Horse Racing Market to Grow by USD 114.5 Billion (2024-2028) with Increased Youth Involvement Boosting Growth, AI Powered Market Report- Technavio

NEW YORK, Sept. 11, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global horse racing market size is estimated to grow by USD 114.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 14.71% during the forecast period. Increasing involvement of younger audiences in horse racing is driving market growth, with a trend towards rise in adoption of online betting platforms. However, growing concerns for animal welfare poses a challenge. Key market players include 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, and Woodcroft Stud.

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Market Driver

The global horse racing market is experiencing substantial growth due to the increasing popularity of online betting platforms. These digital platforms offer unparalleled convenience, enabling fans to place bets from anywhere using smartphones or computers. This accessibility is attracting new audiences and boosting overall participation in the sport. Online betting sites like 4rabet and 1xBET provide a diverse range of betting options on races worldwide, making it easier for bettors to access events they may not have been able to attend in person. Investments in user-friendly interfaces, live streaming, data analytics, and engaging content enhance the betting experience. Real-time updates, detailed race previews, and community forums create a more interactive experience compared to traditional betting methods. As a result, the horse racing market is expected to thrive during the forecast period, with online betting platforms playing a pivotal role in its growth. 

Horse racing is a global sports industry with trends focusing on horsemanship, training regimens, professionalism, and the roles of trainers, jockeys, breeders, and owners. Quality performance is key, with horse care and ethical practices prioritized for animal welfare and sustainability. Betting is a significant aspect, with bettors seeking accessibility through online platforms and emerging markets. Churchill Downs and other racetracks offer hospitality experiences for high-spending clientele. Investment opportunities exist in breeding, wagering, and technology advancements like AI for race management and betting sector growth. Betting types include fixed odds and parimutuel, with flat racing, national hunt racing, harness racing, and greyhound racing catering to diverse fan bases. The industry encompasses various racing events and betting opportunities, making it a popular spectator sport and gambling pastime. 

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 Market Challenges

• The horse racing market faces growing concerns over animal welfare, which poses a significant challenge to its expansion. Public awareness about racehorse treatment has intensified, leading to pressure on the industry to address ethical issues. Critics raise concerns over overbreeding, intense training regimens, race-day medication use, and post-racing careers. Horse injuries and fatalities during races have further increased scrutiny, prompting calls for stricter regulations and safety measures. The industry responds with initiatives like enhanced veterinary care, track surface improvements, and retirement programs for ex-racehorses. Balancing these concerns with the traditional aspects of horse racing remains complex, potentially hindering market growth during the forecast period.
• Horse racing is a global market with various challenges and opportunities for businesses. Sustainability and animal welfare are key concerns, requiring ethical practices and regulations. Emerging markets offer growth potential, while accessibility through online platforms increases disposable income for betting. Churchill Downs and other racetracks provide hospitality experiences for high-spending clientele. Betting types include fixed odds and parimutuel, with betting opportunities on flat racing, National Hunt, harness, and greyhound events. Racing events and wagering generate revenue streams through sponsorships, broadcast rights, and live streaming. Technology advancements, such as AI and race management tools, enhance the betting sector. Demographics vary, with traditional experiences appealing to some, while others prefer luxury amenities and convenience. Win bets are popular, but various betting options cater to diverse preferences. Ethical concerns and demographic shifts may impact the market, requiring continuous adaptation. Overall, horse racing presents investment opportunities in a dynamic, evolving industry.

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Segment Overview 

This horse racing market report extensively covers market segmentation by

1. Type 
• 1.1 Flat racing
• 1.2 Jump racing
• 1.3 Harness racing
• 1.4 Endurance racing
2. Revenue Stream
• 2.1 Betting revenue
• 2.2 Live event revenue
• 2.3 Broadcasting rights
• 2.4 Sponsorship and advertising
• 2.5 Horse sales and breeding
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Flat racing- Flat racing is a popular equestrian sport where horses compete over a set distance, ranging from 402 to 4,828 meters. Majority of these races take place on turf, while North America predominantly uses dirt surfaces. With significant cultural and economic importance, particularly in the UK, millions attend annual race meetings. Flat racing is characterized by speed, strategy, and the bond between horses and jockeys. Increased media coverage and digital platforms enhance visibility, potentially boosting the flat racing segment and the global horse racing market.

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Research Analysis

The horse racing market is a dynamic and exciting industry that brings together the worlds of sports, gambling, and animal care. At its core are the essential elements of horsemanship, training regimens, and professionalism. Trainers and jockeys dedicate their lives to ensuring the optimal performance of their horses through rigorous training and horse care. Breeders focus on producing high-quality animals, while owners invest their disposable income in the pursuit of success. Bettors from around the world wager on the outcomes of races, fueling the market's growth. Sports and gambling enthusiasts engage with horse racing through various channels, including online betting platforms and emerging markets. Sustainability, animal welfare, and ethical practices are increasingly important considerations, driving advancements in technology and artificial intelligence. Racetracks offer hospitality experiences for high-spending clientele, while online platforms expand accessibility to the sport. The horse racing market continues to evolve, with technology advancements and a focus on transparency and accountability.

Market Research Overview

The horse racing market is a global spectator sport and gambling industry that showcases the beauty, power, and athleticism of horses. It is a world of horsemanship, training regimens, and professionalism, where trainers, jockeys, breeders, owners, and bettors come together. The focus is on performance, horse care, and quality, with an emphasis on sustainability and animal welfare. Emerging markets and accessibility have expanded the reach of horse racing, offering investment opportunities and new betting types, including fixed odds and parimutuel. Racing events, such as Flat Racing, National Hunt Racing, Harness Racing, and Greyhound Racing, provide a range of betting opportunities for high-spending clientele. Online platforms and disposable income have made horse racing more accessible than ever before. Technology advancements, including artificial intelligence and race management, have revolutionized the betting sector, offering new revenue streams through sponsorships, broadcast rights, and live streaming. However, ethical concerns surrounding horse racing, such as betting sector regulations and animal welfare, remain a focus for industry stakeholders. Understanding the demographics and betting preferences of different markets, as well as the various betting types and racing events, is essential for those looking to invest or engage in the horse racing industry. From Win Bet to luxury hospitality experiences at renowned racetracks like Churchill Downs, there is something for everyone in this exciting and dynamic world.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• 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
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio