Horse racing happens to be among the most adrenaline-inducing sports globally. There are numerous factors that influence the outcome of a horse race, making the process of picking an elusive winner more demanding, but rewarding.
For centuries, horse racing has been synonymous with gambling, with fans eager to place wagers on their favorite horses. Payouts from horse racing bets can be quite significant, making the sport one of the most wagered upon.
Since the races are often complete in a matter of minutes, the return on investment comes as quickly. If you are considering trying your luck with Kentucky Derby betting, sign up at a reputable bookie and make your first bet.
Horse racing has been gaining more popularity as the years progress. In this blog post, we seek to highlight some of the reasons behind the rising popularity of this classic sport.
How Big is Horse Racing in Britain?
Horse racing is the second-most popular sport in the UK, after soccer. According to statistics, circa six million Britons attend horse racing events every year, with 40% of the attendees being women.
UK horse racing fans enjoy attending the events not only because of the thrill it offers but also because it is part of the British culture and a great way to spend time with friends and family. Most UK racecourses do not have specific dress codes, and therefore fans can relax and enjoy their favorite sports without having to worry about much.
Everyone is welcome to attend the racing events, including children. The racecourses often feature social features such as restaurants, tearooms, bars, and sportsbooks for the most thrilling horseracing events.
Horse Racing Betting in the UK
Fans love to place bets on horse racing events, and UK sportsbooks have made that possible by offering profitable odds. Unlike most sports, horse racing betting returns materialize in a matter of minutes because the races are short. This attracts so many punters to the sports, most looking to multiply their money in minutes.
Horse Racing betting is also more thrilling due to the unpredictability of the outcomes. There are so many factors that influence the outcome of a racecourse event. UK bookies offer a wide range of betting markets to ensure that all prospective punters have enough options to choose from.
The introduction of online sportsbooks in the United Kingdom has resulted in an upsurge of horse racing betting in the country. Most people who could not place horse racing bets because they missed attending the event can now place wagers via betting websites.
The internet and mobile technology have also increased public awareness about horse racing and its betting facet. Today, information about different jockeys and horses is readily available across different online platforms. This has helped widen the scope of the sport, attracting new audiences.
The popularity of Horse Racing in the USA
Due to the entertainment and excitement that horse racing offers, the sport is so popular in the United States of America. However, horse racing is not as mainstream as the country’s major sports such as NFL football, baseball, and basketball. However, US horse racing events such as the Kentucky Derby are quite popular.
According to recent stats published by the market and consumer data market company Statista, horse racing experienced a rough period in the US market during the pandemic. The company arrived at this conclusion after taking into account the size of the US race track industry.
The 2020 US horse racing market was valued at about $3 billion, a drop from the previous years which has recorded slightly above $5 billion. Industry experts predicted that the niche would get to $3.52 billion in 2021, which it actually did.
Horse racing is one of the sports that suffered much from the coronavirus pandemic, but it is recovering quite well as we adapt to the new normal.
According to the American Horse Council, the horse racing market has grown significantly in the US over the years, generating $39 billion into the economy and supporting about 1.4 million jobs across the United States of America.
The Importance of Online Betting in Horse Racing
Horse racing was not as popular in the past due to the unavailability of track events in most parts of the world. It was hard for punters to place bets because they had to attend the races in person to place wagers with race track bookies.
Fortunately, the advent of the internet helped solve this problem because it’s now possible for fans to stream horse racing events from anywhere around the world and place bets with online bookmakers.
Over the years, the number of fans placing horse racing bets online has surpassed that of people attending the events in person. It is, therefore, safe to conclude that online betting has played a significant role in driving the popularity of horse racing across the world.
How Much is Horse Racing Online Betting Worth?
Since the introduction of online horse racing, the amount of money wagered on horse racing events has been soaring. The market has been breaking records of total wagers year over year.
According to a recent market indicator released by Equibase, the United States horse racing market recorded the largest annual wagering handle since 2009 in 2021. It is worth noting that the upsurge happened despite there being 30% fewer race track events last year.
2021 recorded $12.2 billion in total wagering handle, a double-digit increase from the previous year. A majority of these wagers came from online bookies, considering that fans did not have access to the actual racing events and trackside bookmakers.
The rise of online sportsbooks for horse racing has not been a smooth ride, and it is yet to reach its peak. The sector has been subject to stringent rules and regulations, but most states are beginning to relax their laws to pave the way for a regulated and thriving online betting market.
Horseracing Entertainment Value
Horse racing delivers a great entertainment value due to its unpredictability. Watching an underdog triumph to victory can be incredibly entertaining. Fans also love watching horses breaking and closing gaps too. The buzz around the photo finish to determine which horse’s nose was first to cross the line can also be intense.
When coupled with betting, horse racing can be a highly entertaining sport. There is nothing that can come close to watching your favorite horse or jockey win.
