Wagering on U.S. thoroughbred racing is trailing behind 2024 levels through the first four months of 2025, according to Equibase’s latest Thoroughbred Racing Economic Indicators.

The announcement came just a day after Churchill Downs announced a record all-sources handle of $349 million on the 2025 Kentucky Derby day card—an event that continues to defy broader wagering trends with its growing popularity.

In April alone, total wagering on U.S. races fell 5.16% compared to April 2024, dropping from $926.6 million to $878.8 million. This decline was accompanied by reductions in nearly every major racing metric. The number of race days fell by over 6%, from 269 to 252, while the total number of races and starts declined by 6.15% and 4.00%, respectively. Purses also saw a dip: available purses were down 3.38%, and paid purses decreased by 3.48%.

Still, some figures suggest increased engagement with individual race days. Average wagering per race day ticked up 1.24%, and wagering per race increased by just over 1%, indicating that while there are fewer races, the remaining events are attracting slightly more betting action. Average field size—often considered a key driver of wagering interest—grew by 2.29%, from 7.54 starters per race in April 2024 to 7.71 in April 2025. Average available purses per race day also rose 3.14%, showing that while the overall pie has shrunk, each slice has become a bit larger.

Year-to-date trends mirror those seen in April. Through the end of April 2025, total wagering is down 3.77% from the same period in 2024, totaling just over $3.38 billion. Race days have decreased by 5.47%, and the number of races is down 4.36%. Total available and paid purses have declined by 2.82% and 3.29%, respectively. However, as with the monthly snapshot, some metrics are trending positively. Average wagering per race day is up 1.80%, and field size has improved by 3%, climbing from 7.65 to 7.88 starters per race.

Notably, Churchill Downs’ record-breaking Kentucky Derby handle highlights that marquee events continue to thrive even amid broader industry headwinds.

APRIL WAGERING