Horse betting down, sports wagering up in Italy.
Horseracing bets fall was due to high taxation, low medium quality of the events, irrational horse racing programming which determined races override, low appeal of the specialized TV channel programming.
On the opposite, sports betting encounter more and more favour among young, informed and trendy customers (who intensively use telematic systems) and take advantage by the wider range of events and typology of bets available.
I think that is a loose translation to English. I do know the takeout in Italy is something like 40% on horse racing. That's worse than Penn National!
Hat tip to Gathering the Wind.