The United States has long been a leader in horse racing and is home to some of the world’s most renowned horse racetracks. Horse racing tracks are found throughout the country, but they differ greatly in terms of size and market value.
In fact, the U.S. horse racing business recently reported its highest annual wagering handle statistics since 2009, according to Equibase’s most recent release of economic indicator data. It’s significant to remember that this affected more than 30% fewer races overall. And if you are someone who loves to take steps to gain something during this sort of occasion like horse racing, Coral Grand National is for you.
However, this article will discuss the market value of horse racing in America in 2022.
Statistics for the Horse Industry
Key horse statistics include:
- The U.S. economy benefits from the $122 billion horse business each year.
- 1.74 million people work in the horse business in the United States.
- In the US, there are 7.25 million horses.
- Texas has the most horses per state than any other state.
- In the US, horses are owned by 1.6 million families.
- 60% of horseback riders have managerial roles.
- Over $100,000 in income is earned annually by 50% of horse owners.
- A riding horse costs, on average, $3,444.
- A recreational horse has a yearly ownership cost of $7,896.
How the horse industry benefits the American economy each year?
As per the 2017 horse economy study by the American Horse Council Foundation, the horse industry contributes an estimated $122 billion yearly to the American economy. The horse business directly contributes $50 billion worth of products and services to the American economy. The industry also makes direct contributions of $38 billion in the form of labor, salaries, and benefits.
By integrating the direct and indirect effects of this financial benefit on other economic sectors, it is estimated that the horse business contributes an annual total of $122 billion to the American economy.
How many horses are used in the horse industry in the United States?
The American Horse Council (AHC) claims that the precise numbers of horses in the United States have occasionally been unclear. (9)
The National Agriculture Statistic Service (NASS), the American Veterinary Medical Association (AVMA), and the American Horse Council (AHC) are the three main organizations that gather and publish data regarding the U.S. horse population, and each organization counts the numbers differently.
For this reason, AHC has gathered the information from all the sources that are available and provides the most recent, accurate overview of the horse population.
There are 7,246,835 horses in the United States, including both horses used for enjoyment and those used for business, according to AHC equine industry figures from 2017.
What is the Horse racing track market value in the U.S. in 2022?
In 2020, the market for horse racing tracks in the US was estimated to be worth over three billion dollars, a decline from the approximately five billion dollar market size the year before. In 2022, the industry was expected to generate 3.68 billion dollars.
Numerous continuous subsidies have been offered to horse racing in New York, including debt forgiveness, tax advantages, potentially advantageous leases, and redistribution of winnings from video lottery terminals (VLTs), often known as video slots. In exchange, the state suffers a loss and only recovers a portion of its lost tax revenue. The increasing number of tracks and racecourses in the U.S., rising demand for horse racing activities, and increasing participation rate are some of the factors driving this market growth during the forecast period.
Final Thoughts
As the report is elaborated, it becomes very clear that the market value of the U.S. Horse racing track market will increase to US$ 3.68 billion in 2022. The major factor behind this huge growth is the rising number of the U.S. population who are interested in horse racing and want to make a living out of it thus driving revenue from this market high.
