Yet to be convinced

I don't get all this stuff about the horse racing industry. {Which incidentally I am not against.}
I don't understand why it is so huge. Personally I only know a handful of people who ever go to the races...even once a year. Maybe two or three handfuls actually bet.
I don't really see how betting (any way) can generate income and produce jobs in antyhing like the way the pokies do.
Racing doesn't seem to me to be anywhere near as big as football or cricket, it doesn't seem to have anything like the popular appeal of music or theatre.
So why are we talking about it (with this equine flu) as though it is one of the major employers, as though it is the backbone of the economy?
Don't get me wrong, I am not saying it shouldn't be dealt with properly. I just want someone to explain. I am (as the title says). Yet to be convinced!