Cancellations cause February handle to drop 6.8 percent

Total handle on U.S. races this February dropped by 6.8 percent, according to figures released by Equibase on Thursday, due entirely to harsh winter weather that led to cancellations of races across the U.S.

While total handle fell from $901.3 million to $840.1 million, the number of races held in the month plunged 22.2 percent, from 2,477 last year to 1,928 this year. A winter storm in the middle of the month resulted in cancellations throughout the South, Midwest, and Northeast.

Average handle per-race in the month was $435,736, up 19.7 percent compared to average handle of $363,876 in February of last year. Total purses distributed dropped 19.7 percent, but the average purse rose 3.1 percent, to $32,221.

February of last year, a leap year, had nine weekend dates. This year, February had eight weekend dates.

Field size in February dropped by 1.3 percent, to 7.72 horses per race.

The February numbers are the last that will compare 2021 figures to pre-pandemic figures in 2020. The pandemic led to massive shutdowns of tracks in March of last year.

Total handle on U.S. races in January was up 9.6 percent, despite a 6.3 percent drop in races held. For the first two months of the year, total handle is up 1.3 percent, while the number of races has declined 14.3 percent, according to the Equibase figures.