US wagering handle down in May
Down 4% as Derby, Preakness both lag last year
The Biz
June 5, 2026
Total wagering on U.S. races during May declined 4.01% to $1.388 billion from $1.445 billion in May 2025. The drop came amid a 5.48% reduction in race days, a 5.25% decline in races conducted, and a 7.44% decrease in total starts.
The decline came as two of the sport’s signature events, the Kentucky Derby and Preakness, both saw modest drops in wagering. Preakness day at Laurel Park handled $108.7 million, down from nearly $112 million a year ago, while wagering on Kentucky Derby day fell from $349 million to $340 million.
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While overall betting volume fell, wagering efficiency improved. Average wagering per race day rose 1.56% to $4.02 million, compared with $3.96 million during the same month a year ago.
Purse levels continued to hold steady. Available purses totaled $122.9 million in May, a slight increase of 0.12%, while purses paid rose 0.09% to $118.3 million. More notably, average available purses per race day climbed 5.92% to $356,322, reflecting the impact of fewer racing programs sharing a similar overall purse pool.
The industry’s shrinking horse population remained evident in the participation figures. Starts declined by more than 1,500 compared with May 2025, a 7.44% drop, and average field size slipped from 7.09 to 6.92 runners per race, a decrease of 2.31%. Smaller fields generally create challenges for wagering growth, as bettors often prefer races with more betting options.
The year-to-date numbers through May paint a similar picture. Total wagering on U.S. races stands at $4.613 billion, down 4.48% from the first five months of 2025. Race days have fallen 2.33%, races are down 2.59%, and starts have declined 6.47%.
At the same time, purse levels have remained remarkably stable. Available purses are up 0.86% to $479.0 million, while paid purses have increased 0.95% to $456.2 million. Average available purses per race day have risen 3.26% to $368,145.
One area of concern continues to be field size. The average field through the first five months of 2026 stands at 7.36 horses, down from 7.67 during the same period last year, a decline of nearly 4%. Industry observers have long viewed field size as one of the most important drivers of wagering growth, making the continued erosion a noteworthy trend.
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