Global Horse Racing Market Size, Share, Opportunities, And Trends By Race Type (Win Bet, Single, Double, Treble, Others), By Mode Of Racing (Online, Racecourse, Lottery Store, Others), And By Geography - Forecasts From 2024 To 2029

Horse racing can be considered an equestrian sport, which involves a variety of different breeds of horses running on a race track at different speeds with a rider astride. There are two types of racing, which include racing on flat, which involves thoroughbreds with a rider astride, and harness racing, which involves the standardbreds with the horse pulling a conveyance with a driver. Horse racing has been a common sport since ancient history, which evolved from four hitch chariot and mounted (bareback) racing that was held in the Olympic games of Greece during the period of 700 to 40 BCE. Horse racing was known to be a form of public entertainment in the Roman Empire. At present day, horse racing has evolved with a high number of participants and a variety of different breeds racing in different horse racing tracks that were built specifically for horse racing. Along with the evolution of horse racing, wagers on horse races had also formed, providing a source of earnings and entertainment during horse races. Wagers and betting allowed horse racing enthusiasts to wager their money on a specific horse that they thought would win the race, increasing the entertainment factor of the race as well as the earning factor.

Introduction:

The global horse racing market is expected to witness a significant increase in growth during the forecasted period of 2024-2029, due to the increase in consumption of media and entertainment, which is further increased by the growth of disposable income amongst people, leading toward the purchase of subscriptions on sports channels and platforms, as well as wagers on horse racing events.

Market Drivers:

• Growth of the sports media consumption: Horse racing is considered an equestrian sport, which involves a wide range of horse breeds racing on a horse track built specifically for racing. The increase in horse racing can be linked to the overall consumption of sports media through various means, which include television, social media, in-person, and many others. The increase in consumption of sports media can also be linked to the increase in the disposable income of the consumers, allowing them to purchase subscriptions to sports streaming channels for consumption and also including betting in sports activities by the consumers. The United States Equestrian Federation reported a total number of 246,000 unique users with 1.3 million unique video views through television media and also 22.4 million video views on social media platforms. This gave rise to an increase in horse racing fans reaching 480,000 people in 2023, with an increase in horse participation of 83,689 horses and 367,000 horse competition entries. This also allowed for an increase in sponsorships from 63 partners and sponsors, accounting for an increase of 9% to US$4.1 million. This increase in awareness of equestrian sports can be linked to the increasing penetration in the media and entertainment industry, which is further fuelled by the increasing number of media and entertainment consumers globally. This will provide the necessary fuel for the horse racing market growth during the forecasted period of 2024-2029.

Key Players:

• Churchill Downs Incorporated: A well-known company that is a provider of casino gaming, pari-mutuel horseracing, entertainment, and a source of online accounts for betting on horse racing events.
• The Stronach Group: A multinational company known for its world-class technology, entertainment, and real estate development with thoroughbred racing and pari-mutuel wagering representing their company as the core.

Regional Analysis:

The North American region is expected to witness significant growth in the horse racing market during the forecasted period of 2024-2029. The factor that affects the market growth is the increasing awareness of equestrian sports in the United States. The horse racing market growth can be linked to the increasing consumption of entertainment as well, which further increases the awareness and exposure of equestrian sports in the region at an increasing rate. The market growth can also be linked to the increasing interest in sports betting, which can be due to the increase in disposable incomes among horse racing enthusiasts, encouraging them to bet on horse racing events for fun. As per the United States Equestrian Federation (USEF), the USEF social media channels have shown an increase in reach with a range of engaging and unique video content leading the way. The increasing interest in equestrian sports can be found in increasing social media penetration, which includes the nineteen accounts with 1.44 million followers, 107 million impressions, 10.8 million engagements, and 22.4 million video views. The increase in social media penetration can also attract many investors towards the value of equestrian sports, increasing growth in the horse racing market. Another major growth drive, according to the USEF, apart from the social media penetration, is the Television, which increased awareness about equestrian sports from a wide variety of events, viewers, and time viewing, providing a better user experience. As of 2023, the USEF has streamed 87 live events that feature 16 breeds and disciplines and were watched by 246,000 unique users with 1.3 million unique video views and 1.7 million hours watched live and on-demand across 195 countries. The increase in awareness of horse racing from exposure through television and social media will provide the necessary boost for the horse racing market growth.

Market Developments:

• March 2023: DriftKings Inc., a well-known digital sports entertainment and gaming company, announced the launch of the DK Horse, which is their first-ever digital horse racing product. This product had been launched in 12 states and was expected to launch in additional states during the Kentucky Derby on May 6, 2023. This application allows eligible customers to access pari-mutuel wagering on horse racing events. This was a follow-up of the multi-year agreement between DraftKings and Churchill Downs Incorporated in November 2022.  This application was launched to deliver an innovative mobile customer experience to all horse racing enthusiasts in the country.

Segmentation:

• By Race Type:
  • Win Bet
  • Single
  • Double
  • Treble
  • Others
• By Mode of Racing:
  • Online
  • Racecourse
  • Lottery Store
  • Others
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others