The global horse betting market revenue was around US$ 44.3 billion in 2022 and is estimated to reach US$ 91.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.6% during the forecast period from 2023 to 2032.
Horse betting, also known as horse racing wagering, is a form of bet where individuals place gambles on the expected outcomes of horse races. It includes factors that need to be analyzed like jockey expertise, historical performance, track conditions, and other appropriate information to make informed betting decisions. Bettors choose horses they believe will place, win, or show in a race, and wagers are placed via different channels, that contain off-track betting locations, online platforms, and racecourse betting windows.
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Factors Influencing Market Growth
– The horse betting market has encountered substantial growth pushed by the increased importance of live broadcasts and media coverage.
– The disparity in regulatory frameworks forms an uneven field and hinders the growth possibility of horse betting operators comparable to other gambling sports that may serve as a hindrance to the growth of the horse betting market.
– The horse betting industry has encountered a surge in opportunities due to the rising popularity of mobile apps and online platforms like William Hill, Paddy Power, Bet365, Betfair, TwinSpires, TVG, and others.
– The demand for horse betting can extend the horse betting market, pushed by the data-driven insights, convenience, and attractive incentives delivered by online platforms.
Impact of COVID-19
The rapid spread of the COVID-19 pandemic has disrupted the smooth functioning of sports events and horse betting due to which the companies encountered a little drop in the initial phase of the pandemic, but soon they handled their revenues after the limitations were lifted and normal organization of events began taking place in the various regions.
In 2022, Europe dominated the global horse betting market in terms of revenue. The participation of European jockeys and horses in prestigious international horse racing events like the Melbourne Cup, the Kentucky Derby, and the Dubai World Cup, develops elevated interest in horse betting and racing among individuals in the region. These global competitions draw attention from both international and local bettors, which allows them to extend the market to a greater capacity. The growth of peer-to-peer betting exchanges offers competitive odds and augmented wagering flexibility, which further propelled the innovation of the market.
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The Asia-Pacific region is anticipated to undergo the most rapid growth in the global horse betting market during the forecast period. This growth can be attributed to the growing middle-class population with higher disposable incomes, showing the rise in spending on leisure activities such as horse betting.
The leading prominent companies profiled in the global horse betting market are: –
– Churchill Downs Inc.
– MGM Resorts International
– Boyd Gaming
– Flutter Entertainment PLC
– Kindred Group plc
– OPAP S.A.
– Tabcorp Holding Limited
– New York Racing Association (NYRA)
– Del Mar Thoroughbred Club
– Other prominent key players
The global horse betting market segmentation focuses on Betting Type, Application, Betting Volume, and Region.
Segmentation based on Betting Type
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Segmentation based on Application
Segmentation based on Betting Volume
– High Volume
– Low Volume
Segmentation based on Region
– North America
– The U.S.
– Rest of Europe
– South Korea
– Rest Of Asia-Pacific
– Latin America
– Middle East
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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