Where Does All the Money Go?

Since 1998 betting revenue is down, foal crops are stable, the number of races is down; but purses are up 30%. Since 1998, horse owners don't seem to make too much money, bettors have been killed with takeout hikes, and racing has shrunk as a mainstream sport, not grown.

What good is a 30% increase in purses if we can't grow any key demand metric?