Total betting on U.S. races declined 3.35 percent in 2024, according to figures distributed by Equibase on Friday, the third year in a row in which Thoroughbred handle has dropped compared to the year prior. The decline in betting occurred at a higher rate than a drop in the number of races held during the year, leading to a drop in handle per race for the first time during the recent contraction in betting handle, signaling a decrease in demand per unit of supply. For the year, average wagering per race was $361,137, down 1.64 percent from the average handle per race in 2023 of $367,155. The 2024 average per race was roughly equal with the average per race in 2022. Although total handle declined each year beginning in 2022, the average per race had gone up in 2022 and 2023 due to the drop in races held. Racing days and total races have been declining for two decades as racing continues to struggle to maintain its share of an expanding gambling market. Over the past five years, dozens of states have legalized sports betting, and, in a replay of the declines facing the industry when casino gambling became widespread two decades ago, the new competition has begun to eat into racing’s market share. :: Bet the races with a $200 First Deposit Match + FREE All Access PPs! Join DRF. For the year, total handle was $11.266 billion, down nearly $400 million from the $11.656 million bet in 2023. The total number of races dropped 2.8 percent, from 31,746 in 2023 to 30,852 in 2024. Total purses distributed during 2024 was up 0.23 percent, to $1.25 billion, while the average purse per race gained 3.1 percent to $40,593, a record for the U.S. racing industry. Purses at U.S. tracks are heavily subsidized by casino revenues. The average field size ticked up slightly in 2024, from 7.43 horses per race in 2023 to 7.45 horses, according to the figures. Tracks in the U.S. typically try to maintain a field size of at least eight horses per race, but that figure has been hard to achieve in the face of persistent drops in the foal crops and a worldwide tendency to give horses longer rests between starts. The last time that field size topped eight horses per race was 2011. Wagering on U.S. races in December was down 14.4 percent, according to Equibase, but December this year had nine weekend dates, compared to 10 weekend dates last year. The December figure this year is also being compared to a highly unusual spike in betting during December of last year, when betting was up 6.6 percent despite an 8.9 percent decline in races held. The number of races held in December dropped steeply, by 6.4 percent, in part due to the loss of Golden Gate Fields in Northern California. Field size, however, was 8.01 horses per race in December of this year, though that figure was a drop from the 8.14 average in December of last year. :: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.