Total wagering on U.S. races in 2022 was down slightly, by 0.9 percent, compared to 2021, according to year-end figures released on Thursday by Equibase.
The decline in total wagering occurred in the midst of a complex and rapidly changing economic environment in the U.S., where inflation has been running at the highest rate in decades, eating into disposable income. In addition, racing is increasingly facing more and more competition from sports gambling and does not appear to be reaping gains from the rapid expansion of the practice in dozens of states, despite efforts to align with sports-gambling companies.
The year-end figures were hurt by a weak fourth quarter for racing, with total betting down 5.5 percent in the last three months of the year when compared to the same quarter in 2021. In December, total betting on U.S. races fell 7.5 percent, according to the figures.
