In response to a number of overarching concerns about the direction of the Thoroughbred industry, a new organization known as the Thoroughbred Idea Foundation (TIF) has been launched with the goal of creating an active forum that promotes exchange and curation of ideas to improve the industry as a whole, it was announced Thursday. With a board of directors comprised of Craig Bernick, Lesley Howard, Corey Johnsen, Paul Matties, Justin Nicholson, Gary Stevens and Jack Wolf, the TIF points toward a declining foal crop and a drop in handle as reasons to take action.
Citing additional trends such as an aging customer base and the closing of a number of racetracks, the TIF aims to create discussion about potential solutions among the wide range of constituencies–owners, gamblers, fans and racetrack management–who are impacted.
“Better service, transparency and pricing are keys to improving the sport for current participants, all of whom choose to actively participate in racing,” a statement from the TIF read. “Innovation is required to reach new gamblers, owners and fans. We believe the availability of content and data are key to growing the sport, and a path to finding commonality between the sport's biggest contributors–owners and gamblers.”
Among other issues touched on by the TIF are the modernization of horse racing gaming content and the need to make use of–but not rely upon–supplemental funds from other forms of gaming.
The TIF statement added, “The TIF is not looking for a seat at the table–we have no intention of creating another silo. The ideas and concepts offered will not have pride of ownership. We hope they are adopted freely, by racetracks and industry stakeholders that can implement them for the good of the business.”
Based in Lexington, the TIF will be funded by owners, gamblers, fans, breeders, stallion farms and other stakeholders, but will notably not seek funding from any industry organizations. With its pending launch, the TIF can be found on Twitter here and here.
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