Horse Racing Market Size, Share, Growth, and Industry Analysis, By Type (Win Bet, Each Way, Single Bet, Mutliple Bets, Straight Forecast, Reverse Forecast, Tricast), By Application (Online Casino, Offline Casino and Others), Regional Insights, and Forecast From 2023 To 2030

Updated On: 20 November 2023

Horse Racing Market Report Overview

• 

• Request a Free Sample to learn more about this report

The global horse racing market size expanded rapidly in 2021, the market is expected to generate a substantial revenue by 2028, a robust CAGR during the forecast period.

Horse racing is a sport that involves two or more horses ridden by jockeys racing against each other over a set distance. The goal is to be the first horse to cross the finish line. Horse racing can take place on various surfaces, including dirt, turf, or synthetic surfaces, and can involve different types of races, such as sprints, middle-distance races, or long-distance races.

Horse racing has a long history and is enjoyed around the world. Some of the most famous horse races include the Kentucky Derby, the Preakness Stakes, the Belmont Stakes, and the Melbourne Cup. It is also a popular activity for betting, with many people placing bets on the outcome of races.

COVID-19 Impact: Pandemic Decreased the Market Demand

The COVID-19 pandemic has had a significant impact on horse racing around the world. Racing events have been postponed or cancelled in many countries due to health and safety concerns, and many races have been run without spectators or with limited crowds. One of the biggest impacts of the pandemic on the market has been the loss of revenue from on-site betting and attendance. Without spectators, racecourses have been unable to generate revenue from ticket sales, hospitality, or other event-related activities. This has had a significant financial impact on the industry, with many racing organizations and racecourses facing financial difficulties. In addition, the pandemic has disrupted the racing calendar, with many races being rescheduled or cancelled. This has created challenges for trainers and owners who need to plan their horse's racing schedule in advance. Another impact of the pandemic has been on the breeding industry, with some stud farms temporarily closing or reducing staff numbers due to the economic impact of the pandemic. This has led to concerns about the future availability of high-quality breeding stock, and the potential impact on the long-term health of the sport.

Latest Trends

"Globalization of the market is expected to fuel the growth in the market"

The globalization of the horse racing market has been a significant trend in recent years. Events are no longer confined to specific countries or regions, with races taking place in different parts of the world. This has led to an increase in international competition and the formation of partnerships between racing organizations in different countries. For example, the Dubai World Cup is an international horse racing event held annually in Dubai, United Arab Emirates. It attracts top horses and jockeys from around the world, and has become one of the most prestigious racing events in the world. Similarly, the Royal Ascot race meeting in the UK attracts international participants and has become a major event in the global calendar. The globalization has also led to the formation of partnerships between racing organizations in different countries. For example, in 2019, the Hong Kong Jockey Club signed a Memorandum of Understanding with the Japan Racing Association, with the aim of promoting the sport and enhancing cooperation between the two organizations.

Horse Racing Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the market can be segmented win bet, each way, single bet, multiple bets, straight forecast, reverse forecast, tricast.

• By Application Analysis

Based on application, the market can be divided into online casino, offline casino and others.

 Driving Factors

"Growth in online betting activities to foster the market growth"

The racing industry has seen a significant increase in revenue from online betting platforms. These platforms make it easy for fans to place bets on races from their mobile devices or computers, leading to an overall increase in the number of bets placed. Online betting has also made horse racing more accessible to fans who may not have been able to attend live races in the past. Racing organizations have responded to this trend by partnering with online betting platforms, creating their own platforms, and making it easier for fans to place bets online.

"Investment in infrastructure to result in the expansion of the market"

Racing organizations are investing in new infrastructure to improve the fan experience and attract new fans. This includes the development of modern grandstands, upgraded facilities, and other amenities to make the racing experience more enjoyable. These investments help to modernize the sport and make it more appealing to younger fans. Racing organizations are also investing in marketing and promotions to attract new fans and increase attendance at live events. By creating a better fan experience, racing organizations are able to generate more revenue from ticket sales, concessions, and other sources.

Restraining Factors

"Strict regulatory pressures to hamper the market growth"

The horse racing market share has been adversely affected since it is is subject to strict regulatory requirements at both the state and federal levels, which can impact the profitability of racing organizations. These regulations are designed to protect the welfare of horses and ensure a fair and transparent betting process, but they can also be costly to implement and maintain. For example, some states require racing organizations to install safety features such as cushioned track surfaces or protective gear for horses, which can be expensive to implement. In addition, regulatory requirements can limit the types of bets that can be offered and restrict the ability of racing organizations to offer new products or services.

Horse Racing Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"North America to lead the market owing to the massive popularity of the sports in countries like U.S. "

The largest market for horse racing is in North America. Horse racing is a popular sport in the U.S., with major events like the Kentucky Derby, Belmont Stakes, and Preakness Stakes attracting large crowds and significant media attention. The US horse racing industry generates billions of dollars in annual revenue from a variety of sources, including betting, sponsorship, media rights, and merchandise sales facilitating the horse racing market growth in that region.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market. "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• 1xBet
• Betfair (Flutter Entertainment)
• Parimatch
• Bet365
• William Hill
• Kazanat Hippodrome
• Almaty Hippodrome

Report Coverage

This report examines an understanding of the horse racing market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.