Horse racing is one of the world’s oldest sports. While many people might think of the UK when the topic arises, the US also has a billion-dollar industry. Not only that, but horse racing is also attracting more people than ever and is expected to grow by leaps and bounds within the next few years. What is driving this change? In this article, we’ll look at two of the most important factors: community and changing animal safety standards.
Community
As a result of renewed community-building, horse racing is poised to grow in the US by roughly $114bn between 2024 and 2028. This translates to around a 14.7% CAGR during that period. Most notably, it is actually youth involvement that is driving this growth. With the passion of young people translating into a life-long love of horses, we’re pretty sure that the industry will continue to grow well beyond 2028.
Of course, it would be disingenuous to write about horse racing in the US and not mention the gambling community. Much of the sport’s interest in its early years in the US came from the opportunity it afforded people to bet. Even when the majority of the country outlawed gambling, some states allowed wagering on horses or sports. Today, with the expanding legalization of gambling throughout the country, it should come as no surprise that both the iGaming and horse racing industries are booming. It is easier than ever to pull up odds and even to find online sportsbooks with interesting promotions such as those available on Oddschecker without exerting too much energy.
The availability of online wagering, including social sportsbooks where no real money changes hands, has led to one of the biggest changes in the horse racing industry in the US. More fans than ever before are building tight-knit online communities where they discuss outcomes and predictions before and after races. This community-based support is reigniting passion for the sport, which has waned a bit in recent years.
Changing standards
Beyond increasing the ease of building communities, today’s horse racing connoisseurs are counting on changing animal welfare standards to reinvigorate the industry. This comes after a few well-publicized scandals such as Medina Spirit, a 2021 Kentucky Derby winner stripped of its title after being found with corticosteroids in its blood. The horse ultimately passed in December 2021, just a few months after its ill-fated competition run.
Partly spurred on by Medina Spirit’s plight, Congress approved the Horseracing Integrity and Safety Act (HISA) law. HISA greatly increased the amount of oversight and regulation in the sport while also placing federal guidelines in place on a topic that was previously handled solely by individual states. While its main focus is anti-doping regulation, the Act also contains a myriad of animal safety guidelines. Despite a few legal challenges along the way, the Act has been partially implemented and saw all the horses in the 2024 Triple Crown races finish safely.
From changing professional standards with an emphasis on horse safety to brand-new communities filled with vibrant youths and experienced fans alike, horse racing in the US is well on its way to a second coming. If you counted it down and out as domestic attention dwindled over the past few years, get ready for a whole new chapter filled with new fans and healthy horses!
