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 Yet ominous changes loom. Deregulation and the rise of offshore betting have cut racing revenues in Britain and Ireland. The prize money that gambling levies pay for has plummeted, sometimes below the levels of the 1980s. Last year’s total pot was only £94m ($150m), down from £104m in 2006. The winner of Britain’s most famous flat race, the Epsom Derby, gained a miserly £751,408 this year. Relative to the cost of owning and training a horse (around £25,000 annually) British prize money is now conspicuously low, despite the new Champions Day bounty.The recession leaves owners and trainers short of money, too. The number of thoroughbred foals born in the British Isles has dropped from 18,472 in 2007 to 11,392 in 2011, and the average number of horses in training dropped by 3.2% last year. In Britain and America gamblers increasingly prefer other sports and online gaming. Race-betting in America was $11.4 billion in 2010, a drop of 22% from 2007, and counts as a “narrow interest,” says Chris Bell, who used to run Ladbrokes, a big betting firm

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