I guess I have a couple of things here.
I want to make it clear that I'm a public servant and that I'm a regulator. What would be interesting would be to hear directly from the horse racing industry and seek its views in terms of the dynamics.
One of the elements here to be mindful of is that the business model for the horse racing sector is founded on gambling dollars. Unlike other sports, the whole business model is in tune with the gambling dollars that are coming in. In terms of the CPMA, our revenue base is based on total dollars bet in Canada on horse racing. That's dollars that Canadians are betting on Canadian races and also dollars that Canadians are betting on foreign races. Our 0.8% levy is based on that dollar. However, the CPMA does not get any money when you have an American gambling in New York on a Canadian product.