Wagering on U.S. Thoroughbred races climbed modestly in May 2025, with more than $1.44 billion bet over the course of the month, according to figures released by Equibase. That total marks a 2.97% increase over May 2024, when bettors wagered $1.40 billion.

Record-setting Kentucky Derby day handle, coupled with a strong Preakness weekend, helped monthly year-over-year handle rise for the first time since January.

Despite the month’s positive results, year-to-date wagering figures remain behind last year’s pace. Through the end of May, total handle in 2025 stands at just under $4.83 billion, down 1.85% from $4.92 billion during the same period in 2024.

The May increase came alongside small shifts in other metrics. There were 2,933 races held over 365 race days this May, compared to 2,958 races across 359 days last year—a slight drop in races (0.85%) but a 1.67% increase in race days. Average wagering per race day rose 1.28% to $3.96 million. However, average field size ticked down marginally from 7.10 to 7.09.

Purses showed minor declines. Available purses in May totaled $122.73 million (down 1.56%), with $118.14 million paid out to horsemen, a 1.45% year-over-year drop. Average available purses per race day fell 3.18% to $336,247.

Year-to-date numbers reflect a more widespread decline in activity. U.S. race days are down 3.62% (1,332 compared to 1,382), with 11,211 races run so far in 2025, a 3.46% decline. Total starts have dropped 1.36% to 85,993, though average field size has improved slightly from 7.51 to 7.67—an increase of 2.18%.

Average wagering per race day year-to-date stands at $3,625,900, up 1.83%, and average available purses per race day have risen slightly to $356,472, a 1.16% increase. However, wagering per interest (a metric that adjusts handle for number of starters) dipped by 0.50%.

With the Triple Crown season in full swing and major summer meets on the horizon, industry stakeholders will be closely monitoring whether May’s wagering uptick signals a shift in momentum—or a temporary reprieve in a year of overall contraction.