Economic Indicators: With More Racing, November Wagering Edges Upward

Wagering on U.S. Thoroughbred horse racing in November edged upward by 1.18 percent compared to November 2023, but the average wagering per race day fell by 3.23 percent because of a higher number of race days run.

For the month, a total of $921,122,693 was bet on American Thoroughbred racing, an increase of about $10.8 million from November 2023. If it weren't for the strong betting figures produced by Churchill Downs at its fall meet, which was up nearly $30 million year over year, the national statistics would show declines. In addition, November 2024 included nine weekend days (five Saturdays, four Sundays) compared to eight weekend days (four Saturdays, four Sundays) in 2023. Weekend days produce the highest handle, so an extra Saturday is beneficial to wagering totals.

The two days of the Breeders' Cup World Championships in both 2023 and 2024 were held in early November. The $179.2 million bet on this year's Breeders' Cup represented 19.4 percent of the total wagering on U.S. Thoroughbred racing for the month. The 2024 Breeders' Cup gained just over $2.9 million in handle compared to 2023.

The number of race days increased by 4.56 percent in November 2024 and the number of races was up by 2.12 percent. Average field size was 7.77 compared to 7.80 in November 2023.

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With a higher number of races, available purses also increased in November by 3.93 percent to $127,991,292, but the average of $465,423 per race day represented a decline of six-tenths of one percent.

For the year, wagering stands at $10,583,140,568, a decline of about $275 million from the first 11 months of 2023. Projected year-end figures, which will reflect the third consecutive year of declines, will be the lowest since the COVID-affected wagering totals in 2020.

Adjusted for inflation, pari-mutuel handle has declined by about 55 percent since 2000, when $14.3 billion was bet on American racing at year's end. In 2024 dollars, that amounts to $26 billion.