There was a time when racing was a highly popular pastime and today racing betting future is still halted. People visited different race tracks to wager on horses and dogs alike.
There was nothing like the excitement of watching the races at their height of popularity. That quickly changed though due to the pandemic coronavirus Covid-19.
Once the pandemic started and lockdowns were in full swing a lot of different markets shifted. Those that were high- performers earlier were suddenly brought to their knees.
Racing is one of those markets. Gamblers who frequented race tracks suddenly had to cut back because of they couldn’t visit the tracks, impacting the race betting future.
As people lost their jobs, they no longer had the ability to keep on building their bankrolls for wagering either. This put race tracks in a difficult position.
The racing betting market is now struggling even more than ever. There are a few options that legislators can work with. Most legislators are toying with the options out there.
They want to make the best decision. There are a lot of opinions running around though and they are all viable ones that deserve some study.
1) The racing betting industry has been around for a long time. There has been a huge amount of people supporting it. Now that it has been halt and they no longer have the revenue to continue wagering there though, they are slowly pulling out of the market.
Legislators are having trouble to let them open back up, as countries where mayor events take place are still coping with the pandemic regulations and social distancing. They could viably just close down the race tracks for another year and use the buildings and facilities for training purposes only.
The bottom line is that there are hundreds of different race tracks around the world. Each one has a longstanding history of development too.
Some are huge state-of-the-art facilities that can compete easily with big-dollar gambling centers. The problem here though is that racing has a history that is rich.
Some entities don’t want to just let the market halt for another year without at least a big push for its reopening. They recognize how long the race betting market has been around and don’t want to see it phased out completely for another year, which is the danger due to lack of revenue.
2) Fuel a stimulus into the racing market. Some race track owners have suggested that since other businesses have received money from the government for revival, why shouldn’t they?
Race track owners hope that they can encourage the government to take money from gambling facilities in the form of tax revenue and give a portion to them.
Their goal is to elevate their purses to create bigger draws. If people see bigger jackpots, they may be willing to come in more readily and support the entire market.
Although race track owners like this option, it isn’t a popular option with many other businesses right now. They wonder why racing should benefit from money when other more important markets are still not revived.
They also wonder why racing should benefit from additional money when the unemployment rate is still no where near where it was prior to the pandemic.
This is an option that is taking a lot of hits from other markets. With the number of detractors out there, it isn’t a likely option to be developed.
3) Use slots to revive the race betting market. This is the most popular option right now- race track owners are looking to bringing slots into their establishments.
They want to use slots as a means of generating cash that would in the end allow them to build bigger purses. The bigger purses are key to reviving race betting market when it’s time for reopening.
One thing that has proven its potency is the power of slots gambling. Slots bring in millions of dollars every month and if race tracks were allowed to build slots parlors into their businesses, it could solve all of their monetary problems.
Not only would it bring in more money, but it would bring in more gamblers willing to take a shot at the races. They also would see the bigger purses and be more inclined to wager at a higher level in the hopes of winning.
There are plenty of options to work with, but right now it seems that the last one is winning out. One thing is for sure though, leaders don’t want to see the racing market to be halted for longer, instead or rather sooner.
Race betting is a long-standing market that is likely to continue to thrive with some help from outsiders and how the impact of the vaccines into the population, even if they need to keep the CDC guidelines for longer to let race betting overcome the pandemic.