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2023

Horse Betting Market

Horse Betting Market Size, Share, Competitive Landscape and Trend Analysis Report by Betting Type, by Application, by Betting Volume : Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: Sonalika Das | Roshan Deshmukh
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Horse Betting Market Research, 2032

The global horse betting market was valued at $44.3 billion in 2022, and is projected to reach $91.2 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

Horse betting, also referred to as horse racing wagering, is a form of gamble where individuals place bets on the anticipated outcomes of horse races. It involves factors which require to be analyzed such as historical performance, jockey expertise, track conditions, and other relevant information to make informed betting decisions. Bettors select horses they believe will win, place, or show in a race, and wagers are placed through various channels, that includes online platforms, off-track betting locations, and racecourse betting windows.

MARKET DYNAMICS

The horse betting market has experienced significant growth driven by the increased prominence of media coverage and live broadcasts. This expanded coverage spans across television, live streaming platforms, and online content specifically created for horse betting, that attracts a broader audience and fosters higher levels of market participation. Media coverage serves as a potent promotional tool in Horse Betting industry, that spotlights horse racing events through comprehensive analysis, expert commentary, and engaging interviews that generate anticipation and excitement among viewers. In addition, it provides essential information and insights for bettors, which enables them to make well-informed wagers based on factors such as horse form, jockey performance, and track conditions. Media outlets and betting operators may leverage advertisement and sponsorship opportunities within the coverage, with maximization of their exposure and revenue streams. The influence of social media platforms amplifies the impact of media coverage and creates a sense of community, which encourages active participation and sharing of experiences among bettors. Moreover, the surge in media coverage and live broadcasts fuels the growth and dynamics of the horse betting market, which attracts new participants, provides valuable information, and cultivates a vibrant betting environment.

The advent of online casinos, sports betting platforms, and various other gambling options has intensified the competition for the attention and expenditure of potential bettors in Horse Betting industry. This shift in consumer demand poses a tangible threat to horse betting as customers explore alternative avenues for their leisure gambling activities, which are getting shifted toward sports such as football, basketball, and cricket, among others. In addition, horse betting operators encounter regulatory obstacles that hinder their ability to effectively compete with other sports betting offerings in the market. In the U.S., for instance, horse betting is subject to state regulations, which results in varied degrees of permissiveness across different states. Similarly, in Australia, horse betting is regulated at both the state and federal levels, with distinct license requirements and restrictions on specific bet types. Japan prioritizes a fair and transparent betting environment through stringent regulations imposed by the Japan Racing Association. This disparity in regulatory frameworks creates an uneven field and restricts the growth potential of horse betting operators relative to other leisure gambling sports that may act as a barrier for the horse betting market.

The horse betting industry has experienced a surge in opportunities due to the growing popularity of online betting platforms and mobile apps such as Bet365, William Hill, Paddy Power, Betfair, TwinSpires, TVG, and others. These platforms have transformed the way individuals participate in horse betting, as it offers convenience, accessibility, and an improved user experience, which has high potential to increase the Horse Betting Market Size. Moreover, with their user-friendly interfaces and intuitive designs, these platforms enable both experienced bettors and newcomers to easily navigate and place bets with confidence. These online platform offers a wide range of betting options, which includes traditional win, place, and show bets, as well as more exotic wagering types such as exactas and trifectas. This extensive selection caters to the specific preferences and strategies of bettors. In addition, online platforms provide valuable data analysis and insights that empower bettors to make well-informed decisions. They may access historical race data, performance statistics of horses and jockeys, and expert predictions in the online platform, which enables them to analyze trends, evaluate track conditions, and consider various variables before placing their bets.Online platforms often present attractive promotions and bonuses to attract and retain customers. These may include welcome bonuses, free bets, and loyalty rewards programs, all designed to enhance the betting experience and encourage continued engagement. As a result, the demand for horse betting has the potential to boost the Horse Betting Market Share, driven by the convenience, data-driven insights, and attractive incentives provided by online platforms.

Horse Betting Market

SEGMENTAL OVERVIEW

The horse betting market is segmented on the basis of betting type, application, betting volume, and region. On the basis of betting type, the market is segregated into single and multiple. As per application, it is divided into online, racecourse, lottery, and others. Depending on betting volume, the market is bifurcated into high volume and low volume. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Spain, Italy, Greece, Ireland, and rest of Europe), Asia-Pacific (Japan, India, South Korea, Singapore, Hong Kong, New Zealand, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, UAE, Argentina, Chile, and rest of LAMEA).

