Horse racing was cool back in the days but not anymore, I read online that the decline of such sport began in the year 2011, that's a very long time ago, it was already predicted that betting on horse racing would see a major decline, by now the horse race betting interest have already decline up to 30% if not more.
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.
Personally, if there be any form of ancient sports to bring back, it can be any other, but not horse racing, lets not forget that the world we live in is advancing rapidly in terms of technology, and with the kind of people we have in this generation today, what ever is abandoned is abandoned for good, horse racing is completely outdated and I don't see how that can ever come into play in this generation again, and even to make the chances of a come back slim, is the fact that Horse are no longer as common as they used to be in the 90s..
And like I mentioned in my previous comment, Horse racing was pretty common in the 90s and earlier because horses were pretty common back then, aside watching the sports on tv, several homes had a horse or two which they could practice what they saw on tv with, but today, horses have completely gone obsolete, they are now very expensive and only the super rich in the society can afford to buy it, this is more reason why horse racing may never return.