From BloodHorse, Lexington, Kentucky — December 2025 — As Thoroughbred racing draws the curtain on another transformative year, the industry’s most pressing questions have been laid bare in the BloodHorse 2025 Year-End Survey. In a forum that gathered insights from owners, trainers, breeders, media professionals, racing executives, and other key stakeholders, the sport’s brightest minds weighed in on the challenges and opportunities that will define racing’s trajectory in 2026 and beyond.

Across the survey’s diverse set of headline topics, a clear pattern emerged: despite the deep tradition and global allure of horse racing, structural pressures and shifting cultural expectations are pushing the sport into a moment of urgent introspection. From shrinking foal crops and dwindling field sizes to marketing gaps and regulatory trust, the survey’s findings reflect broad concern, and, importantly, a shared desire for actionable solutions.

BloodHorse Reflection: Industry Leaders Speak Out

The Year-End Survey series was reprised by BloodHorse late this December, with panels of industry voices addressing issues ranging from field size and foal crop decline to fan engagement and regulation. The full survey has been running in serial installments, inviting commentary and ideas that could help horse racing address its most persistent challenges as it enters a new year.

BloodHorse Survey Shows Shrinking Foal Crops: A Structural Red Flag

At the core of many of the year’s debates is the issue of the declining North American foal crop. With estimates suggesting a noticeable reduction in the number of Thoroughbred foals born in 2025 compared with recent years, breeders and industry leaders have sounded alarms about the long-term impact on racing’s supply chain. Smaller foal crops mean fewer horses entering training and competing, which in turn constrains field sizes and limits options for racing secretaries across the calendar.

Survey panelists emphasized that this is not merely a statistical concern but a structural one: without robust breeding numbers, the sport risks a future with thinner race cards, less competitive depth, and difficulty sustaining compelling racing products. Many pointed to the need for creative incentives for breeders, economic structures that reduce risk for small and mid-sized breeding operations, and marketing efforts that tell the story of breeding as an attractive long-term investment. These responses reflected a shared understanding that the foundation of racing begins in the breeding shed.

BloodHorse Survey Field Size and Calendar Coordination: Finding Critical Mass

Closely linked to foal crop concerns is the perennial issue of field sizes. With fewer horses available across the broader racing landscape, many races — even stakes events — have drawn uncomfortably small fields, prompting stakeholders to ask whether the current structure of race scheduling and the national calendar dilutes competitive opportunities.

Panel responses called for better coordination among tracks, with suggestions ranging from regional circuits that avoid overlapping race dates to more deliberate spacing of marquee events to ensure horses have viable choices without having to spread the thin pool of available runners too broadly. Some respondents even suggested rethinking the placement of major races relative to other American sports seasons, arguing that greater calendar harmony could boost visibility and competitive quality.

The conversation emphasized that field size is not just a numerical metric but a barometer of the sport’s health: robust fields energize bettors, engage fans, and create memorable competitions that elevate racing’s profile.

Marketing and Fan Engagement: Bridging Tradition and Modern Audiences

While foal crops and calendars address the supply side of racing, a recurring theme in the Year-End Survey centered on fan engagement and marketing — the demand side. Many panelists expressed concern that racing’s rich narratives and dramatic athleticism are not being effectively communicated beyond traditional audiences. Without broader awareness and emotional engagement, the sport struggles to attract and retain fans, especially younger generations whose entertainment habits are shaped by digital media and interactive experiences.

Participants called for a unified national marketing strategy that brings racing’s stories from underdog victories and training journeys to the human-horse partnership, to life in ways that resonate with today’s audiences. This includes leveraging social media storytelling, enhancing fan accessibility, and creating content that bridges the gap between casual observers and avid racing fans.

Several respondents highlighted the potential of legal sports betting as a gateway for new fans, noting that contemporary wagering platforms present opportunities to integrate racing into mainstream sports consumption. The consensus was clear: to remain relevant, racing must communicate its excitement in the languages of modern fandom.

