Horse Racing Market Trend, Share, Growth, Size and Forecast 2030

Horse Racing Industry Perspective:

The global horse racing market size is set for rapid growth over the forecast period. In terms of revenue, the global horse racing market accounted for USD 402.3 Billion in 2022 and is expected to reach USD 793.9 Billion by 2030, growing at a CAGR of 8.89% during the forecast period.

The market report offers quantitative and qualitative insights into the key drivers, opportunities, constraints, and challenges impacting the global horse racing market industry.

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Horse Racing Market: Overview

Horse racing or horse betting usually happens in many horse racing competitions. It began in the United Kingdom in the early 1600s, during the time of King James I. Gamblers could invest money in the final placement of the horses involved in the race. In the online gaming industry, horse racing betting maintains a very high position, despite the popularity of football, rugby betting, and other team sports.

Betting on horse racing every year turns out to be about 5 billion, which is massive when compared to 1.2 billion footballs. Before the break-out of COVID-19, racing competitors reached an average of more than 6 million annually, currently the second most popular sport in the United Kingdom only behind football.

Key Insights

• As per the analysis shared by our research analyst, the global horse racing market is expected to grow annually at a promising CAGR of around 8.89% during the forecast period 2023-2030.
• In terms of revenue, the global horse racing market size was valued at around USD 402.3 billion in 2022 and is expected to reach USD 793.9 billion by 2030.
• Based on type, the win bet segment held the largest market share in 2022.
• Based on application, the racecourse segment held the dominating market share in 2022.
• Based on region, the North American region held the largest market share in 2022.

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Horse Racing Market: Growth Factors

Improvements in horse breeding and the growing popularity of high-profile events drive the growth of the industry

Horse racing is among the oldest of all sports, and over the years it has experienced almost no improvement in its basic concept. It evolved from a primitive contest of pace or endurance between two horses into a spectacle including vast fields of riders, sophisticated electronic tracking devices, and huge amounts of money, however, its key aspect is the same as always. In the technological society, horse racing evolved from a diversion of the leisure class to a major public entertainment sector.

Several factors have contributed to the growth of the global horse racing market, including increased availability of online wagering platforms, expansion of racing in emerging markets such as Asia and the Middle East, and the growing popularity of high-profile events like the Dubai World Cup and Royal Ascot. Additionally, improvements in horse breeding and training techniques have led to the development of faster, more competitive racehorses, further fueling interest in the sport.

Horse Racing Market: Restraints

Rise in animal concerns and increase in the popularity of different forms of races, entertainment, & gambling might hamper the industry growth

The horse racing industry faces several restraints, including declining attendance at live races, increasing competition from other forms of entertainment & gambling, and regulatory pressures related to animal welfare concerns. Additionally, the COVID-19 pandemic has had a significant impact on the industry, with many races being canceled or held without fans. The high cost of horse ownership and the limited availability of skilled personnel such as jockeys and trainers are also challenges for the industry.

Horse Racing Market: Opportunities

Growing inclination towards virtual horse racing and e-sports among people creates ample opportunities for the industry

The global horse racing market presents numerous opportunities for growth and development. The industry has a massive fan following and attracts huge crowds, making it an attractive market for investors. Additionally, advancements in technology have enabled the industry to reach a wider audience through live streaming and online betting platforms, providing convenience for fans.

The Asia-Pacific region, particularly China, presents a significant growth opportunity for the horse racing industry. The country has been investing heavily in developing its horse racing industry, with the goal of becoming a global player. This presents an opportunity for international horse racing organizations to partner with Chinese companies and expand their reach.

Furthermore, the rise of virtual horse racing and e-sports presents new opportunities for the industry to tap into younger audiences. The industry can leverage technology to create new and engaging experiences for fans.

Horse Racing Market: Challenges

Strict competition from other sports and entertainment might act as a challenge to the growth of the industry

Despite the numerous opportunities, the global horse racing industry also faces significant challenges. The industry has faced criticism over animal welfare concerns, which has led to increased scrutiny and regulations. Additionally, the industry faces competition from other sports and entertainment options, which can affect attendance and revenue. Finally, the pandemic has had a significant impact on the industry, with races and events canceled or postponed, leading to financial losses.

Horse Racing Market: Segmentation

The global horse racing market is segmented based on type, application, and region.

Based on type, the market is segmented into single, double, win bet, patent, Trixie, forecast, reverse forecast, treble, accumulator, and each-way. The win bet segment held the largest market share in 2022 and is further predicted to grow rapidly at a dominant CAGR during the forecast period. A win bet, also known as a straight bet, is a type of bet where a better picks the horse that will win the race. It is one of the most popular types of bets in horse racing and is often the first bet that new bettors place. The win bet segment of the horse racing market has traditionally been one of the most important and largest segments of the overall horse racing betting market. The growth of the win bet segment in the future will depend on various factors such as changes in consumer preferences, technological advancements in betting platforms, and regulatory changes affecting the industry.

