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As far as I'm aware BT don't currently hold any broadcast rights for horse racing. The main rights holders are ITV, Sky and Racing TV.
I guess that BT Sport don't see commercial value in it, whereas Racing TV is owned by 34 Racecourses who own race courses and Sky own Sky Bet so they also have a vested interest and ITV cater for those who don't have subscription TV but would like to watch some meetings.