SC,Competition from giants like Walmart eliminates the smaller operations in the area.
It seems to me that the same thing will happen in racing under your "syndicate" scenario as the "chosen" tracks will dominate so we will eventually be left with a few mega-racetracks, a helleva lot less racehorses,and generally less horse betting options for the individual handicapper not to mention the lost jobs and adverse impact on the environment. It may work in the retail sector but I ,for one, don't look forward to this kind of a situation in the American racing scene.
I hope the race tracks/horsemen take charge of this situation soon and substantially increase the fees charged to non-track/low -fee account wagering sites and otbs (obviously if these operations can give out rebates in the order of 10+% and still stay in business, they can afford much higher fees and still make a reasonable profit). The tracks in conjunction with the horsemen and external betting sites should then develop and implement a universal "comp" system for all individual bettors similar to what most casinos do currently. ASFUFH