Handle zooms 30 percent in September

Wagering on U.S. races was up 30 percent in September compared to the same month last year, according to figures released on Monday by Equibase, an increase fueled in part by the rescheduling of the Kentucky Derby to the first Saturday in the month.

The increase, from $802.0 million in September of last year to $1.04 billion this year, cannot be explained entirely by the Derby rescheduling, as the entire Derby card this year drew $128.3 million in bets, well short of the total increase in handle during the month. In addition, the number of races held during the month declined 6.9 percent, leading to a staggering 39 percent increase in average handle per race in the month. September of this year had eight weekend dates, while September of last year had nine weekend dates.

This is the second time during the pandemic that monthly handle on U.S. races has jumped unexpectedly, despite most racetracks continuing to hold spectator-free races and the lingering impacts of the coronavirus pandemic on the U.S. economy. In July, handle increased 16.6 percent over the same month last year, while average handle per race jumped 33 percent to $335,290.

The September handle increase came at the same time that all major U.S. sports were holding events, joining other minor sports, such as golf and auto racing, that had been operating through most of the summer. The NFL, which dominates the sports-betting market in the U.S., began its season in the second week of September.

For the third quarter of this year, from July to September, total handle on U.S. races increased 12.7 percent, from $2.92 billion last year to $3.29 billion this year, according to Equibase. While the number of races held during the quarter dropped 10.0 percent, the average handle per race was up 25.2 percent, to $329,692.

In September, average field size was 7.88, up 4 percent compared with field size last year, when Del Mar held more race cards during the week. For the quarter, average field size was up 5.1 percent, to 7.65 horses per race.

Total purses distributed at U.S. racetracks in September was down 6.8 percent, according to the Equibase figures, but average purse per race was up marginally, from $35,515 last year in September to $35,553 this year. Purses at U.S. racetracks are heavily subsidized by casinos, many of which have been closed for portions of the pandemic and are now operating at restricted capacities.

Total purses distributed in the third quarter were down 12.8 percent, according to Equibase, while average purse was down 3.1 percent, to $30,535.

For the first nine months of the year, total handle on U.S. races is down 2.9 percent, to $8.35 billion, even though the number of races held has dropped 26.8 percent due to racetrack closures earlier in the year and cutbacks in racing dates at some tracks. Total purses year-to-date are down 29.6 percent.

◗ Total handle on the 11-horse Preakness Stakes on Saturday was $31,744,019, according to the chart of the race, a steep decline from the $62.8 million bet last year on the race but consistent with betting results for the Kentucky Derby and Belmont Stakes. Both the Kentucky Derby, which was delayed until Sept. 5, and the Belmont, which was run in mid-June at a shortened distance of 1 1/8 miles, posted handle numbers that were roughly half of a typical year.

All three races in the Triple Crown were run without spectators in attendance this year, with the vast majority of all handle coming through account-wagering operations.

Total handle for the all-stakes Preakness card was $51.54 million, according to charts, approximately half of the full-card total for last year of $99.85 million. Last year’s card had 14 races, while this year’s card had 12 races.

The Preakness this year was held five weeks before the Breeders’ Cup, on a weekend in which a number of other tracks held major stakes races as preps for the two-day event, scheduled for Nov. 6-7 at Keeneland Racecourse in Lexington, Ky. According to figures compiled by Daily Racing Form, total handle on the entire weekend was $163.8 million, a 51.7 percent increase over the $108.0 million bet last year for the first weekend in October, when the Breeders’ Cup event was four weeks away.

On the last weekend of September last year, five weeks away from that year’s Breeders’ Cup, total handle was $111.5 million, according to DRF figures, statistically even with the $112.5 million bet on the last weekend in September this year.