This is Part 1 of the Thoroughbred Idea Foundation's (TIF) series “Wagering Insecurity.”
Faced with remarkable competitive pressure from the rise of legal sports betting, horse racing is at a crossroads. Confidence amongst horseplayers and horse owners is essential to the future sustainability of the sport. Efforts to improve the greater North American Thoroughbred industry will fall flat if its stakeholders fail to secure a foundation of integrity. Achieving this is growing increasingly difficult after the sport has neglected its core base–horseplayers–for decades. “Wagering Insecurity” details some of that neglect, and the need to embrace serious reform. Fortunately, there are examples across the racing world to follow.
Participants across racing should have some basic expectations met.
Simply put, the competitions within racing should be fair and honest. Horses should be free from any illegal performance enhancement. Jockeys should expect horses are sound, track surfaces are safe and stewards enforce rules consistently. Bettors should expect that jockeys give horses their best chance to win, betting information is accurate and that wagering systems are secure and do not advantage some customers over others.
Are we meeting these expectations?
This series delves into the integrity of North American horse racing, specifically as it relates to the $11 billion wagered through the pari-mutuel system, and the uncounted billions wagered outside the purview of North American racing regulators.
Horse racing is competing for customers, working to retain existing ones while trying to attract and develop new ones, like any business. Proper standards of integrity are necessary.
Are racing's customers, the bettors, properly protected at present?
TIF believes the answer to that question is “no.” The security of racing's wagering systems is not up to contemporary standards. The oversight of racing from stewards and regulators is not sufficient at present for customers to have confidence in the legitimacy of results.
To read the rest, click here.
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