Global Horse Racing Market Size, Share, Growth Analysis Report - Forecast 2034

Horse Racing Market: Industry Perspective

The global horse racing market size was worth around USD 400.56 Million in 2024 and is predicted to grow to around USD 665.01 Million by 2034 with a compound annual growth rate (CAGR) of roughly 5.2% between 2025 and 2034. The report analyzes the global horse racing market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the horse racing industry.

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Horse Racing Market: Overview

Horse racing or horse betting usually happens in many horse racing competitions. It began in the United Kingdom in the early 1600s, during the time of King James I. Gamblers could invest money in the final placement of the horses involved in the race. In the online gaming industry, horse racing betting maintains a very high position, despite the popularity of football, rugby betting, and other team sports.

Betting on horse racing every year turns out to be about 5 billion, which is massive when compared to 1.2 billion footballs. Before the break-out of COVID-19, racing competitors reached an average of more than 6 million annually, currently the second most popular sport in the United Kingdom only behind football.

Key Insights

• As per the analysis shared by our research analyst, the global horse racing market is estimated to grow annually at a CAGR of around 5.2% over the forecast period (2025-2034).
• Regarding revenue, the global horse racing market size was valued at around USD 400.56 Million in 2024 and is projected to reach USD 665.01 Million by 2034.
• The horse racing market is projected to grow at a significant rate due to rising popularity of sports betting, increasing prize money and events, growing tourism and entertainment appeal, and advancements in racehorse breeding and training technologies.
• Based on Type, the Single segment is expected to lead the global market.
• On the basis of Application, the Online segment is growing at a high rate and will continue to dominate the global market.
• Based on region, North America is predicted to dominate the global market during the forecast period.

Horse Racing Market: Dynamics

Key Growth Drivers:

The horse racing market is propelled by steady demand for pari-mutuel wagering and online betting platforms, which increase accessibility and revenue; lucrative media rights and broadcasting deals that raise the sport’s profile and attract sponsorship; growing luxury and experiential tourism tied to major racing events (Derby-style festivals) that boost ancillary spending on hospitality and fashion; continual investment in bloodstock breeding and training that improves performance and marketable horse valuations; and technological adoption — mobile apps, live streaming, and data analytics — which enhances fan engagement and operational efficiency.

Restraints:

Market growth is constrained by rising public concerns around equine welfare and safety that spur stricter regulation and can depress attendance; heavy dependence on gambling revenues makes the industry vulnerable to changes in betting laws or restrictions on online wagering; high fixed costs for breeding, stabling, track maintenance, and insurance limit smaller stakeholders’ participation; aging spectator demographics in some regions and competition from cheaper, digital entertainment options reduce long-term audience growth; and periodic biosecurity risks (disease outbreaks) can force event cancellations and cause sharp revenue losses.

Opportunities:

Significant opportunities exist in expanding into emerging markets where disposable incomes and interest in live sports are rising; growth of virtual and simulated racing products that attract new, younger bettors and provide year-round engagement; diversification into year-round events, equine tourism, and luxury experiences to capture non-betting revenue; using advanced analytics, wearable tech, and veterinary innovations to improve horse health, performance transparency, and bettor trust; and forging partnerships with global media, lifestyle brands, and esports to modernize the sport’s image and reach new audiences.

Challenges:

Key challenges include maintaining integrity amid concerns over doping, race fixing, and opaque ownership structures which damage public trust; balancing commercial pressures with animal welfare imperatives and evolving social expectations; navigating complex, often fragmented regulatory frameworks across jurisdictions for gambling, animal transport, and drug testing; the financial volatility of prize purses and breeding markets, which can discourage investment; and climate and weather variability that affects track conditions and scheduling, creating operational and financial unpredictability.

Horse Racing Market: Segmentation

The global horse racing market is segmented based on type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2025 to 2034.

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 better 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 Regional, this segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America,and the Middle East and Africa.

Horse Racing Market Report Scope:

Horse Racing Market: Regional Analysis

North America to lead the global market during the forecast period

Horse racing, particularly popular in English-speaking and Asian countries, is among the most loved sports activities in the world. The Irish people, like their neighbors, enjoy horse racing. This sport is part of society and culture since it has a very long history on the island. When it comes to managing and training thoroughbred horses, the country is also a powerhouse. In terms of horse racing, it is also linked with the United Kingdom.

Although the sport has a history of only 350 years, horse racing has developed itself in the United States as a common sport relative to those in the UK and Ireland. In New York state, the roots are traced back. For over 150 years now, races have been held, and there are racetracks with over 100,000 competitors. The biggest events are held in the states of Maryland, Kentucky, and New York.

Based on region, the North American region held the largest 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.

Horse racing is very popular in Australia, and there are plenty of things to understand about this sport. No surprise, though, it is the country after the UK, Ireland, and the United States with the highest followers. After UK and Japan, horse racing in Australia also has the world's third share of race betting.

In terms of betting market share, Hong Kong is fourth. Every year it has hundreds of events, all flat racing. British racers like racing there and a Jockey Club was founded in the nineteenth century in the area as well.

France is home to many competitions linked to horse racing, such as the Prix de l'Arc de Triomphe, the richest race in Europe. Like other important horse races, it is held in Paris. It is also seen in the continental part of Europe as the carbon copy of British and Irish racing.

The city with the strongest reputation in the Middle East for horse racing is Dubai, in the United Arab Emirates. The key breed is Meydan, which is located in the center of the desert. It is renowned for having a grandstand that is a mile long. The Dubai World Cup is a globally recognized sport with cash prizes of over $25 Million. The history of horse racing in Dubai, as in traditional countries, also dates back decades.

Horse Racing Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the horse racing market on a global and regional basis.

Some of the key players in 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.

The global horse racing market is segmented based on:

By Type

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

By Application

• Online
• Lottery Store
• Racecourse

By Region

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