It possible that it is a latex allergy if sports equipment gives you rashes?

Possible. It is possible that the rash is either an irritant (more common) or an allergic contact dermatitis from using the sports equipment. The most common allergens found in equipment include rubber, metals and adhesives. A good history and evaluation of the equipment along with possible patch testing can help identify the cause. See a dermatologist who specializes in contact dermatitis and patch testing.
Maybe. Theres a possibility if the equipment has pads in it containing latex, but more commonly athletes break out from friction of the equipment and pads moving against their skin. Be sure it is fitted appropriately to minimize shifting and try some light cotton breathable undergarments so the pads don't contact the skin directly.