In Japan, horse racing remains a popular pastime, attracting approximately 15.5 million fans to around 21,000 races held at 25 tracks each year. However, the industry has faced significant challenges, including economic downturns and increased competition from other entertainment options.

The financial impact has been substantial, with revenues plummeting from 45.5 trillion yen ($422 billion) in 1993 to 34.5 trillion yen within a decade. This decline reflects a drop in participation from 27 million to 15.5 million, highlighting the shifting landscape of leisure activities in Japan.

Overall, while horse racing continues to have a dedicated following, its prominence has diminished significantly due to external economic pressures and changing consumer preferences.