The exclusion of Betfair has probably killed off many large, serious punters, they offered a different form of betting that should have been kept on, I think I can still access my Betfair account, last time I tried I could but there was nothing you could wager on, there are some noveltys you can still bet on.
If you want to dig out my and others' social media posts from the beginning of this century warning of the impending disaster the detailed financial figures are there.
Sorry, I don't have time to do that in any great detail. If you want it, you'll have to do it yourself but here's a quick AI summary of the timeline and deterioration with centralisation and bulk funding.
Summary
✔️ Pre‑1951: Clubs ran racing and funded themselves from on‑course wagering.
✔️ 1951–2003 (TAB era): Nationalised wagering grew, funding increasingly centralised.
✔️ 2003: NZ Racing Board created — full centralised funding and governance model began.
I gather you and @curious don't understand track funding Both of you are so wrong it is laughable.
@curious show us all in financial numbers when Racing paid its way.