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The sport can't take advantage of any groundswell because the swell flattens out before it can mount to anything.
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Good point.
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More often than not, u will end up looking like a fool for promoting a horse that doesn't show up.
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True concern, however I'd guess the lack of network interest in horse racing is based more upon the terrible ratings horse racing routinely receives no matter the actual content (can't sell ad time).
I always get excited when horse racing has a David Beckham celebrity (Cigar, Funny Cide, Smarty Jones) to fill some seats and pique interest, even if those seats are filled with butts that wouldn't recognize a filly from a colt, and won't be there mid-winter at Aqueduct. You have to start somewhere when making new fans.
But when the sport gets one of those PR gifts (Street Sense, Borel, and Nafzger could have been a great one, spanning a years time!), horse racing pretty much ignores everyone not already within the loop.