Fewer races produce slightly higher handle

The number of U.S. races held in August plummeted 10 percent, but handle on those races was up marginally, according to figures released on Friday by Equibase.

Handle during the month was $1.14 billion, according to Equibase, up 0.4 percent compared with handle in August 2014. Races held during the month, however, fell from 4,523 last August to 4,069, the biggest month-to-month contraction in recent history. The average handle per race during the month soared 12 percent to $281,345.

Despite the sharp drop in races, purses distributed during the month declined only 3 percent to $121.3 million. The average purse per race jumped to $29,807, up 8 percent over the average purse last August. Purses at U.S. racetracks are heavily subsidized by casino revenue.

The number of starts declined 8 percent, a smaller decline than the number of races, meaning field size increased during the month.

For the year, handle is down 0.15 percent, while the number of races has dropped 5 percent. The number of races is declining at a time when racetracks are attempting to maintain field sizes in the face of sharp drops in the foal crop from 2010-12. Purses are down 3 percent.