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HORSE RACING MARKET REPORT OVERVIEW
The global Horse Racing Market size expanded rapidly in 2024 and the market is projected to grow substantially by 2032, exhibiting a prodigious CAGR during the forecast period.
Horse racing is an exhilarating sport involving horse contending over a set distance, generally on tracks. Renowned for its speed and strategy, it attracts enthusiasts encyclopedically. Major events like the Kentucky Derby and the Grand National show elite nags, jockeys, and coaches. Betting adds excitement, creating a vibrant atmosphere for observers.
The steed racing market is a dynamic assiduity encompassing parentage, training, and betting. It generates significant profit through live events, online wagering, and partnerships. Major races attract substantial cult and auspices, while advances in technology enhance addict engagement. This competitive market thrives on tradition, excitement, and passionate global participation.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Demand Shortage
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID- 19 epidemic has had a significant impact on horse racing around the world. Racing events have been laid over or cancelled in numerous countries due to health and safety enterprises, and numerous races have been run without observers or with limited crowds. One of the biggest impacts of the epidemic on the market has been the loss of profit from on- point betting and attendance. Without observers, aqueducts have been unfit to induce profit from ticket deals, hospitality, or other event- related conditioning. This has had a significant fiscal impact on the assiduity, with numerous racing associations and aqueducts facing fiscal difficulties. In addition, the epidemic has disintegrated the racing timetable, with numerous races being cancelled.
LATEST TRENDS
"Globalization of the market to Drive Market Growth"
A latest trend in the global horse racing market is the globalization of the market. Events are no longer confined to specific countries or regions, with races taking place in different corridor of the world. This has led to an increase in transnational competition and the formation of partnership between racing associations in different countries. It attracts top nags and jockeys from around the world, and has come one of the most prestigious racing events in the world. Also, the Royal Ascot race meeting in the UK attracts transnational actors and has come a major event in the global timetable. The globalization has also led to the formation of partnership between racing associations in different countries.
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HORSE RACING MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Win Bet, Each Way, Single Bet, Multiple Bets, Straight Forecast, Reverse Forecast and Tricast.
Win Bet: A win bet is a straightforward wager where the bettor bets on a horse to finish first in a race. Successful bets yield payouts grounded on the horse’s odds and performance.
Each Way: An each- way bet allows gamesters to go on a horse to either palm or place. It generally consists of two corridor one for winning and another for placing, furnishing fresh chances for payouts.
Single Bet: A single bet is a straightforward wager placed on one outgrowth, similar as a specific horse winning a race. It offers clear odds and implicit payouts, making it a popular choice among bettors
Multiple Bets: A multiple bet combines two or further selections into a single wager, adding implicit payouts. Common types include accumulators and trebles, which require all selections to win for a successful bet.
Straight Forecast: A straight cast bet predicts the exact order of the first two finishers in a race. This bet offers advanced odds and implicit payouts, making it popular among educated bettors seeking challenging wagers.
Reverse Forecast: A reverse forecast bet allows bettor to prognosticate the first two finishers in any order. This bet increases winning openings since it covers both possible finishes, offering enhanced excitement and better odds.
Tricast: A tricast bet involves prognosticating the first three finishers in a race, in the exact order. This grueling stake offers substantial payouts, appealing to experienced bettors who seek greater prices from their prognostications.
By Application
Based on application the global market can be categorized into online casino, offline casino and others.
Online Casino: An online casino offers virtual gambling experience, featuring games like places, poker, and blackjack. Accessible from anywhere, it provides convenience and different gaming options, often with bonus and elevations for players.
Offline Casino: An offline casino is a physical establishment that offers colorful gambling conditioning, including table games, places, and poker. These venues give an immersive atmosphere, social relations, and entertainment options for patrons.
Others: The horse racing market offers perceptivity applicable to sports analytics, laying strategies, and data modeling. Techniques used in racing enhance performance forecasting, threat assessment and prophetic analytics across various diligence and sports.
