Horse racing is not one operator — it is dozens of books, tracks, tote systems, data services, and networks, each tethered to the franchise that built its audience. Every one of them competes within the sport. None can sit above it, because each is a contestant in it. HorseRacing.com is the exception: the exact-match name of the entire category, held continuously since the 1990s, belonging to no operator precisely because it names them all.
A position like this cannot be manufactured. An operator can buy reach, technology, and customers; it cannot buy the one name that sits above all of them, because that name’s value is exactly that it has never been owned by an operator. What a partner builds on it is the business; what the name provides is the ground nothing else can.