Equibase releases January 2026 Thoroughbred racing economic indicators showing industry trends

U.S. pari-mutuel wagering on Thoroughbred racing slipped to $753,930,913 in January 2026, a 6.09 percent decline versus January 2025. The Equibase monthly economic indicators show the downturn was concentrated in reduced racing opportunities rather than a wholesale collapse of bettor interest.

Race days dropped from 233 to 205, and total races fell from 1,995 to 1,724, a decline of 12.02 percent and 13.58 percent respectively. Starts tumbled to 13,655 from 16,235, down 15.89 percent, and average field size eased to 7.92 starters from 8.14. Those operational losses were driven in large part by winter weather; Sports Yahoo wrote, “No one should be surprised that pari‑mutuel wagering, purses, race days and races in the U.S. took a steep fall in January as a result of persistent cold and winter storms that prompted cancellations at 14 tracks across the country.”

The financial picture shows similar strain. Equibase reported available purses of $73,127,149 for January, down 12.93 percent from the prior-year comparison base of $83,981,917. Thoroughbred Daily News reported paid purses of “over $68.5-million,” down 13.69 percent, a separate measure that reflects money actually distributed to owners and connections. While available purses per race day held near prior levels at $356,718, that represented a slight drop of 1.03 percent from $360,437 in January 2025.

Yet bettors concentrated their dollars on the smaller set of cards. Average wagering per race day rose 6.74 percent to $3,677,712, as Sports Yahoo observed, “the reduction in race days and races was twice as much as the decline in wagering, meaning average wagering per race day increased by 6.74 percent.” A calendar quirk helped handle modestly as January 2026 included nine Saturday/Sundays to race versus eight in January 2025.

On-track activity captured the grind and the marketplace. Equibase program excerpts show claiming movement and everyday winners: Island Cabana paid $5.00 to win in a $5,000 tag race that produced a $109,809 WPS pool and an $1 Exacta 6-7 payout of $45.20 from a $89,567 pool. In a higher-profile race Remember Mamba returned $3.20 to win with Casa Cielo listed at a $125,000 claiming price; that race generated a $79,995 WPS pool and a $1 Exacta 3-5 of $5.50. A $15,000 claiming event saw Tough Love Torres win at $3.20; that race had a $69,786 WPS pool, a $1 Exacta 1-6 of $3.30 and the claim transferred Tough Love Torres to new trainer Emile Schwandt and owners Stephen J. Peterson and Konnor Peterson. Tonteria was claimed out of another card, moving to new trainer Andy L. Rogers and owner Winalot Racing LLC.

The mix of concentrated handle per day, falling total purses and fewer starts has cultural and economic consequences. Smaller cards and thinner fields reduce daily employment and earning chances for jockeys, grooms and stable staff, and they narrow the product for bettors and broadcasters. Claiming activity and payout detail reflect an active secondary market for horses even as top-line dollars recede.

As weather gives way to spring, the industry will be watching whether lost race days are made up and whether purses recover. For fans and bettors the short-term story is one of fewer opportunities but steady per-day engagement; for owners, trainers and backstretch workers the stakes are the restoration of race days and the purse money that sustains livelihoods.