The Economics Of Polo, The Sport Of Kings – Forbes

Yesterday marked the running of the Preakness Stakes, the second leg of the Triple Crown.  While all eyes in the horse racing world will now shift to the Belmont Stakes and undoubtedly focus on American Pharoah as the horse attempts to win the final leg of horse racing’s biggest prize, a less heralded series of horse-related events recently wrapped up its early 2015 schedule.  The sport is polo, and it is commonly referred to as the “Sport of Kings.”  While not readily recognized as a major sport, the economics surrounding polo are quite fascinating.

According to the International Polo Club (IPC), a premier polo club in Palm Beach, Florida, box office revenue for polo events has increased by 185% in the past three Winter seasons .  In 2013, Sunday box office revenue increased 13.5% over 2012 and the IPC says it earned more than $3.5 million worth of editorial coverage.  In 2014, the box office had a 133% year-over-year increase in revenue for the 16-week polo.  It estimated earned editorial coverage worth over $6.5 in that year.

Additionally, IPC has attracted 106 new members within the last 36 months.

A view of Sunday Brunch at the IPC. Photo credit: LILAPHOTO.

“At the end of the 2012 polo season, we took a hard look at our role and the inherent responsibility of the club to not only grow the sport, but to ignite fresh, new enthusiasm for our Sunday tournament matches,” said John Wash, president of club operations at IPC.  ”We strategically set about developing a shift in our marketing that included reaching out to the entire community of South Florida, and engaging them in the excitement of the sport.”

The key for Wash was to make Sunday polo the “place to be” in South Florida.  In 2014, Sunday’s brunch and polo experience started to sell out every weekend and general admission law seats as well as grandstand seating were tougher to purchase.

I recently spent Easter Sunday at the 200+ acres of IPC’s grounds in Palm Beach and was overwhelmed by the sheer number of individuals in attendance as well as the atmosphere that it provided for people to network for social and business purposes.  While more traditional professional sports struggle with the technological enhancements of entertainment offerings, leading many people to stay home as opposed to attending events in person, polo does not have the same problem.  A dearth of media coverage certainly adds to the attractiveness of attending polo matches.

In only 12 years of existence, the IPC has grown into a world-leading polo facility.  That is quite impressive considering that various reports indicate that the sport is currently played in over 77 countries.  The numbers reported by IPC also provide promise for the sport’s longevity and leads to the possibility for growth of the sport despite it being rather stagnant over the recent past.