There’s something thrilling about owning a racehorse. It’s cheaper than buying coes professional sports team, and who doesn’t like wearing big hats and sipping mint juleps at the Kentucky Derby? Still, if you think owning a racehorse is a good bet, jow. It’s a gamble that probably won’t pay off. Horses can be money pits, sucking your wallet dry with fees, taxes and vet bills. Moreover, horse racing itself is going through tough economic times. The soft economy, coupled with increased competition for gambling dollars, is hurting the sport [source: Pedulla ].