Ways to Play: the State of Modern Race Betting in Review

| February 27, 2019
The horse racing industry has changed markedly over the years, embracing new technologies as they are developed.

Horse racing – and horse betting for that matter – has been around for thousands of years. It’s a tradition that’s stood the test of time across countries, across cultures. Today, the sport is bigger than it’s ever been, with over five hundred races a day in the US alone. It’s more accessible, it’s more prevalent and, perhaps most importantly of all, it’s more profitable.

With the rise of tech, the industry has been forced to adapt year on year. Classic bookies are slowly on their way out, replaced by smartphones, apps and online gambling. Actually going to the races is less and less common. Major events are broadcast live to the world – not just on the radio, but on every platform imaginable. The state of modern race betting is ever-changing and it’s only on the up.

Online Betting on the Rise

Sports betting makes up around 30-40% of the global gambling market (up against lotteries, casinos, poker and more). It’s more than relevant in the modern day.

The old ways of playing are still available, of course: placing bets at the venue, calling up a bookie, putting a note down for the race on Sunday. The real change has taken place online. Now you can place live bets, watch the odds and get involved from anywhere with an Internet connection. Every sport imaginable is on offer, from competitive video games to the FIFA World Cup.

Overall, the move to online betting has had a positive effect on the world of horse racing. Better accessibility means a larger customer base. A larger customer base means more profit, larger prizes and a higher number of sponsorships. According to the International Federation for Horseracing Authorities, around $3.5 billion is awarded every year in competition prize money. Any healthy sport has a background of gambling to it and this a very, very healthy amount of money.

The Future of an Industry

The audience for the horse racing industry grows with each new generation

The global betting industry for horse racing earns just over $116 billion in revenue each year according to some estimates, with the vast majority of that income generated online. Such success is but a symptom of much wider growth across all gambling and online games and it means there’s a competitive market in place. And – just as online card sharks have been using review sites as a new window through which to compare the best jackpots, safest casinos and highest bonuses – horse race enthusiasts can now explore a variety of odds from multiple websites.

The future of the industry looks positive indeed. The technology that’s stimulated all this growth only continues to improve – there’s even things like virtual reality on the horizon. In the very near future customers might be able to throw on a pair of goggles and stand within arms reach of any given race.   

Only time will tell. For now, we’re living in the golden age of horse racing. If someone wanted to, they could have a horse race on their TV from dawn till dusk. What was a once a weekend fancy has now become a global industry. A sport can’t get much more successful than that.

Category: Betting

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