How Big is the Horse Racing Industry?

Horse racing is a centuries-old sport that has been enjoyed by people around the world for generations. It is one of the oldest sports in the world and the oldest form of organized gambling. As a result, the horseracing industry has become a multi-billion dollar global enterprise, with racetracks, breeding farms, and other related businesses all operating together to form the industry. But just how big is horse racing? Let’s take a look.

Global Reach of the Horse Racing Industry

The global reach of the horseracing industry is vast. Horse racing is a popular sport in many countries around the world, including the United States, Canada, the United Kingdom, Ireland, Australia, New Zealand, France, Germany, Italy, Japan, South Africa, and many more. Horse racing is also a major part of the entertainment industry in some countries, with major events like the Kentucky Derby and the Grand National attracting huge crowds and significant television viewership.

Economic Impact of the Horse Racing Industry

The horse racing industry has a significant economic impact. According to the American Horse Council, the industry contributes more than $50 billion to the U.S. economy every year. This includes direct economic activity, such as wagering, race purses, and track operations, as well as indirect economic activity, such as jobs related to the industry, taxes, and other economic benefits.

Size of the Horse Racing Industry

The size of the horseracing industry is difficult to measure, as it is comprised of multiple components. However, the American Horse Council estimates that there are over 9 million horses in the U.S., with an estimated value of over $39 billion. In addition, there are over 1,700 racetracks in the U.S., with a combined value of over $6 billion. There are also over 20,000 breeding farms in the U.S., with a combined value of over $10 billion.

Financial Impact of the Horse Racing Industry

The financial impact of the horseracing industry is significant. The industry contributes hundreds of millions of dollars in taxes to state and local governments. In addition, the industry generates billions of dollars in wagers and race purses every year.

Employment in the Horse Racing Industry

The horse racing industry also provides employment to thousands of people. According to the American Horse Council, the industry supports more than 400,000 jobs, including trainers, jockeys, grooms, veterinarians, and other related professions.

Horse Racing Betting

Horse racing betting is one of the most popular forms of gambling in the world. According to the American Gaming Association, betting on horses generates more than $13 billion in wagers every year.

Breeding Farms

In addition to racetracks, the horseracing industry also includes breeding farms. Breeding farms are responsible for producing the horses that race at racetracks around the world. According to the American Horse Council, there are over 20,000 breeding farms in the U.S., with a combined value of over $10 billion.

Horse Racing Events

The horseracing industry also includes major events. These events attract large crowds and generate significant television viewership. Major events include the Kentucky Derby, the Grand National, and the Preakness Stakes, among many others.

Horse Racing Technology

The horseracing industry has also embraced technology in recent years. Technologies such as computerized tote boards, electronic timing systems, and electronic betting systems have revolutionized the industry, making it easier and more efficient for both track operators and bettors.

Conclusion

The horseracing industry is a multi-billion dollar global enterprise. It has a significant economic impact, with the industry contributing more than $50 billion to the U.S. economy every year. It also provides employment to thousands of people, generates billions of dollars in wagers and race purses every year, and includes major events like the Kentucky Derby and the Grand National. In addition, the industry has embraced technology in recent years, making it easier and more efficient for both track operators and bettors. All of this goes to show just how big the horseracing industry is.