For British horseracing enthusiasts, summer is the start of The Season – the time to don on your best frock and fancy hats. While the Epsom Derby, which starts Friday, might be perfect for a fashion parade, the U.K. horseracing industry isn't looking in as good a shape.
With nearly 6 million people attending more than 1,400 race meetings last year and an annual betting turnover of £10 billion ($15 billion), according to the British Horseracing Authority (BHA), everything may appear lucrative for the "sport of kings."
However the British Horseracing Authority is warning of a £120 million ($185 million) in income by 2018 if the industry doesn't meet a series of challenges.