$6.3bn
$XXX.Xm
17,151
85
$XXX.Xm
Horse racing tracks have grappled with declining consumer interest and competition from more accessible forms of gambling like lotteries, casinos and online platforms. While marquee events like the Triple Crown still captivate audiences, many racetracks struggle to attract a younger, more diverse clientele. Aging, predominantly male patrons continue to be the sport's core demographic. As this demographic shrinks and public concerns about horse doping and animal welfare continue, interest in horse racing has waned. Revenue has fallen at a CAGR of 2.8% to $6.4 billion through the end of 2024, including a contraction of 0.5% in 2024 alone.
Industry revenue has declined at a CAGR of 2.7 % over the past five years, to reach an estimated $6.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Churchill Downs Inc. | 2,505.0 | 714.0 | 28.5 | |
Penn National Gaming, Inc. | 685.1 | 121.6 | 17.7 | |
The New York Racing Association Inc. | 229.5 | 15.0 | 6.5 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including On-track betting, Off-track and simulcast betting and Gaming. On-track betting is the largest segment of the Horse Racing Tracks in the US.
On-track betting is the traditional form of wagering in horse racing
Horse racing tracks in the United States center on organizing and managing horse races. It involves breeding, training, and maintaining the track and horses, as well as organizing races and events. Offerings include on-track, off-track and simulcast betting, as well as other gambling activities and services.
Purchase this report to view all 4 major companies in this industry.
NAICS 71121 - Horse Racing Tracks in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Horse racing's losing ground to other forms of gambling. The sport's traditional audience is aging and younger gamblers prefer simpler, more engaging alternatives like sports...
Learn about an industry's products and services, markets and trends in international trade.
On-track betting is the traditional form of wagering at horse racing tracks. Other revenue sources include food and beverage concessions, merchandise, ticket sales, commissio...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Authorized professional horse racing tracks exist in 32 US states. The concentration of race tracks varies widely by region, depending primarily on each region's history of t...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Horse racing tracks endure a moderate level of market share concentration. State governments often have a substantial level of influence on local competition and how tracks a...
Learn about the performance of the top companies in the industry.
Churchill Downs is a public company headquartered in Kentucky with an estimated 6,250 employees. In the United States, the company has a notable market share in the Horse Rac...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Establishments in the horse racing tracks are heavily regulated at the state level. Some states have special horse racing authorities, like the California Horse Racing Board,...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
In horse racing, 82% of wagers go to winning bettors, split among the top three horses. The remaining 18% is taken by the track operator and horsemen as takeout.
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Horse Racing Tracks in the US industry in United States is $6.3bn in 2024.
There are 85 businesses in the Horse Racing Tracks in the US industry in United States, which has declined at a CAGR of 0.0 % between 2019 and 2024.
The market size of the Horse Racing Tracks in the US industry in United States has been declining at a CAGR of 2.7 % between 2019 and 2024.
Over the next five years, the Horse Racing Tracks in the US industry in United States is expected to grow.
The biggest companies operating in the Horse Racing Tracks market in United States are Churchill Downs Inc., Penn National Gaming, Inc. and The New York Racing Association Inc.
On-track betting and Off-track and simulcast betting are part of the Horse Racing Tracks in the US industry.
The company holding the most market share in United States is Churchill Downs Inc..
The level of competition is high and increasing in the Horse Racing Tracks in the US industry in United States.