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I think people are losing interest in everything other than big events. The crowds and handle are still huge for the Derby, BC, Belmont and a handful of other major events, but only the hard core players care about day to day racing.
I think that's true of many other sports also.
Some people just love a certain sport and follow it closely all the time, but there are so many entertainment options people gravitate to the playoffs, finals, main event etc... and less towards the day to day action.
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