1.Research Question Small and medium sized horse riding events are numerous in France. They attract a huge number of spectators nevertheless very few studies have been made upon the social impact of such events: Image of the hosting territories, happiness of population and spectators, identity of territories... To appreciate the real value of these small and medium sized events, we will measure all the externalities previously mentioned. We will show that these events are much more important than their single economic impact suggests. 2.Theoretical background Many specificities characterize the equestrian events. Several categories of equestrian events can be distinguished: horse race, sporting tournaments, exhibitions, horse fairs… Each of these categories attracts a special type of public and has different impact upon their happiness. So, we choose a territorial entry to measure the effect of equestrian events upon the welfare of inhabitants and spectators. For that, we use the analytical tools belonging to the theory of happiness. 3.Methodology, research design and data analysis Data were collected for the events taking place in two equestrian venues, the national stud of Rosière aux Salines in the east part of France, and the national stud of Cluny, close from the Mediterranean sea. Two categories of people were interviewed. First, the willingness to pay of inhabitants located in the area surrounding the equestrian venue was estimated so that the non-use value of horse riding events could be calculated. Secondly, from a questionnaire administered to spectators coming to see the event, the consumer surplus was estimated. It is a measure of the use value of the events. In total, around 800 questionnaires had been analysed. 4.Results, discussion and implications Based on the contingent valuation method, econometric calculation to measure the non-use value of the events, are under analyze. On the other side, the consumer surplus is estimated through the travel cost method. On a qualitative point of view, we use answers to open questions from the many interviews made along the spectators and the inhabitants. All this provide new insight on social utility on non-mega-events.