Horse Racing Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, UK, Australia, France, Japan - Size and Forecast 2024-2028

Horse Racing Market Size 2024-2028

The horse racing market size is forecast to increase by USD 114.5 billion, at a CAGR of 14.71% between 2023 and 2028.

• The market witnesses an intriguing interplay of trends and challenges. The involvement of younger generations in horse racing is a significant driver, as this demographic brings fresh energy and enthusiasm to the sport. This demographic shift is evident in the increasing popularity of horse racing events that cater to the younger audience, such as music festivals and tech-savvy initiatives. Another trend shaping the market is the growing adoption of online betting platforms. Technology has transformed the way horse racing enthusiasts engage with the sport, allowing for convenient and accessible betting experiences. This shift towards digital platforms is a response to evolving consumer preferences and the convenience they offer.
• However, the market is not without challenges. The rising concerns for animal welfare pose a significant obstacle. The horse racing industry faces increasing scrutiny and pressure to ensure the well-being of its equine athletes. Addressing these concerns requires a collaborative effort from all stakeholders, including race organizers, trainers, and governing bodies. By implementing stricter regulations and investing in research and development, the industry can mitigate these challenges and maintain its reputation as a responsible and ethical pastime.

What will be the Size of the Horse Racing Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.  
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The market continues to evolve, with various sectors experiencing ongoing dynamics that shape the industry. Veterinary care plays a crucial role in ensuring the wellbeing of equine athletes, with advancements in equine health leading to improved performance and fan engagement. Track conditions and race strategy are critical factors influencing the outcome of races, with media coverage providing real-time updates on these elements. Prize money and performance data are essential tools for horse racing media and gambling regulation, providing valuable insights for fans and stakeholders alike. Social media and online streaming platforms have revolutionized fan engagement, allowing for unprecedented access to racing events and real-time analysis of race statistics.

Governing bodies and racing associations work to maintain integrity and adhere to strict regulations, including drug testing and animal rights. The horse racing industry is a global phenomenon, with events such as the Triple Crown, Royal Ascot, Melbourne Cup, and Breeders' Cup attracting international attention. Racing equipment, including boots, helmets, and racing silks, plays a vital role in ensuring the safety and comfort of horses. Race preparation and training regimens are continually refined to optimize performance, with racing surfaces and race classes catering to various horse breeds and abilities. Pari-mutuel betting and betting exchanges offer fans the opportunity to place wagers on their preferred horses, with fixed odds providing a sense of security and predictability.

Horse racing statistics and betting odds are closely monitored by fans and industry experts, with post-race recovery and race distances influencing the outcome of races. In summary, the market is a dynamic and evolving industry, with various sectors interconnected and influencing one another. From veterinary care and track conditions to fan engagement and gambling regulation, the horse racing industry continues to innovate and adapt to meet the changing needs and expectations of fans and stakeholders.

How is this Horse Racing Industry segmented?

The horse racing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type
  • Flat racing
  • Jump racing
  • Harness racing
  • Endurance racing
• Revenue Stream
  • Betting revenue
  • Live event revenue
  • Broadcasting rights
  • Sponsorship and advertising
  • Horse sales and breeding
• Geography
  • North America
    • US
  • Europe
    • France
    • UK
  • APAC
    • Australia
    • Japan
  • Rest of World (ROW)

By Type Insights

The flat racing segment is estimated to witness significant growth during the forecast period.

Flat horse racing is a globally popular equestrian sport where horses compete over predetermined distances, ranging from 402 to 4,828 meters. The majority of races take place on turf, with North America predominantly using dirt surfaces. This cultural phenomenon attracts millions of spectators annually, particularly in the UK, where it intertwines with fashion and social events. The sport's strategy and unique horse-jockey bond make it captivating. Media coverage and social media platforms amplify fan engagement, allowing real-time access to races like the Kentucky Derby, Melbourne Cup, and Royal Ascot. Online streaming services and betting exchanges provide convenience for fans, while pari-mutuel betting adds an element of excitement.

Equine welfare and racing integrity are crucial concerns, with governing bodies implementing regulations and veterinary care ensuring horse health. Racing equipment, including boots and helmets, plays a significant role in optimizing performance. Race strategy and training regimens are meticulously planned to maximize a horse's potential. Performance data and statistics offer valuable insights for bettors, while gambling regulation ensures fairness. The Triple Crown, Breeders' Cup, and Grand National are prestigious events that test both horse and jockey. Race classes, distances, and surfaces vary, catering to diverse horses and riders. The horse racing industry thrives on these events, contributing billions in prize money.