BY BETTING TYPE

Horse Betting Market by Betting Type

On the basis of betting type, the single betting segment dominated the market, garnering a market share of 50.1% in 2022. The simplicity and ease of participation in single betting are the key factors in driving the growth of the horse race betting market. This type of betting appeals to individuals due to its straightforward nature and familiarity. By focusing on a single horse, bettors can analyze various factors and make informed predictions. Both experienced bettors and newcomers are attracted to single betting, as it eliminates the complexity involved in other betting strategies. The availability of single betting at horse racing events and online platforms ensures convenient participation from the interested bettors. The single betting option in horse racing presents lucrative opportunities for both bettors and industry stakeholders. One of its primary benefits is the potential for higher returns, particularly in the win bet category, where bettors can receive significant payouts if their chosen horse finishes first. In addition, single betting allows bettors to actively engage in the excitement of horse racing as they develop an emotional connection with a particular horse, which further intensifies the overall race-watching experience. Thus, this segment has high potential to increase the Horse Betting Market Growth and boost the Horse Betting Market Demand.

BY APPLICATION

Horse Betting Market by Application

On the basis of application, the racecourse segment dominated the market, garnering a market share of 34.0% in 2022. The racecourse segment has experienced significant growth due to its high-quality horse racing events that showcase renowned trainers, jockeys, and top-tier horses. Moreover, to further enhance the experience of spectators and encourage them to visit regularly, they have provided with premium amenities and facilities, which includes comfortable seating, proper viewing areas, modern betting facilities, and dining options. Effective marketing and promotional strategies, such as targeted advertisements, social media campaigns, media partnerships, and collaborations with sponsors and local businesses, are implemented to attract a diverse audience and increase racecourse visibility. Furthermore, ancillary entertainment and activities, such as live music performances or food festivals during the horse racing and betting events, add value and improves the overall experience. Ongoing investments in infrastructure maintenance, track conditions, safety measures, and technological advancements ensure the racecourse remains competitive and attracts a large number of bettors in coming years. These factors collectively drive the popularity of horse betting in the projected period.

BY BETTING VOLUME

Horse Betting Market by Betting Volume

On the basis of betting volume, the low volume segment dominated the market, garnering a market share of 51.6% in 2022. The key factors driving the market growth are entertainment and enjoyment, as many bettors perceive horse racing as a recreational activity that provides excitement. They find it attractive to anticipate and engage in betting for horse races, which leads them to place smaller bets. In addition, individuals with limited financial resources or budgetary constraints opt for low volume bets to align their wagering with their available funds. These budget-conscious bettors strategically manage their financial commitments to ensure responsible gambling practices. Risk aversion also motivates certain bettors to place smaller bets, as it allows them to minimize potential losses and limit their risk exposure to a certain extent. Furthermore, it helps to adopt a more conservative approach to betting and protect their bankroll, as they aim to safeguard their financial resources. Low volume bets serve as a valuable platform to learn and experiment with different bets, particularly for novice bettors and those new to horse racing. This betting strategy enables them to gain experience, develop effective strategies, and enhance their basic understanding of the dynamics of the sport. Thus, the low volume segment is expected to thrive and expand in the anticipated period.

BY REGION

Horse Betting Market by Region

On the basis of region, Europe dominated the market, garnering a market share of 37.3% in 2022. The participation of European horses and jockeys in prestigious international horse racing events, such as the Kentucky Derby, the Melbourne Cup, and the Dubai World Cup, generates heightened interest in horse racing and betting among individuals in the region. These global competitions attract attention from both local and international bettors, which helps to expand the market to a greater extent. The rise of peer-to-peer betting exchanges offers competitive odds and increased wagering flexibility, which further drives market innovation. The developments in advanced data analytics and predictive algorithms empower bettors to make informed decisions, which is attractive to those who seek a strategic approach to horse betting. Betting operators employ bonuses, promotions, and loyalty programs to incentivize participation and enhance customer retention. Extensive media coverage, marketing initiatives, and a wide range of betting options heighten public interest and engagement in horse betting platforms. Furthermore, responsible gambling initiatives ensure a secure and sustainable betting environment for customers and operators in the region. These factors contribute to the growth in the horse betting market in Europe and are expected to fuel market growth in the years ahead. The Asia-Pacific region is projected to experience the most rapid growth in the horse betting market during the forecast period. This growth can be attributed to the increasing middle-class population with higher disposable incomes, leading to a rise in spending on leisure activities like horse betting. Additionally, countries such as Japan, Hong Kong, and Australia have a strong cultural connection and well-established tradition of horse racing, attracting a sizable audience to major racing events and fostering a dynamic betting environment. Furthermore, the legalization of sports betting, including horse betting, in various Asia-Pacific countries like India and select regions of China, is expected to unlock new opportunities and expand the market's scope. Technological advancements, particularly user-friendly online platforms, mobile applications, and live streaming services, have significantly improved accessibility and convenience for bettors, making it easier for them to engage in horse betting events. The market's promotion and growth have been bolstered by international collaborations and sponsorships between racing organizations and betting operators, further contributing to its success and serve as an opportunity for Horse Betting Market Forecast.

COMPETITION ANALYSIS

Churchill Downs Inc., MGM Resorts International, Boyd Gaming, Flutter Entertainment PLC, Entain, Kindred Group plc, OPAP S.A., Tabcorp Holding Limited, New York Racing Association (NYRA), and Del Mar Thoroughbred Club are the major companies profiled in the horse betting market report. These key players are constantly engaged in various developmental strategies such as partnerships, mergers, and acquisitions to gain a competitive edge and exploit the prevailing horse betting market opportunities.

