More contraction, yes. Extinction...I don't see that for a loooong time, hopefully not in my lifetime.
Legalized sports betting will hurt but not kill IMO. There is a different 'rush' from betting horses than games.
I could see about 1/3 of the current tracks fold in the next decade but I think that is the stabilization point. That would lead to fuller fields too. Some tracks make no sense to keep running, at least without slots (e.g., Arapahoe Park - too small, Aqueduct - just run BEL/SAR, etc) but others do.
There is still a lot of money bet each year on horse racing. The big money in the game could bet sports today if they wanted to.
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