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Horse Racing: A Controversial Sport

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Horse Racing, a controversial sport, yet admired and watched by many globally. It is a sport heavily involved in the culture of betting, in many parts of the world, including Britain. In the UK, crowds flock to go watch and bet on popular horse races, for example, The Epson Derby, The Cheltenham Gold Cup and The Grand National. Much of this sport is funded by those who bet, who have the option to place money on horses offsite as well. This money is used to show more races, therefore providing more jobs. In my essay, I’ll be discussing the economics of horse racing, in both Britain and the wider world, and how it’s beneficial, using different recourses. I’ll look at the differences between the economics of horse racing within Britain and parts …show more content…

This popularity will increase the number of jobs and increase revenue made by sponsorships and pundits betting. The horse racing industry contributes to 42.7 million Canadian dollars to provincial tax revenues and manages to support more than 47000 full time jobs in 2010. The total annual economic impact is 5.7 billion dollars, which 77% comes from the Ontario racing industry. Ontario (a Canadian Province) is considered one of the more popular places to race, due to the fact that out of 27310 races run in Canada, 18588 were run in Ontario in 2010. This generated 1.04 billion dollars wagered on horses in Ontario, out of the 1.45 billion dollars wagered in Canada. However, the average cost to train a horse is 6,776 dollars, and to keep a horse in the racing sector cost 12,930 dollars. Labour expenditure seems to be the largest cost of the horse racing sector. With labour representing 2.6 billion dollars of the 3.1 billion dollars of the on-farm and off-farm expenditures in 2010. The 5.7 billion dollars’ expenditure from horse racing goes towards the production and care of horses. The economic benefits flow through several economic sectors, for example, agriculture, tourism and

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