Wagering on U.S. Thoroughbred races declined in September 2025 compared with the same month a year earlier, though average per-day figures showed improvement despite fewer racing opportunities. Handle has been down versus the prior year in six of nine months thus far in 2025.

According to data released Oct. 6 by Equibase, total wagering for the month of September reached $737.3 million, down 5.9% from the $783.8 million recorded in September 2024. The decline came as the number of race days fell 9.2% year over year, from 390 to 354. The total number of races also dropped 7.0%, and overall starts declined nearly 8%, contributing to a slight dip in average field size from 7.25 to 7.19 starters per race.

Despite the declines in total volume, wagering per race day rose 3.6%, averaging $2.08 million. Similarly, average available purses per race day increased 2.5% to $363,124, reflecting ongoing support for overnight programs even as total purses contracted. Total available purses fell 7.0% to $128.5 million, while purses paid out dropped 5.9% to $123.3 million.

Year-to-date figures show a similar pattern: overall totals slightly behind 2024’s pace but per-day averages trending higher. Through the end of September, $8.68 billion was wagered on U.S. races, down 2.1% from $8.87 billion a year ago. Race days declined 4.8%, and total races were off 4.3%, but average wagering per race day climbed 2.8% to just over $3.05 million.

Total available purses through the first nine months of the year stood at $975.5 million, a 2.4% decrease from the same period last year. Purses paid out fell 2.6% to $931.5 million.

Average field size for 2025 continues to hold steady at 7.38 starters per race, slightly higher than the 7.34 average through the same period in 2024, suggesting that despite a smaller overall racing calendar, participation per race remains stable.