Horse racing is one of the oldest sports in the world, with a rich and storied history. Horse racing is a popular sport in the United States, with many tracks and events taking place throughout the country. Horse racing is a multi-billion dollar industry, and it generates significant revenue for the US economy. This article will explore the economic impact of horse racing in the US, including how much money it generates.
Horse Racing Popularity
Horse racing is one of the most popular sports in the US. According to the most recent survey from the Jockey Club, more than 30 million people attended horse racing events in the US in 2018. This is up from 24 million people in 2017, showing that horse racing is becoming increasingly popular.
Horse Racing Revenue
Horse racing generates significant revenue for the US economy. According to the US Census Bureau, the horse racing industry in the US generated $10.3 billion in revenue in 2018. This revenue comes from a variety of sources, including betting and sponsorship.
Betting Revenue
Betting is one of the major sources of revenue for the horse racing industry. According to the American Gaming Association, Americans bet a total of $4.4 billion on horse racing in 2018. This is up from $3.9 billion in 2017, showing that betting continues to be a major source of revenue for the industry.
Sponsorship Revenue
Sponsorship is another major source of revenue for the horse racing industry in the US. According to the Jockey Club, sponsorships for horse racing events totaled $2.7 billion in 2018. This includes sponsorships from major companies such as Coca-Cola, AT&T, and Ford.
Prize Money
Prize money is another major source of revenue for the horse racing industry. According to the Jockey Club, prize money for horse racing events reached $1.1 billion in 2018. This prize money is awarded to the owners, trainers, and jockeys of the winning horses.
The Economic Impact of Horse Racing
The horse racing industry has a significant economic impact on the US economy. According to the US Census Bureau, the horse racing industry supports more than 200,000 jobs in the US. This includes jobs at racetracks, in the betting industry, and in related industries such as hospitality and retail.
Tax Revenue
The horse racing industry also generates significant tax revenue for the US government. According to the Jockey Club, the horse racing industry generates more than $1.5 billion in tax revenue for the US government each year. This includes taxes on betting, sponsorship, and prize money.
Economic Benefits
The horse racing industry also provides economic benefits to the local communities where racetracks are located. According to the US Department of Agriculture, horse racing tracks generate an average of $3.7 million in economic activity in local communities. This includes jobs, tax revenue, and increased business for local businesses.
Conclusion
In conclusion, horse racing is a major source of revenue for the US economy. The horse racing industry generates more than $10 billion in revenue each year, with betting, sponsorship, and prize money being the major sources of revenue. The industry also provides economic benefits to local communities and generates significant tax revenue for the US government.
Horse racing is an important part of the US economy, and it continues to generate significant revenue for the country.