US betting fell almost 8% in November * The Racing Biz

US betting fell almost 8% in November

• The Biz
• December 7, 2025

Betting on American Thoroughbred racing fell in November compared to the same month last year, as reduced racing opportunities weighed on overall betting activity. Total wagering on US races was $848.1 million in November 2025, down 7.93% from the $921.1 million wagered in November 2024.

One issue that affected the handling – positive in October but negative this month – is that this year’s Breeders’ Cup took place on October 31 and November 1, with the stakes spread over two different months. Last year it was held from November 1 to 2.

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Wallet levels followed a similar trend. Available wallets fell 7.76% to $118.1 million, while paid wallets fell 7.49% to $111.9 million. The number of racing days fell by almost 10%, from 275 to 248, while the total number of races fell by 8.33% to 2,123 and the number of starts fell by 7.88% to 16,574.

Despite the lower totals, daily performance showed modest improvement. Average stakes per race day increased 2.10% to $3.42 million, while average available purses per race day increased 2.28% to $476,030. The average field size also increased slightly from 7.77 to 7.81.

Through the first eleven months of 2025, wagers on US races totaled $10.396 billion, down 1.78% from $10.584 billion in the same period in 2024. Available purses for the year to date are $1.209 billion, down 2.06%, while paid purses are down 2.18% to $1.153 billion. Overall racing activity has remained lower year on year, with race days down 4.96% to 3,389, races down 4.52% to 27,664 and starts down 4.13% to 205,852. Yet efficiency continues to improve as average stakes per race day increased 3.35% to $3.07 million and average available purses per race day increased 3.05% to $356,757. The average field size has also increased to 7.44, stabilizing betting performance despite reduced racing inventory.

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