/20 to 2021/22, with a further tranche of games sold to Amazon Prime for an unknown fee. The new agreement extends the agreement from 2022/23 to 2024/25, with a total value estimated to be over £5.1 billion.
Compare the broadcasting rights paid by Sky to the English Premier League versus the broadcasting rights received by Horseracing Authorities and one can see where all the money is being channeled.
Horseracing is a Sport- Absolutely
Imagine having to race that horse at speeds of up to 45 miles per hour while also subjecting yourself to the physically demanding fitness program and stringent diets of a professional rider. Steering that horse to a win in a race, which has been backed on Betting Exchanges, Bookmakers, and Totalisator Agencies simply cannot be classified as a game.
Most people on this planet love their Sports. They also love having a bet on their favourite sport, whether it be Cricket, Football, Golf, Basketball, or Horseracing. No matter which Sport the Punter prefers, the adrenalin rush received from picking a winning bet is similar, no matter which Sport is the punters’ favourite.