Horse racing is one of the sports with the richest tradition, and it continues to break records in terms of popularity. Over the years, the horse racing industry managed to rise and enter the highest-performing sports in the world. For horse racing sport, one should have to shop most expensive race horse.
Over the years, the horse racing industry went through a lot of changes making it more mainstream and available to a wider audience. Thanks to technology, you can now watch the biggest horse racing events from every part of the world, and with online betting, people can now place their wagers on every single race.
Additionally, more countries decided to soften their regulations on online horse racing betting, attracting more people to this industry.
All of these things made the horse racing program grow substantially in the past couple of years.
About the Horse Racing Market
The horse racing market is constructed by many industries, including the biggest one which is betting, as well as broadcasting and sponsors. Due to different factors, each segment of the horse racing industry acts in a different way.
For example, in the past couple of years, the gambling influence of horse racing has slightly decreased, but on the other hand, the revenue from event broadcasting has reached its highest point.
In the past decade, we’ve gone through a lot of things that impacted the horse racing industry, with the biggest one being the COVID-19 pandemic. When it comes to the global market size of horse racing, the industry recorded a stable rise from 2009 to 2019 reaching its highest point of 5.48 billion dollars.
However, in 2020 the horse racing industry recorded the biggest fall dropping to a market size of only $3.4 billion due to the COVID-19 restrictions and cancelled races.
This is not something to be surprised about since it didn’t affect only the horse racing industry. Every sport recorded a similar drop in market size, which is explainable due to the lack of sporting events in the past two years.
With that said, it seems like the horse racing industry is starting to recover slowly and experts predict that it will reach a market size of $3.7 billion in 2022.
As things are starting to get back to normal and countries are dropping their restrictions, experts predict that the horse racing market is expected to increase around 5% in 2022 compared to the year before. On top of that, they predict that the market will soon be back to normal if not surpass the highest revenue record of $5.48 billion.
Even though the global value of the horse racing market is lower than a couple of years ago, the popularity of the sport is increasing. But how is this possible?
Well, the biggest revenue in the horse racing industry comes down to betting and attending horse racing events. Since we live in tough times, people are not willing to travel to watch horse races, which results in an increase in broadcasting revenue, but a decrease in attending revenue and betting.
The Future of the Horse Racing Industry
The horse racing industry is recovering from the free-fall for a couple of years and the situation will be back to normal in no time. As more countries are jumping on the fast-moving train towards online betting legalization, the industry will grow even more.
The biggest opportunity for the horse racing industry is the rise in people’s spending on discretionary goods and services including betting. This means that more people are now placing money on betting than ever before.
Additionally, more countries start to build their horse racing tradition including new high-end races that make the sport even more exciting to watch. With more races, higher watch-time, and more people getting involved with horse racing betting, the industry will continue to grow in the next couple of years.