February wagering handle continues to lag
Trailed 2025 for second consecutive month
The Biz
March 5, 2026
U.S. Thoroughbred racing continued to search for traction early in 2026, with wagering handle in February down 1.86% compared with February 2025, even as purses and race days increased.
Total wagering on U.S. races in February reached $756.8 million, compared with $771.1 million a year ago. The decline came despite a 5.02% increase in race days (230 vs. 219) and a 4.76% rise in races (2,001 vs. 1,910). Starts were up 2.23% to 15,577, though average field size slipped 2.42% to 7.78 runners per race.
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Some of the February growth in the number of race days and races likely stemmed from tracks attempting to make up for January’s weather-related cancellations.
Average wagering per race day fell 6.55% to $3.29 million, down from $3.52 million in February 2025. In contrast to handle, purses moved sharply higher. Available purses jumped 8.03% to $83.95 million, and purses paid rose 8.57% to $79.56 million. Average available purses per race day increased 2.86% to $365,008, indicating that more money was distributed across a broader schedule even as betting volume softened.
For the year to date, the picture remains challenging. Through the first two months of 2026, wagering totaled $1.51 billion, down 4.01% from $1.57 billion at the same point in 2025. Available purses declined 2.86% to $157.1 million, while purses paid were down 3.01% to $148.2 million.
Racing volume has also contracted compared with last year’s pace. Race days are down 3.76% (435 vs. 452), races have dipped 4.61% (3,725 vs. 3,905), and starts have fallen 7.12% to 29,232. Average field size has decreased from 8.06 to 7.85, a 2.63% drop that likely contributes to the softer wagering totals.
On a per-day basis, however, handle has been relatively steady. Average wagering per race day is off just 0.26%, at $3.47 million compared with $3.48 million a year ago. Average available purses per race day have edged up 0.94% to $361,101.
Handle in 2025 was about $11.03 billion for the year, which in current dollars was the lowest since the pandemic year of 2020, when in a much more limited calendar, total wagering was $10.93 billion.
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