Some Examples of Agreement in the Global Horse Betting Market

  • In March 2021, Entain plc and Arena Racing Company (Arena Racing) have recently entered into a long-term agreement to secure the media rights for both horse racing and greyhound racing under this partnership.
  • In September 2022, Churchill Downs, Inc. announced a business agreement to enable FanDuel, a sportsbook and mobile betting operator, to create a fully integrated and seamless wagering experience with a single wallet for horse racing and sports with exclusive TV rights to racing content and non-exclusive Kentucky Derby sponsorship rights for sports wagering.

Some Examples of Acquisition in the Global Horse Betting Market

  • In August 2022, NYRA (New York Racing Association) acquired a 49 percent share in United Tote from Churchill Downs Inc., marking the first time NYRA owns a piece of a tote company and this move will expedite its presence onto sports-wagering platforms.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the horse betting market analysis from 2022 to 2032 to identify the prevailing horse betting market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the horse betting market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global horse betting market trends, key players, market segments, application areas, and market growth strategies.

Horse Betting Market Report Highlights

Aspects Details
Market Size By 2032
Market Size By 2032

USD 91.2 billion

Growth Rate
Growth Rate

CAGR of 7.6%

Forecast period
Forecast period

2022 - 2032

Report Pages
Report Pages

290

Horse Betting Market By Betting Type
By Betting Type
  • Single
  • Multiple
Horse Betting Market By Application
By Application
  • Online
  • Racecourse
  • Lottery
  • Others
Horse Betting Market By Betting Volume
By Betting Volume
  • High Volume
  • Low Volume
Horse Betting Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Spain, Italy, Ireland, Greece, Rest of Europe)
  • Asia-Pacific  (Japan, India, Singapore, Hong Kong, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, UAE, Argentina, Chile, Rest of LAMEA)
Key Market Players
Key Market Players

Tabcorp Holdings Limited, Boyd Gaming Corporation, Churchill Downs, Inc., OPAP S.A., NYRA (New York Racing Association), Flutter Entertainment plc, MGM Resorts International, Kindred Group plc, Entain, Del Mar Thoroughbred Club

Analyst Review

This section provides the opinions of top-level CXOs in the horse betting market. Bill Carstanjen, the CEO of Churchill Downs Inc., which owns the Kentucky Derby, expressed that online wagering on horse racing has proven to be a highly lucrative venture, yielding substantial profits for his organization, with historically impressive margins hovering at approximately 30%. During the most recent earnings call of the company, Carstanjen emphasized their unwavering dedication and enthusiasm toward TwinSpires Horse Racing, highlighting its continuous ability to showcase exceptional performance in terms of revenue, profitability, and profit margins. He further emphasized that this online enterprise possesses a distinctive, sustainable, and scalable business model, further solidifying its status as a remarkable online business.

In the 2021/2022 annual report, Primo Abrahams, the CEO of Western Cape Gambling and Racing Board, acknowledged the challenges faced by horse betting as a sport. He emphasized that both financial difficulties and the struggle to attract interest in the sport for betting purposes were prevalent. Moreover, the board has faced criticism from opposition parties in the Western Cape Provincial Parliament due to its reliance on state funds as this dependency has raised concerns among these parties. The Western Cape Gambling and Racing Board is currently engaged in an investigation aimed at exploring strategies to enhance the involvement of the younger population in horse betting activities. This initiative has been prompted by the persistently declining financial resources of the board after the pandemic.

Furthermore, the increase in popularity of horse racing events, availability of advanced wagering options, and upsurge in media and live broadcast have significantly driven the horse betting market. The rising interest in horse betting among emerging nations and the increase in popularity of online betting platforms and mobile apps are expected to boost the market in terms of revenue and overall growth. Thus, it is expected to see steady growth in the horse betting industry in the anticipated period.

Author Name(s) : Sonalika Das | Roshan Deshmukh
Frequently Asked Questions?

The global Horse Betting market was valued at $44,324.3 million in 2022, and is projected to reach $91,136.6 million by 2032, registering a CAGR of 7.6%.

The forecast period in the Horse Betting market report is 2023 to 2032.

The base year calculated in the Horse Betting market report is 2022.

The single betting segment is the most influential segment in the Horse Betting market report.

The top companies analyzed for global Horse Betting market report are Churchill Downs Inc., MGM Resorts International, Boyd Gaming, Flutter Entertainment PLC, Entain, Kindred Group plc, OPAP S.A., Tabcorp Holding Limited, New York Racing Association (NYRA), and Del Mar Thoroughbred Club.

The company profile has been selected on the basis of revenue, product offerings, and market penetration.

Europe holds the maximum market share of the Horse Betting market.

The market value of the Horse Betting market in 2022 was $91,136.6 million.

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Horse Betting Market

Global Opportunity Analysis and Industry Forecast, 2023-2032