Projections
Estimated Annual U.S. Handle & Purses by Racing Discipline
The latest practical baseline is calendar year 2024. Thoroughbred and Quarter Horse purse figures are comparatively reliable; Quarter Horse handle, Arabian racing, and mixed/other-breed totals require estimation from track and state reports.
2024 Discipline Comparison
Estimated Annual U.S. Handle & Purses by Racing Discipline
Calendar year 2024. Does not include Standardbred/harness racing (2025 est.: ~$1.35B handle, ~$483M purses).
| Discipline | Est. Annual Handle | Est. Annual Purses | Scale / Activity | Reliability | Source / Notes |
|---|---|---|---|---|---|
| Thoroughbred | $11,265,210,514 | ~$1.312B | 30,852 races / 3,787 race days | Reported | Equibase / industry reporting |
| Quarter Horse | $900M – $1.3B (est.) | ~$144.7M – $150M | ~12,000 horses competing annually | Estimated | AQHA; handle estimated from races, jurisdictions & simulcast |
| Arabian | Not consolidated nationally | Small; event-driven | Individual races at mixed meetings | Estimated | Arabian Jockey Club; no national handle report published |
| Mixed / Other Breeds | Estimated | Estimated | Paints, Appaloosas, mules, stock horses | Estimated | Track / state reports; not reported as a separate national discipline |
Note on Standardbred Racing: The table above does not include Standardbred/harness racing, which is one of the principal pari-mutuel racing disciplines in the United States. In 2025 the handle for Standardbred was approximately $1.35 billion and the purse was approximately $483 million.
Development Scenarios
IRR Handle & Purse Projections
Assuming Indian Relay Racing becomes officially sanctioned, is offered through major advance-deposit wagering platforms, and develops a national schedule of approximately 20–30 race meetings annually:
| Scenario | Est. Annual Handle | Est. Annual Purses | Key Conditions Required |
|---|---|---|---|
| Established MarketConservative baseline — most credible for business planning | $50M – $100M | $5M – $10M | Sanctioning secured; ADW platforms integrated; consistent national schedule operating |
| High-Growth CircuitMature market ceiling | $150M – $300M | $15M – $30M | Broad ADW distribution; TV/streaming coverage; standardized race data; recognized teams; large annual schedule |
The $50M–$100M range is the most credible number for business planning. The $150M–$300M range is achievable only after broad ADW distribution, dependable television/streaming coverage, standardized race data, recognized teams, and a sufficiently large annual schedule.
Existing Prize Structures
IRR Already Supports Meaningful Prize Money Without Wagering
Existing Indian Relay events demonstrate that the sport already supports meaningful prize money without nationwide wagering. These figures establish a baseline for what sanctioned, nationally distributed wagering could build upon.
$52,000
Horse Nations Event (2022)
Total prize money advertised
$25,000+
Shoshone-Bannock Event
Indian Relay purse plus purses for related races
~$90,000
Fort Hall Event
Cash and prizes over several nights
Wagering Characteristics
Why IRR May Perform Well in Pari-Mutuel Markets
IRR has characteristics favorable to wagering. These qualities do not guarantee a particular handle, but they support the inference that a nationally distributed IRR product could eventually exceed the wagering scale of Arabian and other minor running-horse disciplines.
Revised National Racing Table
U.S. Pari-Mutuel Racing Including IRR — Midpoint Estimates
Using midpoint estimates from the discipline comparison above. IRR figures are market-development projections, not existing revenues.
| Discipline | Est. Annual Handle | Est. Annual Purses | Notes |
|---|---|---|---|
| Thoroughbred | $11,265,210,514 | ~$1.312B | Reported — Equibase |
| Standardbred / Harness | ~$1.35B | ~$483M | 2025 estimate |
| Quarter Horse | ~$1.1B (midpoint est.) | ~$147M (midpoint est.) | AQHA; estimated |
| Arabian | Not consolidated nationally | Small / event-driven | Arabian Jockey Club |
| Mixed / Other Breeds | Estimated | Estimated | Track / state reports |
| Indian Relay Racing | $50M – $300M | $5M – $30M | Market-development projection |
Summary
Once fully sanctioned and distributed through national advance-deposit wagering platforms, Indian Relay Racing could reasonably generate $50 million to $100 million in annual pari-mutuel handle and $5 million to $10 million in annual purses. A mature, high-growth national circuit could ultimately generate $150 million to $300 million in annual handle and $15 million to $30 million in purses. These figures are market-development estimates, not existing revenues or guaranteed projections.
The Infrastructure Exists. The Market Is Ready.
Horse Nations Racing Group, LLC is building the governance and partnerships needed to bring IRR into the national pari-mutuel distribution network.