Based on application, the market is bifurcated into online, lottery store, racecourse, and others. The racecourse segment held the dominating market share in 2022 and is further expected to grow at a notable CAGR during the forecast period. This is mainly because more and more people across the globe are interested in physically watching races and then placing their respective bets. In addition, growth in the popularity of gambling in developed countries, the growing value of sponsorships, and the high costs of racecourse tickets drive the growth of the segment during the forecast period.

Recent Developments

• In February 2023, Churchill Downs Incorporated (CDI) announced that it would acquire Turfway Park, a thoroughbred racing facility in Florence, Kentucky, for $250 million. The deal will include the racetrack, the property it sits on, and an off-track betting facility. Churchill Downs has said that it plans to invest approximately $100 million in renovating the facility, including the construction of a new grandstand and clubhouse.
• In January 2023, The Hong Kong Jockey Club (HKJC) launched its first-ever online betting platform, allowing customers to place bets on horse racing and football matches from their mobile devices or desktop computers. The platform, called "HKJC Bet," offers a wide range of betting options, including win, place, quinella, and trifecta bets, as well as live streaming of races and matches. The launch of HKJC Bet is part of HKJC's ongoing efforts to modernize its operations and attract younger customers.
• In October 2022, Australian racing technology company BetMakers announced that it had signed a deal with the New Jersey Thoroughbred Horsemen's Association (NJTHA) to provide live horse racing streaming to customers in the US. The deal will allow customers to watch races from tracks around the world, as well as place bets on those races through the BetMakers platform. The partnership is part of BetMakers' ongoing efforts to expand its operations in the US and capitalize on the growing popularity of online sports betting.

Horse Racing Market Report Scope:

Horse Racing Market: Regional Analysis

North America to lead the global market during the forecast period

Horse racing, particularly popular in English-speaking and Asian countries, is among the most loved sports activities in the world. The Irish people, like their neighbors, enjoy horse racing. This sport is part of society and culture since it has a very long history on the island. When it comes to managing and training thoroughbred horses, the country is also a powerhouse. In terms of horse racing, it is also linked with the United Kingdom.

Although the sport has a history of only 350 years, horse racing has developed itself in the United States as a common sport relative to those in the UK and Ireland. In New York state, the roots are traced back. For over 150 years now, races have been held, and there are racetracks with over 100,000 competitors. The biggest events are held in the states of Maryland, Kentucky, and New York.

Based on region, the North American region held the largest market share in 2022 and is further projected to grow remarkably at a dominant CAGR during the forecast period. The increasing popularity of horse racing as a sport and leisure activity in North America has been driving the growth of the market. Horse racing events such as the Kentucky Derby, Belmont Stakes, and Preakness Stakes have become major cultural events in North America, attracting a large number of spectators both locally and internationally. The rise of online betting platforms has also contributed to the growth of the horse racing market in North America. The availability of online betting options for horse racing has made it easier for people to place bets and participate in the sport, leading to increased engagement and revenue for the industry. Overall, the horse racing market in North America is expected to continue to grow exponentially during the forecast period.

Horse racing is very popular in Australia, and there are plenty of things to understand about this sport. No surprise, though, it is the country after the UK, Ireland, and the United States with the highest followers. After UK and Japan, horse racing in Australia also has the world's third share of race betting.

In terms of betting market share, Hong Kong is fourth. Every year it has hundreds of events, all flat racing. British racers like racing there and a Jockey Club was founded in the nineteenth century in the area as well.

France is home to many competitions linked to horse racing, such as the Prix de l'Arc de Triomphe, the richest race in Europe. Like other important horse races, it is held in Paris. It is also seen in the continental part of Europe as the carbon copy of British and Irish racing.

The city with the strongest reputation in the Middle East for horse racing is Dubai, in the United Arab Emirates. The key breed is Meydan, which is located in the center of the desert. It is renowned for having a grandstand that is a mile long. The Dubai World Cup is a globally recognized sport with cash prizes of over $25 Million. The history of horse racing in Dubai, as in traditional countries, also dates back decades.

Horse Racing Market: Competitive Players

Some of the key players in the global horse racing market include:

• Churchill Downs Inc.
• The Stronach Group
• NYRA (New York Racing Association)
• Del Mar Thoroughbred Club
• Keeneland Association
• Breeders' Cup Limited
• Woodbine Entertainment Group
• Gulfstream Park Racing Association
• Santa Anita Park
• Kentucky Downs
• Monmouth Park
• The Jockey Club
• Thoroughbred Owners
• Breeders Association
• National Thoroughbred Racing Association
• Daily Racing Form
• TVG Network
• Betfair US
• TwinSpires
• Xpressbet
• DRF Bets.

The global horse racing market is segmented based on:

By Type

• Single
• Double
• Treble
• Patent
• Accumulator
• Trixie
• Forecast
• Each-Way
• Reverse Forecast

By Application

• Online
• Lottery Store
• Racecourse

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa