Business-wise, U.S. Thoroughbred racing had another middling year in 2025, with total handle falling slightly compared to the year earlier, combined with a continued erosion in the number of races held.
In total, commingled handle on U.S. Thoroughbred races in 2025 was $11.03 billion, down approximately $235 million from 2024, a decline of 2.1 percent, according to figures distributed by Equibase on Monday. Though the declines have been slight, it was the fourth straight year of declining handle.
The number of races held at U.S. tracks during 2025 declined at a rate over twice the drop in handle, at 4.7 percent, down from 30,852 in 2024 to 29,401 last year. Because the number of races declined at a higher rate than handle, average betting per race jumped 2.7 percent to $375,111.
The total amount of purses distributed in U.S. races declined 2.5 percent, despite continued growth in Arkansas and Kentucky made possible by burgeoning subsidies tied to casinos owned by tracks in the states. While racing is heavily subsidized at U.S. tracks by casinos, growth at casinos has begun to stall throughout the country as the market matures and more players gravitate toward sports gambling.
Still, due to the decline in races, the average purse at U.S. tracks in 2025 was $41,517, a 2.3 percent increase and a record.
The average field size in 2025 was statistically even with 2024 at 7.47 horses per race, compared to 7.45 horses per race the year prior. The foal crop in the U.S. has been in a protracted freefall for more than a decade, but a surge in bloodstock prices in the second half of 2025 has engendered belief that the drop may have bottomed out.
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