Horse racing in the United States continues its downward trend, with 2024 marking the third consecutive year of decline in Thoroughbred race wagering. Total bets reached $11.26 billion, dropping 3.35% from 2023's $11.65 billion.

The industry saw fewer race days (3,787, down 2.4%) and fewer total races (30,852, down 2.8%) compared to the previous year. This decline is particularly significant when compared to the 2003 record high of $15.1 billion (equivalent to $25.7 billion adjusted for inflation).

Gaming industry efforts to revitalize horse racing include:

• State casino tax revenue supporting racing in Massachusetts, New York, and Pennsylvania
• Nebraska's introduction of racetrack casinos
• Historical horse racing (HHR) machines in Virginia, Kentucky, and Alabama
• Pennsylvania's $4 billion casino subsidy program since 2004

Despite these efforts and a slight increase in purses to over $1.3 billion in 2024, casino gamblers aren't converting to horse racing enthusiasts. Recent controversies, including the Bob Baffert scandal, have further damaged the sport's reputation.

The industry suffered another blow with the closure of Freehold Raceway, America's oldest horse racetrack, on December 28, 2024. The New Jersey track, which began operations in the 1830s, represents another casualty in the sport's ongoing decline despite various attempts at revival through gaming partnerships and innovations.

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