Global Horse Racing Market Size to Surpass $793.9 Bn Growth by 2030, Exhibit a CAGR of 8.89% | Equestrian Industry Analysis, Comprehensive Study

Kansas City, MO, April 04, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Horse Racing Market By Type (Single, Double, Win Bet, Treble, Patent, Accumulator, Trixie, Forecast, Each-Way, Reverse Forecast, Others), By Application (Online, Lottery Store, Racecourse, Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Horse Racing Market size & share in terms of revenue was valued at USD 402.3 billion in 2022 and it is expected to surpass around USD 793.9 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 8.89% during the forecast period 2023 to 2030.”

What is Horse Racing? How big is the Horse Racing Industry?

Report Overview:

The global horse racing market size was valued at USD 402.3 Billion in 2022 and is expected to reach USD 793.9 Billion by 2030, growing at a (compound annual growth rate) CAGR of 8.89% during the forecast period from 2023 to 2030.

Horse racing is a popular sport that has a rich history dating back to ancient times. The thrill of watching majestic horses compete at high speeds is a spectacle that attracts millions of fans worldwide. The sport has also evolved over the years, with technological advancements and improvements in training methods. Horse racing also has a significant impact on the economy, providing employment opportunities for thousands of people in various industries such as breeding, training, transportation, and hospitality. Additionally, the sport attracts significant investment and generates revenue through betting and sponsorships.

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• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
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Global Horse Racing Market: Growth Factors

The global horse racing market is driven by several factors, including the popularity of horse racing as a spectator sport, the growth of online betting platforms, and the expansion of horse racing events in emerging markets. The increasing use of technology in horse racing, such as advanced tracking systems and data analytics, is also fueling the market growth. Opportunities for growth in the horse racing market include the potential for partnerships with other sports or entertainment industries, as well as the development of new betting and gaming products that appeal to younger audiences.

The adoption of sustainable practices in horse racing could also create new opportunities for market growth. However, there are also several restraints to the growth of the horse racing industry, including concerns around animal welfare and the potential for regulatory changes that could impact the industry. The increasing competition from other forms of entertainment, as well as the decline in interest in horse racing among younger generations, are also challenges that the industry faces.

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Report Scope

Horse Racing Market: Segmentation Analysis

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 bettor 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.

The global Horse Racing market is segmented as follows:

By Type

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

By Application

• Online
• Lottery Store
• Racecourse

Browse the full “Horse Racing Market By Type (Single, Double, Win Bet, Treble, Patent, Accumulator, Trixie, Forecast, Each-Way, Reverse Forecast, Others), By Application (Online, Lottery Store, Racecourse, Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/horse-racing-market

Competitive Landscape

Some of the main competitors dominating 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.

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Horse Racing market is likely to expand at a CAGR of around 8.89% during the forecast period (2023-2030).                                            
• In terms of revenue, the Horse Racing market size was valued at around US$ 402.3 billion in 2022 and is projected to reach US$ 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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Key questions answered in this report:

• What is the market size and growth rate forecast for Horse Racing industry?
• What are the main driving factors propelling the Horse Racing Market forward?
• What are the leading companies in the Horse Racing Industry?
• What segments does the Horse Racing Market cover?
• How can I receive a free copy of the Horse Racing Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The North American region held the largest horse racing 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.

By Region

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

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.

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FREQUENTLY ASKED QUESTIONS

• What is Horse Racing?
• At what CAGR, the global horse racing will expand during forecast years?
• What will be the market value of global horse racing market by the end of 2030?
• What are the factors driving the global horse racing market growth?
• Which region will contribute notably towards the horse racing market value?
• Who are the leading players in the global horse racing market?

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