Drug testing and animal rights are ongoing debates in the industry, with a focus on maintaining horse racing's integrity. The sport continues to evolve, adapting to technological advancements and fan expectations, making it an enduring and dynamic part of the equestrian world.

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The Flat racing segment was valued at USD 55.80 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market, encompassing the US and Canada, has witnessed substantial growth in recent years. Factors driving this expansion include the legalization of sports betting in numerous states, broadening the market and fueling renewed interest in horse racing as a betting alternative. Marquee events, such as the Triple Crown races, continue to captivate audiences and set record-breaking betting handles. The industry's modernization efforts, with racetracks investing in advanced facilities and technology, have significantly improved spectator experiences. Innovative betting products, like historical horse racing machines, have further bolstered revenue. Horse racing media coverage, social media engagement, and online streaming platforms have expanded fan accessibility and interaction.

Equine welfare, race strategy, and equine health remain top priorities, with governing bodies enforcing strict regulations and veterinary care ensuring the wellbeing of the animals. The horse racing industry's commitment to integrity, through drug testing and horse racing statistics, has strengthened its reputation. Horse racing events, including the Kentucky Derby, Melbourne Cup, and Royal Ascot, attract global attention, while racing associations and broadcast rights holders collaborate to maximize exposure. Racing helmets, equipment, and silks have evolved to enhance safety and performance, with racing associations setting standards for training regimens and race surfaces. The Breeders' Cup, Prix de l'Arc de Triomphe, and other prestigious races offer significant prize money and prestige.

Fan engagement initiatives, such as betting exchanges and fixed odds, have intensified the excitement around horse racing, with betting odds and race distances adding to the thrill. Animal rights advocacy groups and racing associations continue to collaborate on race preparation and race classes, ensuring fairness and transparency. The market's evolution reflects a harmonious balance of tradition and innovation.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of Horse Racing Industry?

• The involvement of younger audiences is a significant factor fueling the growth of the market. 

• The market is experiencing renewed growth due to strategic efforts to attract younger demographics. Previously perceived as an older generation's sport, horse racing is now embracing modern marketing techniques, digital experiences, and social media integration. Racecourses are transforming into entertainment destinations, featuring music festivals, gourmet food experiences, and technology zones, in addition to races. Online streaming, mobile betting apps, and fantasy racing leagues are making the sport more accessible and engaging for tech-savvy millennials and Gen Z. These initiatives are essential for the long-term sustainability of the industry. Media coverage, equine welfare, race strategy, and equine health remain focal points, with a strong emphasis on post-race recovery.
• Social media platforms facilitate real-time engagement and discussion, further increasing the sport's reach and appeal. Horse racing tourism continues to thrive, with fans traveling to witness renowned events such as the Kentucky Derby. The integration of technology and innovation is propelling the market forward, ensuring its relevance in the modern world.

What are the market trends shaping the Horse Racing Industry?

• The increasing prevalence of online betting platforms represents a significant market trend. This shift towards digital gambling solutions is driven by convenience, accessibility, and advanced technology.

• The market is experiencing growth due to the increasing popularity of online betting platforms. These digital platforms provide fans with the convenience of placing wagers from anywhere, using smartphones or computers, eliminating the need to physically visit racetracks or betting shops. This accessibility is attracting new audiences and increasing overall participation in the sport. Veterinary care and track conditions remain crucial factors in the industry, with governing bodies ensuring strict regulations are in place to ensure the welfare of the horses. Horse racing media and statistics, including performance data and prize money, are widely available online, providing fans with comprehensive information to inform their betting decisions.
• Gambling regulation varies from region to region, with each jurisdiction having its specific laws and guidelines. The horse racing calendar includes prestigious events such as the Triple Crown and Royal Ascot, which garner significant fan engagement and media attention. Fans can now access a wealth of horse racing statistics and data to inform their betting decisions, enhancing their overall experience. Despite the digital shift, fan engagement remains a priority, with various initiatives aimed at creating immersive and harmonious experiences for horse racing enthusiasts.

