Handle declines 4.5 percent in November 2022

Total wagering on U.S. Thoroughbred races declined 4.5 percent in November compared to the same month in 2021, according to numbers released by Equibase on Monday, continuing a string of weakening betting numbers over the past several months.

The total number, $918.2 million, declined despite a slight gain in the number of races held during the month and record total betting on the 14 races of the Breeders’ Cup, held on Nov. 4-5 at Keeneland Racecourse in Lexington, Ky. Wagering per race dropped 5.2 percent, from $393,920 to $373,250.

Both months had eight total weekend dates. Wagering is typically far higher on weekends than on weekdays.

Though fall wagering has been strong on several circuits, notably Kentucky and California, handle in New York has dropped significantly in the wake of a decision to hold the Belmont fall meeting at Aqueduct to accommodate construction at Belmont. The impact of inflation, the implosion of the cryptocurrency fad, and the expiration of federal programs to counter the economic impact of the pandemic also may be finally taking a toll on betting numbers after two years of steady gains in per-race figures throughout most of the pandemic.

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Despite the declines in betting, total purses distributed in the month jumped 4.9 percent, to $123.5 million. The average purse for a race held this November was $50,190, compared to $48,238 in November last year. Those figures are heavily impacted by the outsized distributions of the Breeders’ Cup event.

Average field size declined slightly, by 1 percent, to 7.62 horses per race, compared to 7.70 horses per race in November 2021.

Through the first 11 months of the year, wagering is down 0.40 percent, while purses are up 10.9 percent, according to Equibase. Purses at U.S. tracks are heavily subsidized by casino revenues, and those subsidies in Kentucky have continued to push overall purses up throughout the last year. Average field size for the first 11 months of the year has been 7.33 horses per race, down 1 percent compared to 2021.

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