The wagering handle on U.S. Thoroughbred racing experienced a modest decline in July 2025 compared to the same month last year, continuing a downward trend that has defined much of the year. According to Equibase figures, total wagering for July reached $951.5 million, down 1.22% from $963.2 million in July 2024.

The year-to-date picture shows a slightly steeper decline, with $6.74 billion wagered through the end of July 2025, a 2.56% decrease from the $6.91 billion recorded over the same period in 2024.

Handle has been down in five of seven months to date in 2025, with January and May the only exceptions.

The softening handle came alongside reductions in nearly every key racing metric. The number of race days in July dropped from 383 in 2024 to 370 in 2025 (a 3.39% decrease), and total races declined by 4.57%. The number of starts saw an even more pronounced drop at 6.35%, falling from 21,651 to 20,276. Average field size dipped slightly, from 7.12 to 6.98, a 1.87% decline.

Average wagering per race day rose 2.25% in July 2025, to $2.57 million.

Purse levels also fell during the month, with available purses down nearly 5%, from $110.1 million to $104.6 million, and purses paid dipping 4.76% to just under $101 million.

The trends seen in July mirror those seen over the course of 2025 to date. Through the end of July, U.S. race days are down 4.2%, while the total number of races has declined by 4.4%. However, in a positive note for horsemen and fans alike, average field size has risen slightly, from 7.38 to 7.45, a 0.89% increase.

Year-to-date purse figures have softened in parallel with the schedule reductions. Available purses are down 3.44%, and purses paid have declined 3.65%. Still, average available purse money per race day is up slightly to $333,367, a reflection of fewer race days rather than increased total funding.

YEAR-TO-DATE ECONOMIC INDICATORS