Handle up nearly 20 percent in October

Total wagering on horse races held in the U.S. in the month of October once again climbed by double digits, according to figures released on Wednesday by Equibase, the third time in the last four months that betting has climbed significantly compared to the same month last year.

Total wagering was $929.1 million, up 19.7 percent compared to wagering of $776.1 million in October of last year, according to the figures. In July, total handle rose 16.6 percent, only to dip by two percent in August. Handle then climbed 30 percent in September.

October of this year had nine weekend dates, compared to eight weekend dates last year. The Preakness Stakes was re-scheduled to October this year. The Kentucky Derby was held in September.

For the first time since the pandemic led to widespread disruptions in the racing industry and the rest of the economy in March, the number of races held in October rose compared to October last year, increasing by 3.6 percent. The average handle per race in October this year was up 16.6 percent, from $281,798 last year to $325,758 this year.

Nearly all handle on U.S. races continues to be bet through account-wagering companies due to restrictions on large crowds in most states.

Total purses distributed during October were down 1.2 percent, according to the figures. Average purse declined 4.6 percent, from $33,399 last year to $31,853 this year. Purses at U.S. racetracks are heavily subsidized by casino operations, and some casinos are still operating under restrictions that have hurt their operations. In addition, account-wagering handle contributes less to purses than on-track handle.

For the year, total wagering on horse races is down 1.0 percent, though the number of U.S. races held for the year is down 24.2 percent due to widespread closures of tracks in the beginning of the pandemic. Purses are down 27.0 percent, according to the Equibase figures.