How Big of an Industry is Horse Racing?

Horse racing is one of the world’s oldest sports, dating back to the 12 Century. It’s still practiced all over the world, and while it may not be as big as it once was, it’s still a huge global industry. Horse racing is popular with all types of people, but it’s especially popular with gamblers. Because races are going on worldwide on most days, gamblers have a lot of options to make successful bets.

In some US states, horse racing tracks are the only place where legal bets can be made. This means that horse racing is responsible for a large percentage of the total betting revenue in the country. However, as more states legalize sportsbooks, people are turning towards betting on other sports too. While horse racing is still popular for Michigan sports betting and other states, it has been on the decline for many years. Animal rights groups, as well as the covid pandemic, have affected the sport.

The History of Horse Racing

There isn’t really an agreed-upon date of when horse racing first started. It’s believed that English knights brought back Arabian horses during the crusades. These were much faster than the English breeds at the time, and over time they were bred to be even faster. As knights and lords would always be in competition with each other, they always wanted to have the fastest horse, which gave rise to horse racing.

The oldest racecourse in the UK, Chester racecourse, was built in 1539. It’s still operational today and helped popularise the sport. Over the years, horse racing changed a lot, and the modern sport was established in the 18th century. Horse racing also spread to the US, quickly becoming very popular. Racetracks were built across the country, with the oldest and most famous being the Pleasanton Fairgrounds racetrack.

When horse racing first became popular in America, it was a unique activity that drew people from all walks of life, including the social and economic elites as well as the poorer classes. When the American Stud Book was founded in 1868, it became an organized sport.

There were over 314 tracks all over the United States by 1890, and the American Jockey Club was created in 1894. However, widespread antigambling sentiment prompted almost all states to outlaw betting in the twentieth century. This incident nearly brought the sport to a standstill until the introduction of pari-mutuel betting in 1908, which allowed the sport to flourish once more until World War II.

Today, horse racing is still popular in the US, with the industry valued at $3 billion in 2020. Betting on horse races is one of the main reasons why it’s still so popular. However, the number of horse racing bets has decreased over the years, as has the total value of the industry. In 2019, it was valued at $5 billion in the US.

What Does the Future Hold for the Horse Racing Industry?

Horse racing may still be popular with a lot of fans, but it’s not as successful as it once was. The industry has been badly affected by the covid pandemic, as well as the media and animal rights activist groups.

Some people will argue that the horse racing industry is bad for horses, and there have been stories about mistreatment and drug use over the years. Unfortunately, these stories have left a mark on the sport, and many younger sports fans aren’t interested. The total number of races in 2020 was the lowest in the modern era. While this was impacted by the global pandemic, it’s clear that horse racing is on the decline. The sport may need to change if it’s to keep up with other sports and get back to its glory days.