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I don't think horse racing will ever be banned(maybe until the market for it dwindles or something), they've had a lot of chance of banning it but instead, they put stricter regulations on how the horses are treated.
Some of them have very bad injuries making them not even the least bit useful for the business therefore they are killed without second thought.
I remember reading somewhere that the reason they just kill the injured horses instead of trying to rehabilitate them to its full health is that it is expensive and even if the horse has been recovered to it's full health there is no guarantee that it could perform like before.
Yes, horses also break psychologically.
If a horse has been seriously injured while racing, it is likely that he will not be able to fully recover psychologically. Even if the injury has completely healed, the horse will run less quickly and more cautiously. It happens at the level of instincts.
At the same time, it is easier for an athlete to recover psychologically in such situations. There are special psychological methods of recovery after severe injuries. There is also a pharmacological solution to such problems by taking appropriate drugs.
However, most of these methods do not work with animals.
But sending horses to be slaughtered is inhumane.