MercoPress. South Atlantic News Agency

Horse Racing Sports and Entertainment Surpasses Expectations with Projected 8.89% CAGR

Photo: Pexels

As the months go by and new entertainment data comes in, one unexpected trend appears to be taking shape. Horse racing is soaring in popularity, and it is expected to bolster market expectations. Major economies across the world are making more investments, which is helping to foster broader interest as well as inclusivity.

Delving Into Horse Racing’s Rise in Popularity

Major racing events draw millions of viewers, including the Kentucky Derby and the Melbourne Cup. With digital media helping to provide more accessibility, fans from all corners of the globe now have the chance to engage with it.

This, combined with virtual racing, enhanced viewing experiences, and even behind-the-scenes footage are all helping to foster a deeper connection, bridging the gap between the viewer at home, and the horses on the track. Entertainment platforms like ITV are also investing more in their horse racing content, with the recent release of Champion: Full Gallop.

Racing games are also proving popular, including ZED RUN, a blockchain-based video game where people can breed and race horses. There’s also the Big Racing slot game, which allows players to collect horse wilds, with the ability to rank horses. When 25 horse wilds have been collected, you can then choose a horse to represent you in the bonus race, which replicates the feel of a traditional horse race but within a fresh format.

With so many streamable global horse races currently taking place, combined with the rise of horse racing in modern media, it’s not surprising to see that the CAGR rate is currently surpassing all expectations. The sector is also expected to reach USD 8.67 billion by 2031 according to Verified Market Research.

Photo: Pexels

Horse Racing Surpasses Expectations with Anticipated 8.89% CAGR Rate

Horse racing is very common in a number of nations, including France, Canada, Australia, Hong Kong, and even Malaysia. Fans in Japan often sleep outside venues in anticipation of major shows, with the number of horse runners going from 86,419 in 2022 to 87,619 in 2023 alone. North America in particular is holding a considerable share of the market right now, with certain events attracting thousands of people from all over the world. With 19,225 foals born every year in the US, and with horse racing being the second most popular sport in the UK behind football, it’s not surprising to see that the CAGR rate is currently surpassing all expectations on a global level.

Technology plays a huge role here too, as tech advancements have made it easier for people to not only stream races from all around the world, but to also partake in new and exciting game releases. In a new deal HBA Media has created the Crown Jewels Racing Series, helping horse racing to appeal to a wider range of fans, as packages are combined, and media rights collaborated on to ensure that people can easily access the races they want without facing geographical restrictions. This media breakthrough is yet another driving factor behind the rapid growth of horse racing across the globe and a possible contributor to the high CAGR rate that the sport is currently enjoying.