It is still the UK's second sport but 2009 has been another tough year for racing.

Corporate hospitality bookings at Cheltenham racecourse, one of the jewels in the crown of jump racing, are down 15 per cent.

So, with a well-timed run, on the first day of Cheltenham's Boylesports meeting this weekend, the horse racing industry spelled its plans for riding out the economic downturn yesterday.

A special study for investors in the sport, "Jump Racing Focus, Essentials of the sport 2009-2010", spelled out how the sport is trying to attract spectators in times of economic hardship.

That includes more family friendly racemeetings with activities for kids; ensuring the top horses go head-to-head; sneak looks behind-the-scenes for punters; and deals for corporate clients which are still fun but perhaps not as flash as they once were.

Peter McNelie, the director of sponsorship at Cheltenham said the biggest draw for racefans is seeing the best horses take each other on.

He told the Western Daily Press:"It may sound obvious but the most important thing is to get the right horses in the right place competing against each other. You have to create contests that people talk about as 'the race that cannot be missed'."

An early success for that strategy was Cheltenham's Open meeting in November - the course put on a new race that offered racegoers a chance to see Paul Nicholls' Champion Chaser Master Minded outgunned by David Pipe's stalwart Well Chief. As well as thrilling fans the unexpected result generated lots of column inches.

So far racing's plan to bring in audiences seems to be working.

Attendance figures for 2009 show around two per cent more people have attended horse-racing meetings in 2009 to date (both Jumps and Flat) compared with the same period in 2008. With more than 5.2 million flocking to racecourses so far this year the sport remains the second largest in the UK, measured by spectator attendances and revenues.

It is more important than ever this year that the sport keeps the crowds rolling in, as they deliver revenues at the gate, shell out for on-course refreshments and attract the sponsors that keep the racing industry afloat.

According to Peter McNelie, the spectators are spending less on course than in the boom times

Horse racing is a significant part of the rural economy, sustaining jobs at racecourses, racing stables and trainers and related organisations.

According to a recent report from financial expert Deloitte, racing generates £3.4 billion a year and employs over 100,000 people directly or in associated jobs.

Many of these jobs go to the 16-24 age group. A quarter of direct employees in the racing industry - stable and training staff – are under the age of 25.

Racing has recently made a concerted effort to help young people working in the sport get jobs in the wider economy.

In the past year the industry has worked with The Prince's Trust to help disadvantaged youngsters find career and training opportunities, set up an NVQ qualification for horse care.

The chief executive of the British Horseracing Authority, Nic Coward explained why the sport is trying to build a more structured career paths for its younger workers.

"Many of the jobs generated by the racing industry are located in rural areas, and the industry feels it is important to undertake initiatives to give something back to our local communities. Many of these initiatives seek to provide schoolchildren and young people in those areas with opportunities to develop life skills, or undertake training that will help them to succeed whether they choose racing or another industry as a career. Jump racing has a tremendous reach within the UK. Courses, breeders and trainers are spread across the country.