The National Thoroughbred Racing Association (NTRA) oversees the Thoroughbred horseracing industry, acting as governing body, promoter, and trade association. It sets rules, regulates membership, and organizes races, and it helps promote the sport through negotiating broadcasting rights and marketing sponsorships. In addition, NTRA lobbies on behalf of pari-mutuel wagering (handicapping), licenses thoroughbred breeders, and sells racing merchandise. Along with sister company Breeders' Cup Limited, it hosts the ten Breeders' Cup races, including the Breeders' Cup Classic. NTRA was formed by a consortium of horseracing bodies in 1998.