A biased graph is a graph $G$, together with a distinguished subset $\mathcal{B}$ of its cycles so that no Theta-subgraph of $G$ contains precisely two cycles in $\mathcal{B}$. A large number of biased graphs can be constructed by choosing $G$ to be a complete graph, and $\mathcal{B}$ to be an arbitrary subset of its Hamilton cycles. We show that, on the logarithmic scale, the total number of simple biased graphs on $n$ vertices does not asymptotically exceed the number that can be constructed in this elementary way.