U.S. Thoroughbred racing wagers hit lowest mark since 2020 with declining participation

The U.S. Thoroughbred racing industry closed 2024 with its lowest wagering totals since the pandemic-stricken year of 2020, according to Equibase LLC, the industry’s official database.

December capped the year with a 14.44% decline in handle compared to the same month in 2023, marking the sharpest monthly drop of 2024. This follows earlier double-digit percentage declines in January, April, and September.

December’s handle reached $682,069,945, down by $115 million from $797,201,156 in December 2023. The declines extended beyond betting figures, with decreases reported in race days (-4.33%), races (-6.38%), and starts (-8.38%). Average field size also fell by 2.13%, from 8.18 to 8.01 starters per race.  

Total wagers on U.S. Thoroughbred racing for 2024 amounted to $11.27 billion, down 3.35% from $11.66 billion in 2023. This marks the third consecutive year of declines. Race days, races, and starts each saw reductions of approximately 2-3% over the year. 

The decline in starts reflects broader challenges within the industry, including a foal crop that has shrunk significantly since 2008. The estimated 2024 foal crop of 18,000 is the smallest since 1965, when 18,846 Thoroughbred foals were born.

Breeders began leaving the industry during the 2008 financial crisis, and the resulting reduced supply of race-ready horses has had long-term repercussions.

When the 1965 foal crop matured, North America hosted 52,315 races in 1967. By contrast, in 2024, only 33,500 races were held in the U.S. and Canada combined. This reduction is partly due to fewer average starts per horse, which have declined from 10.22 annually in the 1960s to 5.87 in recent years.

For context, U.S. pari-mutuel wagering peaked in 2003 at $15.1 billion, or $25.7 billion in 2024 dollars. Adjusted for inflation, the 2024 wagering total represents a 56% decline from that high.

Despite the downturn in wagering, year-end purse totals saw a slight increase of 0.49%, setting records for both available purses ($1.31 billion) and purses paid ($1.25 billion).

Available purses per race day rose by 2.93%. However, Equibase does not break down the share of purses funded by pari-mutuel wagering versus other sources, such as casinos, slot machines, card rooms, or historical horse racing.