Are Horse Racing and Casino Markets Set for Further Dominance?
At first glance, horse racing might seem like a niche sport with a limited betting fan base, while casinos feel ubiquitous. But when you look at the data, the global horse racing market is astonishingly large — driven not just by racecourse revenues, but by extensive global wagering activity. According to industry research, the horse racing market is valued in the hundreds of billions of dollars. In contrast, casino gaming (covering both online and land-based operations) is somewhat smaller in direct comparison, though it remains a major pillar of the broader gambling industry.
In fact, in the U.S., many bettors bet on horses via sportsbooks or betting apps, sometimes operated by companies such as DraftKings, which offer the best odds on traditional horse racing wagers as well as other major events.
What are the Key Reasons Behind the Relative Sizes?
Wager Volume and Frequency
Horse racing features frequent racing calendars around the world — from the Kentucky Derby to Royal Ascot — and each race draws wagering pools. Over time, the cumulative betting handle on horse races contributes massively to the overall market.
Digital Transformation
The shift to online betting (websites and apps) has dramatically boosted horse racing’s reach. Mobile betting platforms now account for a large share of wagers, and this has opened up racing to markets that previously had limited access.
Global Reach and Tradition
Horse racing is rooted in many cultures, particularly in Europe, North America, and parts of Asia. This broad geographic base supports a huge total market. Meanwhile, casino gambling — though global — is more concentrated in certain regions and types (e.g., integrated resorts, land casinos).
Regulatory and Business Models
Horse races often attract pari-mutuel betting pools and specialized bookmakers, while casinos operate under different licensing regimes and business models (table games, slots, live dealer, etc.). This diversity in structure influences how revenue is generated and shared.
Diversified Casino Revenue
Casino business is not just about bets — it’s tied to hospitality, tourism, hotels, and entertainment. Casino hotels are big business, and much of their value comes not just from gambling, but from integrated resort services.
Market Size and Growth Forecasts show Considerable Growth
Horse Racing Market
- According to The Business Research Company, the horse racing market was about US$387.9 billion in 2024 and is expected to reach US$586.6 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.7%.
- Another estimate (Zion Market Research) suggests the horse racing market could surpass US$793.9 billion by 2030, with a CAGR of around 8.9%.
- Looking at the horse betting segment specifically, 6Wresearch estimates it was worth about US$32 billion in 2024 and will grow to US$45.95 billion by 2031, with a CAGR of 5.6%.
- A separate report from Allied Market Research projected global horse betting to reach US$91.2 billion by 2032, at a CAGR of 7.6%.
Casino Market Data
- According to Mordor Intelligence, the global casino gambling market is expected to grow from US$315.62 billion in 2025 to US$541.09 billion by 2030, representing a CAGR of 11.38%.
- On the land-based side, ResearchAndMarkets estimates that the overall global casino market (both table games and machines) was US$134.1 billion in 2023, projected to rise to US$181.7 billion by 2030, with a CAGR of 3.9%.
- For casino hotels specifically, the market is expected to grow from US$185.7 billion in 2025 to around US$314.3 billion by 2034, at a CAGR of 6.02%.
- According to Statista, in the G7 countries the casino & casino-games market is forecast to reach US$69.56 billion by 2030, from US$55.52 billion in 2025 (CAGR ~4.6%).
- Meanwhile, the global online gambling market, which includes online casinos, is projected to hit US$153.6 billion by 2030, growing at a CAGR of 11.9%.
- Within that, the online casino segment alone is estimated by Grand View Research to grow from US$19.11 billion in 2024 to US$38.00 billion by 2030, with a CAGR of 12.2%.
In summary, the horse racing market is currently larger in terms of total global value when you account for wagering across all global racing events — especially given its centuries-old traditions and enormous betting pools. Its strong projected growth (8–9% CAGR) reflects how it continues to benefit from digital adoption and global interest.
The casino market, by contrast, is hugely significant but somewhat narrower in purely gambling-revenue terms, particularly when separated into online and land-based segments. Still, the casino sector is expected to grow strongly too, driven by online platforms and integrated resort development, albeit with a more moderate CAGR in some forecasts.
Over the next decade, both markets look set to expand — but the horse racing market may continue to outpace traditional casino gambling in terms of raw wagering volume, while casinos diversify and innovate around integrated experiences.
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