March 14, 2005 This booklet is intended to provide the members of the Legislature with a better understanding of California horse racing, an industry which has contributed literally billions of dollars to the state's economy since the early 1900's_ Horse racing, the Sport of Kings, is one of the state's oldest and most important industries generating well over $4 billion each year for the agribusiness, tourism and entertainment economies. The sport's economic impact is nearly triple that of any other professional sport in California.