US wagering handle down almost 8% in November * The Racing Biz

US wagering handle down almost 8% in November

The Biz
December 7, 2025

Wagering on U.S. Thoroughbred racing declined in November compared with the same month last year, as reduced racing opportunities weighed on overall betting activity. Total wagering on U.S. races was $848.1 million in November 2025, a decrease of 7.93% from the $921.1 million wagered in November 2024.

One issue that affected handle – positively in October but negatively this month – is that the Breeders’ Cup this year took place Oct. 31 and Nov. 1, spreading its wagering across two different months. Last year it was held Nov. 1-2.

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Purse levels followed a similar trend. Available purses fell 7.76% to $118.1 million, while purses paid declined 7.49% to $111.9 million. The number of race days dropped nearly 10%, from 275 to 248, while total races declined 8.33% to 2,123 and starts decreased 7.88% to 16,574.

Despite the lower totals, per-day performance showed modest improvement. Average wagering per race day increased 2.10% to $3.42 million, while average available purses per race day rose 2.28% to $476,030. Average field size also edged up slightly from 7.77 to 7.81.

Through the first 11 months of 2025, wagering on U.S. races totaled $10.396 billion, down 1.78% from $10.584 billion during the same period in 2024. Available purses for the year to date stand at $1.209 billion, a 2.06% decline, while purses paid are down 2.18% to $1.153 billion. Overall racing activity has remained lower year over year, with race days down 4.96% to 3,389, races down 4.52% to 27,664, and starts down 4.13% to 205,852. Even so, efficiency continues to improve, as average wagering per race day has risen 3.35% to $3.07 million and average available purses per race day are up 3.05% to $356,757. Average field size has also inched upward to 7.44, helping to stabilize wagering performance despite the reduced racing inventory.