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Horse Races in Danger

The economic recession has meant some pretty tough times for a lot of industries –essentially every single industry has felt the sting of recessionary times. The land casinos were hit particularly hard as well as the horseracing industry, which was already suffering to some extent. The online casino gambling sites, because of their international nature have actually faired pretty well, but even some of these sites have reported some losses. The horserace industry in the United States is suffering from a lack of interest right now that is fuelled by the recession and a lack of discretionary income. Also compounding the situation is differing legislation in the US that allows individual states to determine their own land gambling legislation.

In Kentucky for example, a big home of the horseracing industry, the racetracks are suffering because of competition from neighboring states. All of the surrounding states have now legalized expanded forms of gambling at the racetracks as a way to boost the appeal of the tracks and bring in more money. These neighboring racetracks not only have the appeal of slot machine gambling, but the money from the slots is able to then be used to boost the purses for the races –stimulating even more interest.

The situation in Kentucky is actually getting pretty serious since the government has not passed new legislation allowing any expansion in the Kentucky land gambling industry in the way of casino-style slots games. One of the key racetracks in the state has actually announced that it will not make it pass 2010 if new legislation is not passed to help out the state racetracks. This situation is compounded by the fact that the Ohio State has just passed new legislation for gambling at State racetracks.