I assume that you are into Greyhound racing, it would be a difficult topic to write about otherwise as it would be hard to convince anyone you are an authority on the topic without a keen interest!
On that basis I would say in the first instance do it because you enjoy it, and if there really is a gap for a good community site get a forum up and running and get some chat going. I imagine you could get a reasonable site going.
Monetisation is hard to guage but if you aren't doing it just for the money then that isn't a primary concern. I guess you need to think about what goods and services you can promote. The obvious one is gambling, which can be quite lucrative I expect with healthy sign on fees available.
Is there an online bookies that specialises in dogs? After that, will your site appeal to trainers? There must be a load of equipment you can promote.
One way you can get a feel for interest is to look at the google adwords keyword tool and look at how much people are prepared to pay to bid on related keywords. You can actually point the tool at your site and it will recommend a load of related keywords, order these by the average CPC and it should show you what topics people are prepared to pay for.
I've tried to build sites on topics Im not interested in, but have more earning potential, and I find what happens is you start off well and get something going but quickly lose interest. So although I think I will make more money I end up getting nothing out of it! So if this is something you enjoy regularly then go for it and see what happens. As the site grows you'll find a way to make some money from it.
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