What challenges does the Horse Racing Industry face during its growth?

• The growth of the industry is being significantly impacted by increasing concerns for animal welfare, which represents a major challenge that must be addressed by professionals in a knowledgeable and formal manner. 

• The horse racing industry faces growing concerns for animal welfare, which poses a significant challenge to its market dynamics. Public awareness and scrutiny over the treatment of racehorses have intensified, leading to pressure on the industry to address ethical issues. Critics raise concerns about overbreeding, intense training regimens, race-day medication use, and the fate of horses post-racing careers. Incidents of horse injuries and fatalities during races have further intensified the debate, resulting in declining attendance at some racetracks and sponsors/investors distancing themselves from the sport. In response, the industry is implementing initiatives to improve horse welfare, such as enhanced veterinary care, track surface improvements, and retirement programs for ex-racehorses.
• Stricter regulations on drug testing and race preparation are also being enforced to ensure fair competition and horse safety. The market's future relies on the industry's ability to adapt to these changing societal expectations and prioritize animal welfare while maintaining the integrity of racing events and preserving the excitement of the sport for fans.

Exclusive Customer Landscape

The horse racing market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the horse racing market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, horse racing market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

American Horse Company LLC - The company specializes in providing equine supplements, including mushroom, bluey, and misty, enhancing animal health and performance through innovative, science-backed formulations. 

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• American Horse Company LLC
• GALLERY HORSE
• Godolphin
• Goresbridge Horse Sales
• Hemphills Horses, Feed and Saddlery, Inc.
• Horse Scout Ltd
• Horses China
• Iron Spring Farm
• JCB Horse Sales, LLC
• KAMA GODEK
• K and L Stables
• MFS STUDFARM
• Mount St John Equestrian
• NorCordia 
• Platinum Horse Sales
• Primi
• Royal Horse Farms
• Setters Run Farm
• VOGLIS RIDING INTERNATIONAL
• Woodcroft Stud

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Horse Racing Market

• In January 2024, The Jockey Club, a leading American horse racing organization, announced a partnership with Microsoft to implement Microsoft Azure's cloud technology for enhancing fan engagement and optimizing race day operations (The Jockey Club press release, 2024). This collaboration aimed to provide real-time data analysis, personalized fan experiences, and improved wagering services.
• In March 2024, Churchill Downs Incorporated, the largest company in the horse racing industry, acquired Presque Isle Downs & Casino in Pennsylvania for USD275 million, expanding its footprint in the US gambling market (Bloomberg, 2024). This acquisition added a racetrack and a casino to Churchill Downs' portfolio, enhancing its presence in the Eastern US.
• In April 2025, the Australian Racing and Wagering Board approved the use of in-race betting technology, allowing real-time wagers during horse races (ARWB press release, 2025). This decision marked a significant shift towards modernizing the Australian horse racing industry and increasing fan engagement.
• In May 2025, Saudi Arabia's Public Investment Fund announced a USD1 billion investment in the development of a new horse racing complex in Riyadh (Reuters, 2025). This investment is expected to attract international horse racing events and boost the Saudi Arabian equestrian industry.

Research Analyst Overview

• In the dynamic world of horse racing, various entities play pivotal roles. Handicappers, with their analytical skills, decipher intricacies in race results and form guides to provide expert predictions. Meanwhile, equine photography captures the beauty and intensity of the sport, showcased on horse racing websites and blogs. Stud farms breed the next generation of racing champions, while race officials ensure fair competition. Horse racing legends, etched in history, inspire new generations. Equine insurance, stable management, and horse transportation are essential services, safeguarding horses and facilitating their movement. Race cards, form guides, and live odds provide valuable information for betting pools.
• Bloodstock agents facilitate horse sales, while harness racing and flat racing cater to diverse preferences. Horse racing news keeps the industry informed, and museums preserve its rich history. Horse racing apps offer convenience, and quarter horses, with their unique traits, add to the sport's diversity. Jump racing, with its thrilling challenges, tests both horse and rider. Expert analysis and racing tips from horse racing analysts add to the excitement, making this market a captivating blend of tradition, innovation, and competition.

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Horse Racing Market insights. See full methodology.

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What are the Key Data Covered in this Horse Racing Market Research and Growth Report?

• CAGR of the Horse Racing industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, APAC, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the horse racing market growth of industry companies

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