Abstarct: This study aimed to examine the effect of positive emotions on spectators’ satisfaction at horse racing events, considering the moderating role of perceived value. The research is descxriptive-correlational in nature, applied in purpose, and cross-sectional in terms of data collection, and it falls within the category of quantitative studies. The statistical population consisted of all spectators حاضر at horse racing events in Aq-Qala city during the year 1404 (2025–2026). Due to the unknown size of the population, the sample size was determined to be 166 participants using G*Power software, and samples were selected through convenience sampling. Data were collected using three standard questionnaires: Positive Emotions (Montijo et al., 2017), Satisfaction (Brown et al., 2016), and Perceived Value (Byon et al., 2013). The content validity of the instruments was confirmed by a panel of experts in sport management. Reliability was assessed through a pilot study (30 questionnaires), and Cronbach’s alpha coefficients calculated via SPSS version 22 indicated acceptable reliability for all variables. To test the research hypotheses, structural equation modeling (SEM) was employed using SPSS version 25 and SmartPLS 4 software. The findings revealed that positive emotions experienced by spectators have a significant and positive effect on their satisfaction with the events. However, perceived value did not have a moderating effect on the relationship between positive emotions and satisfaction. In conclusion, in horse racing events as traditional and excitement-driven contexts, emotional and affective components play a more prominent and direct role in shaping spectators’ satisfaction.