DRIVING FACTORS
"Growth in online betting activities to foster the market growth"
One of the key driving factors in the global horse racing market growth is the growth in online betting activities to foster the market growth. The racing industry has seen a significant increase in profit from online betting platforms. These platforms make it easy for fans to place bets on races from their mobile bias or computers, leading to an overall increase in the number of bets placed. Online betting has also made horse racing more accessible to fans who may not have been suitable to attend live races in the history. Racing associations have responded to this trend by partnering with online betting platforms, creating their own platforms, and making it easier for fans to place bets online.
"Investment in infrastructure to result in the expansion of the market"
Another significant factor driving the market for horse racing is their Investment in infrastructure to result in the expansion of the market. Racing associations are investing in new infrastructure to improve the addict experience and attract new fans. This includes the development of modern grandstands, upgraded installations, and other amenities to make the racing experience more pleasurable. These investments help to contemporize the sport and make it more charming to younger fans. Racing associations are also investing in marketing and elevations to attract new fans and increase attendance at live events. By creating a better addict experience, racing associations are suitable to induce further profit from ticket deals, concessions, and other sources.
RESTRAINING FACTORS
"Strict regulatory pressures to hamper the market growth"
One of the key restraining factors in the global horse racing market is the strict regulatory pressures to hamper the market growth. The horse racing market share has been negatively affected since it's is subject to strict nonsupervisory conditions at both the state and civil situations, which can impact the profitability of contending associations. These regulations are designed to protect the welfare of horse and ensure a fair and transparent betting process, but they can also be expensive to apply and maintain. For illustration, some countries bear contending associations to install safety features similar as cushioned track surfaces or protective gear for horses, which can be precious to apply. In addition, nonsupervisory conditions can limit the types of bets that can be offered and circumscribe the capability of contending associations to offer new products or services.
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HORSE RACING MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa
"North America to Lead the Market Owing to the Massive Popularity of the Sports"
North-America has emerged as the most dominant region in the global horse racing market share due to several factors. The largest market for horse racing is in North America. Horse racing is a popular sport in the U.S., with major events like the Kentucky Derby, Belmont Wagers, and bettor attracting large crowds and significant media attention. The US horse racing assiduity generates billions of bones in periodic profit from a variety of sources, including betting, backing, media rights, and wares deals easing the horse racing market growth in that region.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.
List of Market Players Profiled
- 1xBet(Cyprus)
- Betfair (Flutter Entertainment) (New York)
- Parimatch (Cyprus)
- Bet365 (U.K.)
- William Hill (U.K.)
- Kazanat Hippodrome (Astana)
- Almaty Hippodrome (Kazakhstan)
INDUSTRIAL DEVELOPMENT
July 2024: Betfair, Flutter Entertainment plc ("Flutter" or the "Company") (NYSE: FLUT; LSE:FLTR) announced that the Board of Directors (the "Board") has appointed Robert R. Bennett ("Dob") and Christine M. McCarthy to the Board as non-executive directors. Mr. Bennett will be appointed as a member of the Risk and Sustainability Committee of the Board and Ms. McCarthy will be appointed as a member of the Audit Committee of the Board at such time. The Board has determined that both Mr. Bennett and Ms. McCarthy are independent directors in accordance with the New York Stock Exchange listing standards.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
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Which is the leading region in the horse racing market?
The North-America region is the prime area for the horse racing market owing to the vast popularity of sports in the region.
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Which are the driving factors of the horse racing market?
Growth in online betting activity and investment in infrastructure are some of the driving factors of the market.
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What are the key horse racing market segments?
The key market segmentation that you should be aware of, which include, Based on type the horse racing market is classified as win bet, each way, single bet, multiple bets, straight forecast, reverse forecast and tricast. Based on application the horse racing market is classified as Construction Sites, Marinas and Shipyards, Mining and Excavating Operation, & others.
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