Regulatory Integrity and Safety: Trust in the Spotlight

A third major strand of the Year-End Survey focused on regulatory credibility and safety topics that have dominated both internal industry debate and public perception. Panelists acknowledged the role of national regulatory frameworks in promoting fairness and equine welfare, but noted that transparency and accountability are essential to earning and sustaining public trust.

With high standards of integrity under intense scrutiny from media and animal welfare groups alike, the industry has been pushed to articulate and reinforce policies that protect both equine athletes and the integrity of competition. Many respondents emphasized that credible, transparent enforcement of safety protocols — including track surface studies, injury prevention research, and rigorous medication policies — is crucial to reinforcing confidence among fans, bettors, and potential participants.

Bringing in New Participants: Owners, Breeders, Fans

In addition to marketing, the survey invited respondents to consider strategies for attracting newcomers to the sport. Whether through innovative ownership models like syndicates and partnerships, accessible entry points for breeders, or fan education initiatives, panelists identified opportunities to expand racing’s reach beyond its traditional base.

Some noted that simplified information on the economics of ownership, pathways to participation, and the lived experience of racing life could demystify the sport and invite broader engagement. Others pointed to structural incentives — for example, tax benefits or financial tools that reduce risk — as ways to encourage new owners and breeders to invest in racing’s future.

The overarching message was that racing must make itself not only visible but approachable: when people understand how to get involved and feel welcomed by the sport, they are far more likely to become lifelong participants.

BloodHorse Survey Looking Ahead to 2026: Challenges and Opportunities

Taken together, the Year-End Survey’s headline topics paint a portrait of an industry confronting deep-rooted issues with honesty, but also with a willingness to innovate and collaborate. As 2026 approaches, several key imperatives stand out:

1. Strengthening the Horse Supply Pipeline

Reversing or stabilizing declines in the foal crop will require coordinated efforts across breeding, ownership, and economic incentive structures. Survey respondents stressed that without a larger pool of horses, field sizes and competitive depth will remain constrained.

2. Reimagining the Racing Calendar

Many voices in the survey argued that smarter coordination among racetracks — whether through regional circuits or calendar harmonization — could improve field sizes and concentrate competitive talent. This, in turn, would strengthen wagering products and overall fan appeal.

3. Modernizing Marketing and Fan Engagement

Panelists emphasized the urgency of telling the sport’s story in ways that speak to contemporary audiences. Rather than relying solely on tradition, racing must embrace digital storytelling, fan accessibility, and narratives that resonate beyond core followers.

4. Reinforcing Regulatory Credibility and Safety Standards

With integrity and safety at the forefront of public concern, transparent and science-based policies will be essential to maintaining credibility. Panelists underscored that trust is an asset as critical as any purse or race card.

5. Creating Accessible Entry Points for New Participants

Whether through ownership syndicates, clearer information, or targeted incentives, making racing more approachable to newcomers — fans, owners, breeders — was a recurrent theme. Expanding participation can strengthen the sport’s social and economic ecosystem.

A Turning Point for Racing

The 2025 BloodHorse Year-End Survey does more than catalog opinions; it articulates a collective narrative about racing’s moment of reckoning and renewal. From breeding barns to grandstand terraces, the issues outlined by industry leaders reflect both deep concern and constructive optimism — a recognition that while the sport’s challenges are substantial, its cultural value and competitive thrill remain potent.

As the racing community moves into 2026, the conversations seeded by the Year-End Survey will likely shape decisions at every level of the sport. Whether through policy reforms, marketing innovations, or collaborative calendar redesigns, the path forward will demand creativity, cooperation, and a shared commitment to preserving the essence of Thoroughbred racing while adapting to a rapidly changing world.

In the end, the survey’s biggest message may be this: the future of racing rests not only on tradition but on the collective will to evolve — and to invite others to join in that journey.