Comparing January 2025 data with previous years, decline in activity raises another red flag
By Diego H. Mitagstein
January is often seen as a transitional period in horse racing, with many taking advantage of the time for a well-deserved break. However, the latest figures for both races run and horses competing present a troubling picture compared to the same period in 2024—and even more so when viewed against prior years.
In the first month of 2025, a total of 378 official races were held, featuring 2,779 runners. This compares to 329 races with 2,744 runners in 2024. Notably, the previous year's total was affected by the cancellation of five race days (primarily at La Plata), which, at an average of 11 races with 10 horses per card, underscores that both total races and participants declined despite the extra dates this year.
The contrast with earlier years is even more striking. In 2023, there were 441 races with 3,164 runners, while in 2015, the numbers stood at 466 races with 3,707 participants. The long-term drop is undeniable.
A broader perspective emerges from historical data (races / runners):
2013: 457 / 3,891
2014: 438 / 3,452
2015: 466 / 3,707
2016: 452 / 3,661
2017: 447 / 3,794
2018: 421 / 3,474
2019: 452 / 3,645
2020: 437 / 3,529
2021: 413 / 3,364
2022: 361 / 2,789
2023: 441 / 3,164
2024: 329 / 2,744
2025: 378 / 2,779
This decline aligns with a sharp drop in foal births, which fell by 13% from 2023 to 2024, and nearly half as many foals produced compared to two decades ago. With a shrinking horse population, it's no surprise that racetracks are struggling to maintain race schedules and field sizes.
Looking at field size averages, January 2025 saw 13.6 runners per race, up from 11.9 in 2024 but slightly below 13.9 in 2023. Previous years hovered between 12.1 and 12.5.
On the prize money front, major tracks awarded $2,154,173,948 ARS (US$ 1,795,145) in January 2025—almost triple the $717,641,119 ARS (US$ 626,761) distributed a year earlier. However, compared to pre-pandemic levels, such as January 2019 (when $100,689,824 ARS (US$ 2,836,333) was distributed) or 2015 ($42,987,318 ARS (US$ 3,184,246)), the value of real prize money has eroded drastically due to inflation.
February is expected to continue this downward trend, with smaller fields and shorter programs already apparent. The situation highlights a challenging period for the racing industry—one that mirrors difficulties faced by racing jurisdictions worldwide.
The industry finds itself at a crossroads, urgently needing initiatives to drive growth and restore vibrancy.
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