In my opinion, this has to do with the lack of popularity and even the lack of competition that horse racing has in each country. We have to ask ourselves how many countries in the world do horse racing exist in? Not all countries in the world have horse racing, for example in Africa according to Wikipedia
https://en.wikipedia.org/wiki/List_of_horse_racing_venuesThere is only 1 place in Kenya that hosts horse races and I highly doubt that the majority of Kenyan bettors know or are interested in going to watch this type of race so they can have more experience on how to better analyze a horse for them when placing bets. know how to choose better; It is also available in Morocco (it is only available in 4 places in Morocco and I also highly doubt that bettors in Morocco will be interested in going to watch the horse races in Morocco); There is also in Niger (a country that recently suffered a coup d'état and I also very much doubt that many people from that country watch the horse race, probably in that country only a small group of rich people watched it and I very much doubt that the event is constant).
there are in South Africa (only 10 places that hold horse races and knowing Africa and those damn South Africans, I can imagine that only the rich watch horse races); There is in Zimbabwe (only 1 place and I doubt that the poor people go to watch this race and I also highly doubt that it is an event in which they do a lot every year). see that Africa has more than 50 countries, but only less than 10 African countries hold this type of race and even in the few African countries that hold this type of race, they don't do it in many places in those same countries and I highly doubt they hold many events annually
Now when we look at the basic criteria for a person to start placing bets:
1-) the person needs to have good knowledge about the thing they are going to bet on, if it is soccer they need to know how to play soccer and the rules of the game
2-) the person needs to choose something that he likes and that can get a lot of information quickly and easily
3-) the person needs to know the markets for this thing well
example: in my case, my country doesn't have horse racing, I've never seen a horse race live, I don't know about the rules of horse racing and how to choose a good horse, even if I could watch videos about horse racing on the Internet. I wouldn't do well myself betting on horse races, that's why I don't bet on horse races, and I believe that many people on the forum are also in the same situation or think like me.