A report on horse racing in Ontario suggests the industry could bring in 50 million a year if it were given control over a sports book type of gambling system.

The report by the Horse Racing Transition Panel believes horse racing can survive even without the province's slots for racetrack program.

The panel recommends the number of live race dates be slashed in almost half to approximately 800 annually across the province.

It also suggests other types of gaming revenue to replace the slots money, including single event sports betting, and a new pari-mutuel game called historical horce racing.

That would involve betting through an electronic terminal on the outcome of past races, which are not identified to the player.

Critics accuse the Liberal government of putting 55,000 jobs in the horse racing sector at risk as it cuts spending to trim a $14.4 billion deficit, but the Ontario Horse Racing and Breeding Association says it views the report as an opportunity to start meaningful negotiations directly with the government.