March total wagering and number of races held dip compared to 2021
Total wagering on U.S. horse races in March fell 2.4 percent compared to the same month last year, according to figures released by Equibase on Tuesday, a signal that the surge in betting on Thoroughbred races that occurred during the pandemic has begun to moderate.
Total wagering in March of this year was $942.6 million, compared to $965.5 million in the same month of last year. However, average wagering per race was $389,021, up 3.3 percent compared to the average wagering figure of $376,706 in March of last year, due to a 5.5 percent decline in the number of races held in the month.
Both months had eight weekend dates.
Despite the decline in races and total handle, purses distributed at U.S. tracks during the month was up 6.2 percent, to $86.8 million, according to the figures. Purses at U.S. racetracks are heavily subsidized by casino revenues, and subsidies from slot machine-like devices in Kentucky have been driving purses up by double-digits on an annual basis for several years.
Comparisons between 2022 and 2021 remain complicated by the effects of the pandemic.
Compared to March of 2020, when the pandemic had just begun to lead to widespread closures of businesses and stay-at-home recommendations, betting in March of this year was up 28.8 percent. U.S. racetracks held 1,787 races in March of 2020.
Field size in March of this year dropped to 7.36 horses per race, down 3.0 percent compared to March of last year, when average field size was 7.59 horses per race.
For the first quarter of this year, total wagering was $2.80 billion, a slight increase over the $2.77 billion bet in the first quarter of last year, according to the figures. Racetracks held 6,768 races in the first quarter of this year, up slightly from the 6,702 held in the first quarter of last year.