Dollars & Sense: Some Promising Symposium Topics

Seeing the vast majority of some 80,000 people at Tokyo Racecourse engaged in wagering on Japan Cup day last month served as a reminder that betting horses is a great game that can appeal to many people. Watching those bettors, including young adults, with money in one hand and tip sheets or programs in the other attempting to solve the puzzle of the original "daily fantasy" game as they waited their turn at the windows put a bounce in my step. But it also reminded me that North American racing is not fully connecting with potential fans. That connection has helped fund Japan racing as it has taken spectacular steps forward. Only days before I'd witnessed the magnificent Miho Training Center and the many new barns completed with more on the way—just one of the many first-rate projects made possible from the proceeds from this enthusiastic wagering. That brings us to this week's University of Arizona Race Track Program Global Symposium of Racing, which begins its public presentations in earnest Dec. 10 and continues through Dec. 11 in Tucson, Ariz. While racing has enjoyed some success stories through ties to added gaming and historical racing, this year's symposium arrives at a time when year-end pari-mutuel handle will be down for a third straight year after a nice COVID-related bump in 2021. In attending the symposium or following up on it through reading stories and viewing the archived videos and transcripts, it's been my experience that some excellent ideas are presented each year but, unfortunately, rarely followed up on. But it's good to continue to put ideas out there. In terms of the economics of racing, some Symposium sessions to keep an eye on this year include: 9:30 a.m. (local time), Tuesday: A session on artificial intelligence will look at a number of uses in the sport, including the support of fans and advancing business initiatives. 2:45 p.m., Tuesday: Younger professionals in racing will discuss investing in the sport's future. 4 p.m., Tuesday: The 50 ideas in 50 minutes session has produced out-of-the-box thoughts in previous years and figures to deliver again. 8:30 a.m., Wednesday: A panel on racing success stories will include a presentation on FanDuel engaging sports bettors through its shared wallet with its racing platform. 10:15 a.m., Wednesday: One of two panels that may produce some of the best ideas in terms of the economics of the sport will look at innovative sports marketing strategies. The panel plans to discuss whether "data analytics and digital platforms engage a younger, more diverse fan base. How do we drive attendance, create more memorable fan experiences, and form a stronger community? Learn how racing organizations can adapt these proven cutting-edge strategies to resonate with today's audiences." 1:30 p.m., Wednesday: This is the other particularly intriguing panel. The Mark Kaufman Workshop will see experts discuss, "How to Keep Racing Relevant in the Evolving Wagering Landscape?" Following is the promising description, in full: "With increased competition from sports betting, esports, and other digital gaming platforms, horse racing faces mounting pressure to innovate and adapt to changing bettor preferences. Panelists will explore why racing wagering is at risk of being left behind, what can be done to modernize the experience, and strategies to attract a new generation of bettors. The panel will discuss the steps needed to update the racing product and bettor experience to compete with popular wagering alternatives. Are there innovative ways to enhance the visibility and appeal of horse racing for today's digital-first bettor? How best can the racing industry collaborate with sports betting operators to expand, reach, and grow betting handle? This discussion will offer valuable perspectives and potential solutions for racing operators, ADWs, and other industry stakeholders seeking to revitalize wagering." For those not attending, the Symposium website eventually posts videos and transcripts of the sessions. For those who wish to avoid any wait, Racetrack Television Network plans live streaming. The package, which also includes archived sessions of each panel, is available for a $149 purchase on the RTN.tv website, enabling people to watch on tablets, smartphones, and PCs, and on televisions through Roku devices and Amazon Fire TV.