June Wagering Experiences Decline, But Fewer Race Days a Key Factor

National wagering totals for June 2025 showed a noticeable decline compared to last year, but the drop is closely tied to a reduction in race days and total races offered.

According to data published by Equibase and reported by multiple outlets, total U.S. Thoroughbred wagering in June reached $956.8 million — down 7.18% from $1.03 billion in June 2024. At first glance, that seems like a sharp contraction, but deeper analysis shows the decline tracks closely with the number of races held.

In June 2025, U.S. tracks conducted 380 race days compared to 408 the previous year, a 6.86% decline. The number of individual races run dropped from 3,207 to 2,964, a 7.58% reduction year over year.

Handle Per Race Day Remains Stable

Despite the drop in overall volume, daily handle remained relatively flat. The average daily handle was $2.52 million in June 2025 compared to $2.53 million a year earlier, a decrease of just 0.34%. This suggests that horseplayers are still showing up, even if there are fewer races on the calendar.

Field Sizes and Purses Also Dip

Field size slipped slightly to 7.06 starters per race, down from 7.18 (a 1.67% drop). Total purses awarded in June dropped 5.9%, mirroring the overall contraction in race supply. While these numbers are not alarming, they do indicate ongoing strain on the racing schedule and foal crop supply.

Context: Year-to-Date Handle

Through the first half of 2025, wagering handle stands at approximately $5.79 billion, down 2.77% from $5.95 billion at the same point in 2024. However, race days and total races are also down between 4 and 5%, suggesting that average handle per race is holding up or even slightly improving.

The Bigger Picture

The June numbers do not indicate an industry in freefall, but rather a tighter, leaner calendar with fewer races. For horseplayers, the quality of betting opportunities remains relatively steady, even if there are fewer of them. For the industry, the challenge will be balancing race quantity with sustainable field sizes and maintaining betting interest across fewer days.

It will be interesting to see how the rest of the summer shakes out, with the high-profile meets at Del Mar and Saratoga right around the corner. These circuits traditionally drive major handle increases and renew momentum in the sport.