Despite worries that it’s a dying industry, horse racing still generates billions in revenue annually. The income generated is linked to the long-standing appeal of the sport that transcends the test of time, including the thrill of gambling (whether through betting on races or playing horse-themed slots through sites like BonusFinder Ireland), the joy and prestige of spending a day at the track, and, for many, the sport’s nostalgia. For some countries, such as the eight listed below, the appeal is particularly strong, with spectators getting wrapped up in the races and excitement of horse racing.

1. Australia

Australia’s horse racing industry generates an impressive €5.53 billion for the economy. Much of this revenue is linked to betting, though the breeding and training of racehorses also contribute. One of the best-known Australian racing events is the Melbourne Cup, which happens annually over four days at the end of October or early November. The race has been held since 1861 and is often called ‘the race that stops a nation’.

The Melbourne Cup generates a great deal of attention for far more than thoroughbred racing; it’s also an event where people indulge in fine dining options and show up in style, with fashion being a huge highlight of race day. It’s a spectacle that attracts people from near and far.

2. Hong Kong

The Hong Kong Jockey Club (HKJC), which has been operating since 1884 and is the most prominent organisation involved in sports betting, generated €16.03 billion during the 2022-2023 fiscal year. The club has a significant international presence, adding to its revenue. For instance, it has been a top competitor at international events this past year, including Australia’s Melbourne Cup.

The HKJC also boosted its revenue by launching an online betting platform for its races. This allows the club to reach a larger audience and gain revenue from events in other countries.

3. Ireland

Horse racing has long been part of Irish culture and remains a popular sport in the country today, generating approximately €2.5 billion annually. The popularity of racing in Ireland helps generate over 30,000 jobs through jobs at the tracks, training horses, breeding horses, or other related fields. Irish-bred horses also have a good reputation, earning them recognition at a global level for their capabilities.

Ireland’s horse breeding isn’t the only aspect of horse racing recognised worldwide. The country is home to major racing events that attract attention, including the Irish Derby.

4. The United Kingdom

The popularity of horse racing in the UK generates a revenue of €4.85 billion annually. In the UK, horse racing is closely linked to the royal family and other social elite, making horse racing events—particularly ones like the Royal Ascot, Cheltenham Festival, and the Grand National—places to see and be seen, infused with prestige and lavish activities.

UK horse races garner attention worldwide, bringing tourists to town for the racing events (which typically span several days). With the rise of online betting, the events also engage punters from various countries, growing the sport’s audience and increasing interest in the sport.

5. The United Arab Emirates

The majority of UAE’s horse racing is centred in Dubai, and like the city itself, the events are known to be spectacular, luxurious occasions with grand displays of wealth. The major racing events that take place here are international competitions, drawing jockeys and trainers from around the world. The best-known event is the Dubai World Cup. In early 2024, the event drew athletes from 14 different countries and boasted prizes with a cumulative worth of €7.47 million.

6. Japan

Recognised as a ‘powerhouse’ in the horse racing industry for its immaculate tracks and event organisation, Japan has not only fostered popularity for the sport but also offers some of the largest race purses globally. The most prominent racing event is the Japan Cup, which is held annually at the Tokyo Racecourse in November. Like Ireland, Japan has also developed a reputation for its impressive breeding of racehorses.

7. France

France is home to the prestigious Prix de l’Arc de Triomphe at the Longchamp Racecourse, a globally renowned horse race. The event offers a valuable prize purse and is considered the most prestigious prize in Europe. The race began in 1920 and still attracts tens of thousands of visitors to the course each year, not counting individuals who follow the race remotely.

8. The United States

With world-renowned events like the Kentucky Derby and the Belmont Stakes, it’s no surprise that the United States is a country where horse racing continues to be popular. In 2023 alone, it is estimated that the horse racing industry generated $6.3 billion (approximately €5.66 billion) for the country’s economy. As with other international racing events, horse racing in the US is also steeped in prestige and extravagance, and the socialising and fashion are just as notable as the race outcomes.

Conclusion

Though the horse racing industry often makes headlines for worries that the sport is declining in popularity and interest, these eight countries show that the sport still has a dedicated fan base and generates billions for economies worldwide.