Inside the Billion-Dollar Business of Horse Racing
And why Jamaica is poised for growth
Whatsup Squad,
Long before basketball, football, or baseball were invented, horse racing entertained the masses.
Steeped in centuries of history, culture, and tradition, the sport now generates over $100 billion annually.
But there’s much more to the sport than the Kentucky Derby. In fact, horse racing shines bright in the Caribbean.
Business of Horse Racing
The global horse racing market is estimated to grow by $115 billion over the next three years (according to Technavio).
With its global appeal, horse racing has long been a driver of sports tourism.
While the majority of coverage is focused on races in America, Europe, and Australia, the sport has a growing presence in Asia, the Middle East, Africa, and the Caribbean.
Started in 2020, the Saudi Cup is the richest race in the world, with a $20 million purse.
But the business of horse racing goes beyond single races and their prize pools.
A top horse can become a valuable asset in breeding programs that could yield even higher profits for its owners.
And there’s even more money on the line for spectators.
One of the most enduring traditions in horse racing is betting — over $11 billion was wagered in 2023.
Looking ahead, the rise in adoption of online betting platforms will help attract a younger audience to the sport.
The Gold Standard of Horse Racing
Known as “the fastest two minutes in sports,” the Kentucky Derby is the most anticipated horse race of the year.
$211 million was bet on this year’s race alone.
And the event didn’t rise to prominence by accident — it required significant investment.
Churchill Downs, the host venue, invested $530 million over the past decade in renovations to cater to a premium fan base, increasing ticket sales revenue by 130%.
At the Kentucky Derby, big hats, bold suits, and mint juleps are all part of the tradition.
Each race has its own flavor, but the race day experience across the sport is as much about being seen as it is about watching the horses.
Horse Racing in the Caribbean
In the Caribbean, race goers trade in their bourbon for rum.
From the Caribbean Derby in Puerto Rico to the Sandy Lane Gold Cup in Barbados, horse racing has a long and rich tradition in the region.
In Jamaica, Caymanas Park is the sport’s cathedral.
Historically a sugarcane estate, it is Jamaica's only race track.
And this weekend, Caymanas Park is ready to make a splash.
Saturday’s Mouttet Mile is the biggest and richest horse race in the history of the English-speaking Caribbean, boasting a staggering purse of $250,000.
The event has garnered significant international attention, particularly from one of North America’s leading racing organizations, the New York Racing Association (NYRA).
After a successful broadcast of the 2023 event, NYRA has teamed up with local promoter Supreme Ventures Racing and Entertainment Limited (SVREL) to establish FOX Sports as the television home for the 2024 Mouttet Mile Invitational.
The partnership will also spotlight Jamaica’s natural beauty and historical sites, offering viewers a comprehensive experience that celebrates both the sport and the vibrant culture of the island.
And just like the Kentucky Derby, the experience will be about more than the horses and the jockeys – it will be about the atmosphere.
I was excited to see ‘Wild West Wear’ as this year’s theme, guaranteeing that the spectacle will transcend Caymanas Park and leave a lasting impression on viewers both locally and internationally
Final Thoughts
Horse racing is a social event that brings people together from all walks of life.
It is woven into the fabric of Jamaican culture, and the expanded coverage of the Mouttet Mile promises to be an inflection point in the growth of the sport on the island.
The event should be viewed as an opportunity to lure visitors to the country and drive economic impact.
While the average horse racing fan is typically older than fans of football or basketball, events like the Mouttet Mile offer a fresh perspective, inviting a wider (and younger) audience to join in on the cultural celebration.
Until next time ✌🏾
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