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.
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➤ The industry’s expansion is fueled by the increasing popularity of high-profile events and advancements in equine breeding.
Horse racing is one of the oldest sports, and its fundamental concept has not undergone significant development over the years. It has transformed from a primitive contest of pace or endurance between two horses to a spectacle that includes vast fields of riders, sophisticated electronic monitoring devices, and tremendous amounts of money. Nevertheless, its fundamental aspect remains unchanged. Within the technological society, horse racing transitioned from a leisure class diversion to a significant public entertainment sector.
➤ The industry’s development may be impeded by the rise in animal concerns and the increasing popularity of various forms of entertainment, gambling, and racing.
Regulatory pressures related to animal welfare concerns, declining attendance at live races, and increasing competition from other forms of entertainment and wagering are among the numerous constraints that the horse racing industry is confronted with. Furthermore, the COVID-19 pandemic has had a substantial effect on the industry, resulting in the cancellation of numerous races or their absence of spectators. The industry also faces challenges due to the limited availability of skilled personnel, such as jockeys and trainers, and the high cost of horse ownership.
➤ The industry is presented with numerous opportunities as a result of the increasing popularity of e-sports and virtual horse racing among the general public.
There are a multitude of opportunities for growth and development in the global horse racing market. The industry is an appealing market for investors due to its substantial fan base and capacity to draw large audiences. Furthermore, the industry has expanded its audience by utilizing live streaming and online betting platforms, which has provided supporters with a more convenient experience.
➤ The industry may face a challenge in terms of development due to the rigid competition from other sports and entertainment.
The global horse racing industry is confronted with substantial challenges, despite the abundance of opportunities. The industry has been subjected to criticism regarding animal welfare, resulting in heightened regulation and scrutiny. Furthermore, the industry is subject to competition from other forms of entertainment and athletics, which can have an impact on revenue and attendance. Lastly, the industry has been significantly affected by the pandemic, as competitions and events have been canceled or postponed, resulting in financial losses.
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The Global Horse Racing Market is segmented based on product, application and region
Global Horse Racing Market: Product Segment Analysis
● Single
● Double
● Treble
● Patent
● Accumulator
● Trixie
● Forecast
● Each-Way
● Reverse Forecast
Global Horse Racing Market: Application Segment Analysis
● Online
● Lottery Store
● Racecourse
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The global Horse Racing market profiles key players such as:
● 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
???? Recent Developments
• Churchill Downs Incorporated (CDI) announced in February 2023 that it would acquire Turfway Park, a thoroughbred racing facility located in Florence, Kentucky, for $250 million. The agreement will encompass the racetrack, the property on which it is situated, and an off-track wagering facility.
• The Hong Kong Jockey Club (HKJC) introduced its inaugural online wagering platform in January 2023. This platform enables customers to place bets on horse racing and football matches from their desktop computers or mobile devices. The platform, “HKJC Bet,” provides a diverse selection of wagering options, such as win, place, quinella, and trifecta bets, as well as live streaming of races and matches.
➤ The global market is expected to be led by North America during the forecast period.
Horse racing, which is notably popular in English-speaking and Asian countries, is one of the most beloved sports in the world. Similar to their neighbors, the Irish derive pleasure from horse racing. This sport has a rich history on the island and is an integral part of the community and culture. The nation is also a leader in the management and training of thoroughbred horses. It is also associated with the United Kingdom in the context of horse racing.
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