March US wagering handle down sharply
12% drop marks five straight down months
The Biz
April 6, 2026
Worldwide commingled wagering on U.S. Thoroughbred races plummeted by more than 12% in March versus the prior year, marking the fifth consecutive down month.
Total handle in March fell to $816.2 million, a 12.35% decline from the $931.2 million wagered in March 2025. Unlike earlier winter months in which weather-related cancellations played a major role, March’s downturn came despite a nearly identical racing calendar.
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Race days (262 vs. 263) and total races (2,247 vs. 2,266) were essentially flat year over year, suggesting that the decline in wagering was driven less by opportunity and more by reduced betting volume per event.
That dynamic is underscored by a sharp 12.01% drop in average wagering per race day, which fell to $3.12 million. In addition, field size declined significantly, with average starters per race dropping about 7%, a factor that typically correlates with lower betting interest. Total starts were down 7.78%, continuing a trend seen throughout the early months of the year.
In contrast to the wagering slump, purses held steady. Available purses in March rose slightly by 0.35% to $99.0 million, while purses paid increased 0.87% to $94.1 million. On a per-day basis, available purses ticked up 0.73%, indicating that purse levels have remained resilient even as wagering softens. In large measure that is a result of purses being increasingly driven by alternative revenue streams, such as slot machines or historical horse racing machines.
The year-to-date figures paint a similar picture of contraction, though less severe than the March snapshot alone. Through the first quarter of 2026, total wagering stands at $2.33 billion, down 7.11% from the same period in 2025. Race days (-2.52%) and races (-3.22%) are modestly lower, but the sharper declines in starts (-7.35%) and field size (-4.27%) point to ongoing pressure on the horse population.
Average wagering per race day for the year is down 4.71% to $3.34 million, reinforcing the notion that betting demand has softened even when racing is conducted. Still, purses have again proven comparatively stable, with available purses down just 1.64% overall and actually up 0.90% on a per-day basis.
Taken together, the data suggest that while the supply side of racing — race days and purses — has held relatively firm, the demand side, reflected in wagering, has weakened considerably. With five consecutive months of declining handle and notable erosion in field size, the industry faces mounting challenges in maintaining betting engagement heading deeper into 2026.
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