The sport have failed to keep up with other sports like volley, basketball, soccer, tennis and others, the truth is horse racing isn't modern type of gambling and the competition already outpace many attempts of horse racing bets companies.
We all love horse racing, in the 90s I prefer watching movies that have horses in them, that's why I get so much love for cowboy movies, Clint Eastwood for example, people like OP still believes that horse racing rocks, that's no lie, today, many people believe that horse racing can be saved if bring into the modern age but sadly, many believe it's still too old fashioned, and this my friend is where I belong.
Moreover horse racing is no longer a trend and there are only a few countries that have this type of sport and quite a few countries also prohibit horse racing because they think it is very torturous to animals.
Due to the increasingly rapid development of the times it seems difficult for horse racing to grow again and be loved by many people again like it was a few years ago when it was still in the 90s.