In 2020, the horse racing tracking market size in the United States was estimated at approximately 3 billion US dollars. Whereas, the market was predicted to grow by 3.52 billion Us dollars in the year 2021.
Horse racing is an equestrian (rider of the horse) performance sport. For the competition, the horse racing market, involves two or more horses ridding by “Jockey” (horseman) or sometimes riding without a horseman over a specific distance.
It is one of the ancient sports, as its basic assumptions are to identify which horse is the fastest horse over the specified distance (set course) and it has been unchanged since ancient times.
Whereas, horse racing has been modified widely according to the schemes and agreements. Due to the variations, there are various restrictions on the racing of particular breeds like running over different distances, over obstacles, running on different tracks, and running in different giants.
A Handicapping in the horse racing market is the race where each horse is assigned a weight according to the horse’s ability to carry the weight in an attempt to equalize the chances of every horse winning. But sometimes horses are raced only for sports. While the main part of horse racing by interest and economic influences is gambling (Betting) connected with it.
However, horse racing is a money-making profitable sport that is popular globally. While, price money for horse races globally reaches approximately $3.5 billion per year, and the horse racing global betting industry creates approx. $116 billion as a revenue per year, according to the International Federation of Horseracing Authorities.
As a result of Covid-19, the Horse and other related production industries have experienced average growth over the last five years, although considering decline in 2017 and 2020 the annual income of the market has decreased.
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Prime players of the Global Horse Racing Market-
- Tabcorp Holdings
- Singapore Pools
- Macau Jockey Club
- Hong Kong Jockey Club
- William Hill
The opportunities and threats of the Global Horse Racing Market are faced by these players and are responsible for the rise and fall of the market.
Segmentation of the Global Horse Racing Market-
The Global Horse Racing Market is segmented on the basis of types, applications, and country. These sectors are further studied according to the market situation.
Global Horse Racing Market segmented- by types
- Each Way – Each way bet allows you to place two separate bets to predict that the horse you have bet will win or finish in any situation.
- Win Bet– It is the easiest bet customer can make in horse racing, it’s simply like picking the horse that you guess will first cross the finish line.
- Single Bet- It is one in which you are betting on a single outcome of a race.
- Multiple Bet- It allows customers to choose a mixture of 2, 3, or more single bets on racing and combine them to increase the return.
- Straight Forecast- It is one in which you can estimate the finishers at 1st and 2nd place in the correct order.
- Reverse Forecast- It is a bet in which you can estimate the 1st and 2nd race finisher in any order.
- Tricast- Tricast bet estimates the 1st, 2nd, and 3rd race finisher in any order.
Global Horse Racing Market segmented – by Application
- Online- This sector involves online betting and the arrangement of races.
- Racecourse- It is the place where races of horses take place.
- Lottery store- people purchasing tickets with considering chances of prize or money returns.
Countries are most popular for Horse Racing-
- The United States of America–
There is a total of 112 thoroughbred and harness racing tracks around the United States of America. In 2020, the horse racing track was valued at 3billion US dollars approximately.
- Hong Kong-
There are two main racecourses in Hong Kong, one is in Happy Valley, just in the east of Hong Kong Island, and another is in Sha Tin town, in the north of Kowloon. The capacity of both venues is 55,000.
Japan has 25 racing tracks. Japan is home to ten racecourses of the Japan Racing Association. Where, Nakayama, Tokyo, Kyoto, and Hanshin are known as famous racecourses in Japan.
- The United Kingdom-
There are 60 racecourses in the UK (Britain). In Great Britain, horse racing is the second largest popular sport. It is generating more than 3.7 billion dollars for the country’s economy.
There are 360 registered racecourses in Australia and ranks second to the United States by the number of horses racing. The major horse races taking place in Australia are Caulfield Cup, Melbourne Cup, WS Cox Plate in Melbourne, and Golden slipper in Sidney which offers money-making events for participants.