I’m inclined to agree with that. I fell into the age bracket in this thread up until a few years ago. Can’t say any of my mates have the slightest interest in racing bar the odd day on course once every year or so.
They all sports bet regularly, particularly live betting.
Racing has a golden opportunity during COVID to grab that market when it and the Belarus football league were about the only sports running. In my opinion they didn’t grab that opportunity.