The first quarter of 2025 was a mixed bag for the U.S. thoroughbred racing industry, with several key performance indicators showing declines while others pointed to improved efficiency.

Total wagering on U.S. races for the quarter declined by 3.28% compared to the same period in 2024, dropping from $2.59 billion to $2.51 billion. Available purse money also decreased by 2.63%, falling to $260.4 million, while paid purses were down 3.22% to $246.1 million. These declines coincided with a 5.17% drop in race days, from 754 to 715, and a 3.73% reduction in the total number of races, which fell to 6,171.

Handle for March alone was down 4.2% to $931.2 million.

Despite fewer races, the number of starts remained relatively stable, with only a 0.62% decline from 49,256 to 48,952. As a result, average field size actually increased from 7.68 to 7.93, a 3.23% gain that suggests more competitive and fuller race cards.

Some positive momentum came from improvements in per-day performance. Average wagering per race day rose 2.00% to $3.50 million, while average available purses per race day increased 2.68% to $364,128. These gains indicate a more efficient allocation of resources and stronger individual race day performance, even amid a broader contraction.

The current figures reflect a longer-term trend of shrinking wagering interest in U.S. racing. Since 2003, total wagering handle has declined from nearly $15.2 billion to less than $11.3 billion in 2024. While the industry continues to adapt, the persistent drop in overall handle underscores the ongoing need for innovation and renewed engagement with fans and bettors alike.