Second Quarter Betting Drops Amid Less Racing

Marked by a soft month of wagering in June, betting on Thoroughbred racing in the United States continued to slide through the second quarter of 2025, dipping 2.38% to $3,281,212,052, according to Equibase figures. Betting totaled $956,784,146 in June, a reduction of 7.18%.

Due to annual calendar shifts, there were four Saturdays last month, compared to five the previous June. Wagering is highest on weekends, particularly Saturdays, when tracks typically stage their top stakes races. Additionally, some major race days, notably the Belmont Stakes day program, were impacted by wet weather this June.

Field size fell 1.67% to 7.06 starters in June across the country. It was essentially flat over the full second quarter with an average of 7.24 starters per race. Larger fields with competitive racing lead to increased betting.

Amid declining foal crops and track closures, a decrease in the number of races and race dates contributed to the overall decline in handle during the second quarter. There were 8,004 races over 997 race dates in the second quarter of 2025, respectively down 4.83% and 3.76%. 

Total purses were also down during this period due to the decrease in the number of races. Purses were up marginally per race day, averaging $330,065. Gaming bolsters purses in many racing jurisdictions in North America. 

Handle was up 1.43% per race day during the second quarter to average $3,291,085 per card, partially a reflection of fewer horse racing wagering options in the marketplace. That figure is up 1.66% year to date. On the whole, tracks still operating and running the same number of cards did had slightly more wagering than in 2024.

Indicative of this trend, Santa Anita Park grew its handle this year after the discontinuation of racing in Northern California.

The overall second-quarter figures were not as negative as those from the first quarter of 2025, when betting declined by 3.28%. Year-to-date betting is down 2.77% to $5,786,483,810.

Competition from sports wagering and growing horseplayer discontent over access granted to computer-assisted wagering groups in pari-mutuel pools have contributed to some bettors saying they have scaled back their betting on horse racing.