Handle declines 2.5 percent during Keeneland spring meet

Total handle at the recently completed Keeneland spring meet was down 2.5 percent, according to figures compiled by Daily Racing Form, while the average handle per race dropped 8.3 percent.

According to the figures, total handle for the 16-day meet was $219.0 million compared to $224.6 million during a 15-day meet last year. With the additional day, Keeneland ran 150 races this year, compared to 141 last year. Average handle per race dropped from $1.59 million to $1.46 million, according to DRF’s analysis.

The $224.6 million figure last spring was a record for a 15-day spring meet.

The spring meet at Keeneland is either 15 days or 16 days, depending on where Easter falls on the calendar. Keeneland does not race on Easter, and this year Easter was March 31.

Total handle for the daily double during the meet was $12.8 million, or $800,737 per day, an 18.54 percent increase over per-day daily double handle last year. For the spring meet, Keeneland reduced the takeout on the daily double from 22 percent to 15 percent. Keeneland established a single-pool record for the daily double on opening day and then broke that record on April 13, with $470,988 in a single pool.

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The drop in the daily double takeout did not appear to have a significant impact on either the pick three or pick four, according to the figures. Pick three handle for the meet was slightly down compared to last spring, as was total handle for the pick four.

Keeneland set a single-day non-Breeders' Cup wagering record this meet on April 6 for the Blue Grass Stakes card, with $29.26 million in bets, breaking the previous record of $28.14 million.

Although Keeneland distributed $19.5 million in purses, the extra races drove the average purse down 2.4 percent, to $130,220. Purses at Keeneland and other Kentucky tracks have grown significantly over the past decade due to revenue generated from historical horse racing machines at casinos operated by the tracks.

Field size was down slightly, from 8.95 horses per race last year to 8.71 horses per race this year. Keeneland did not race on the turf on its three weekday cards in the meet’s second week, hurting field size and handle on those days.

Ontrack handle for the meet was $15.83 million, statistically even with last year’s figure of $15.84 million, according to Keeneland. Average daily ontrack handle was down 6.3 percent.

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