Racing industry won’t recover for 10 years

The horse and dog racing industries will lose $500 million this financial year, estimates IBISWorld.

“While it’s unclear exactly how bad the long term outlook is, we believe 10 years is a reasonable estimate for the industries to get back to the heady levels enjoyed during the 2006/2007 season, which now seems like a distant memory,” says Jason Baker, IBISWorld Australia general manager.

“This year’s disrupted breeding season will affect the quality of thoroughbreds for years to come, and it will have a particularly devastating impact on juvenile races such as the Golden Slipper, the world’s richest race for two year-olds.”

Attendance numbers are expected to drop as a result of poorer quality horses; lowering both prize money and the number of overseas visitors.

“Horse racing is the second most attended sporting event in the country, with around two million annual spectators,” says Baker. “Plenty of Australians will have to find something else to do with their spare time, and spare cash.”