Wagering in 2023 Declines 3.7% Despite December Growth
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Photo: Anne M. Eberhardt
A horseplayer wagers at Churchill Downs
Despite a 6.6% growth in December wagering during a spike in average field size, betting on Thoroughbred racing in the United States declined 3.7% in 2023 to finish just below $11.66 billion, according to figures released Jan. 5 by Equibase. Last year, wagering totaled nearly $12.11 billion.
Purses, race days, races, and starts also dipped from 2022, though paid purses dropped only 0.7% to $1.25 billion despite the 5.1% decline in races. Purses in many regions in North America are bolstered by gaming revenue, either from casinos or by slot machines or slot-like devices.
Average field size was a statistical bright spot in 2023, climbing almost 1.9% to 7.43 runners per race. Fields had averaged 7.30 horses in 2022 and 7.37 in 2021. The average number of runners per race swelled to 8.18 last month. Horseplayers typically wager more on races with large fields.
The volume of racing decreased last year when compared with 2022. Race days declined 5.5%.
A strong wagering finish in December, in which betting climbed to $797.4 million, up 6.6% from the corresponding month in 2022, was not enough to offset earlier decreases in the fourth quarter and throughout 2023. Betting fell 1.7% in the fourth quarter to $2.53 billion.
Contributing to the fourth-quarter drop-off was a 6.7% decline in wagering at the two-day Breeders' Cup, hosted this past year at Santa Anita Park Nov. 3-4. This event was absent the star power of past Breeders' Cups and was impacted by numerous veterinarian-advised scratches and a reshuffling of its race schedule.
2023 was a turbulent year for racing as the sport dealt with equine fatalities and negative press, increased wagering competition from sports gambling, and growing horseplayer discontent over many tracks permitting last-moment computer-assisted wagering into pari-mutuel pools.
| Thoroughbred Racing Economic Indicators Year-End 2023 |
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| YTD 2023 vs. YTD 2022 | |||
| Indicator | YTD 2023 | YTD 2022 | % Change |
| Wagering on U.S. Races* | $11,658,624,859 | $12,106,384,221 | -3.70% |
| U.S. Purses (Available) | $1,305,772,102 | $1,309,888,791 | -0.31% |
| U.S. Purses (Paid) | $1,249,480,246 | $1,258,822,899 | -0.74% |
| U.S. Race Days | 3,879 | 4,104 | -5.48% |
| U.S. Races | 31,746 | 33,452 | -5.10% |
| U.S. Starts | 235,965 | 244,124 | -3.34% |
| Average Field Size | 7.43 | 7.3 | 1.85% |
| Average Wagering Per Race Day | $3,005,575 | $2,949,899 | 1.89% |
| Average Available Purses Per Race Day | $336,626 | $306,731 | 9.75% |
| 4th QTR 2023 vs. 4th QTR 2022 | |||
| Indicator | 4th QTR 2023 | 4th QTR 2022 | % Change |
| Wagering on U.S. Races* | $2,527,067,754 | $2,569,728,504 | -1.66% |
| U.S. Purses (Available) | $316,524,729 | $327,852,201 | -3.46% |
| U.S. Purses (Paid) | $301,385,110 | $313,600,739 | -3.90% |
| U.S. Race Days | 811 | 881 | -7.95% |
| U.S. Races | 6,883 | 7,442 | -7.51% |
| U.S. Starts | 54,362 | 57,174 | -4.92% |
| Average Field Size | 7.9 | 7.68 | 2.80% |
| Average Wagering Per Race Day | $3,115,990 | $2,916,831 | 6.83% |
| Average Available Purses Per Race Day | $390,289 | $355,960 | 9.64% |
| December 2023 vs. December 2022 | |||
| Indicator | December 2023 | December 2022 | % Change |
| Wagering on U.S. Races* | $797,353,950 | $747,820,344 | 6.62% |
| U.S. Purses (Available) | $84,799,014 | $83,094,292 | 2.05% |
| U.S. Purses (Paid) | $80,664,373 | $79,479,673 | 1.49% |
| U.S. Race Days | 231 | 256 | -9.77% |
| U.S. Races | 2,005 | 2,200 | -8.86% |
| U.S. Starts | 16,406 | 17,285 | -5.09% |
| Average Field Size | 8.18 | 7.86 | 4.15% |
| Average Wagering Per Race Day | $3,451,749 | $2,921,173 | 18.16% |
| Average Available Purses Per Race Day | $367,095 | $310,467 | 18.24% |
| * Includes worldwide commingled wagering on U.S. races. | |||