Handle bounces back in March, rising 2 percent
Wagering on Thoroughbred races held at U.S. tracks in March rebounded after several months of decline, rising 2.14 percent compared to wagering in the same month last year, according to figures distributed by Equibase on Thursday.
The gain reversed a trend stretching back to last October, when total monthly wagering on U.S. Thoroughbred races began falling for the first time in several years when compared to the same months a year earlier. The late-year declines pushed total wagering for 2022 into negative territory.
The total wagering figure for March was $962.7 million, up $20 million from last March’s figure. The number of races held during the month was up 1.9 percent, and average wagering for a race in March this year was $389,917, statistically even with the average wagering figure of $388,977 in March of last year.
Purses distributed during March were up 9.2 percent as subsidies from casinos continued to boost purses in Kentucky and Arkansas. The average purse in March was $38,390, up 7.1 percent compared to the average purse of $35,837 in March of last year.
Average field size in March crept up to 7.48 horses per race, compared to 7.36 horses per race in March of last year. Field size has been in a long, slow decline for decades, but the number has begun to level off in recent months.
For the first quarter of 2023, total wagering was down 3.4 percent, according to Equibase, while the number of races held at U.S. racetracks climbed 3.1 percent. Average wagering per race in the quarter was $387,018, down 6.3 percent from average wagering per race of $412,999 in the third quarter of last year.
Purses were up 8.7 percent in the quarter, while races held were up 3.1 percent. Average field size of 7.59 horses in the quarter was up slightly compared to average field size of 7.56 horses in the first quarter last year.
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