Wagering handle off sharply in December, down for year
The Biz
January 6, 2026
US racing labored to the 2025 finish line, with wagering handle in December more than 7% below December 2024. It marked the second consecutive month that handle had declined by more than 7% and capped off the fourth consecutive year of declining handle.
Since reaching a high of nearly $15.2 billion in wagering in 2003, betting on US Thoroughbred races has fallen by nearly 60% adjusted for inflation.
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Total wagering on U.S. Thoroughbred races for the month of December fell 7.32% year over year to $631.98 million, mirroring declines across most core indicators. Available purses dropped 7.82% to $71.6 million, while purses paid declined 8.05% to $67.8 million.
The contraction was driven in large part by a lighter racing calendar: race days were down 9.05%, the number of races declined 7.46%, and total starts fell 7.52%. Average field size was essentially unchanged, slipping by less than one-tenth of one percent to an even eight runners per race.
Despite the overall downturn, several efficiency metrics improved in December. Average wagering per race day increased 1.91% to $3.14 million, and wagering per race edged up 0.15% to $363,833. Wagering per starter also ticked higher, rising 0.23% to $45,466. Average available purses per race day climbed 1.35% to $356,244.
For the full year, wagering on U.S. races totaled $11.03 billion in 2025, a decline of 2.10% from $11.27 billion in 2024. Both available purses ($1.28 billion) and purses paid ($1.22 billion) fell by roughly 2.5%, continuing a trend of modest but persistent erosion. Racing volume was again a major factor: race days were down 5.20%, races declined 4.70%, and starts fell 4.35% year over year.
As with December, the full-year data show gains in per-day and per-race productivity. Average wagering per race day rose 3.27% to just over $3.07 million, and average available purses per race day increased 2.95% to $356,728. Average field size nudged upward to 7.47 from 7.45, and wagering efficiency improved, with per-horse wagering for the year climbing roughly 2.35% to just over $50,000.
In all, the numbers appear to portray an industry struggling for purchase in an increasingly crowded, competitive gambling marketplace.
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