Preakness handle drops 10 percent
Handle on the Preakness Stakes at Pimlico Race Course in Baltimore dropped 10 percent compared with the same race last year, a decline that was at least partially due to a late thunderstorm that washed out handicappers’ confidence in their already low expectations for payouts in the race.
Preakness betting was $52.71 million, according to the chart of the race, well down from the $58.62 million posted last year on the race. This year’s field had eight horses, with Kentucky Derby winner American Pharoah going off at 4-5, while last year’s field had 10 horses, with that year’s Derby winner, California Chrome, going off at 1-2.
While betting on the Preakness declined, handle on the undercard races was well above last year’s figures. Going into the Preakness, which was the 13th race on the card, handle was up $8 million, or 35 percent, over betting on the pre-Preakness races held on the 2014 card, when the Preakness was the 12th race.
For the entire 14-race card on Saturday, handle was up 3 percent, according to charts, to $83.5 million. Last year, handle for a 13-race card was $81.4 million. Including separate pool handle, total betting on the card was $85.2 million, Pimlico said, a record.
Pimlico reported that attendance on Saturday was 131,680, a record and a jump of 7 percent over last year’s reported figure. Last year’s attendance was 123,469.
The undercard races were held before the weather turned for the worse at Pimlico. Approximately 20 minutes prior to post time for the Preakness, a line of thunderstorms entered the Baltimore area and dropped heavy rains on the track, turning the dirt surface to slop in a matter of minutes. Because the rains had been forecasted all afternoon, many bettors held off on making their wagers until the weather resolved itself, and many may have decided to pass on the race or pare their bankrolls after the conditions changed so abruptly.
While straight betting on the Preakness was down only marginally, at 2 percent, betting in the exacta pool was down 26 percent, and betting in the trifecta pool was down 17 percent, according to charts. That partially reflected the size and the make-up of the Preakness field, where the three horses that filled out the trifecta in the Derby were widely expected to vie for the top three positions once again, depressing potential payouts.
A pick four paying out on the Preakness result drew $2.43 million in bets, up 12 percent over the same pool last year. A pick five with a special 12 percent takeout drew $1.43 million in bets, up 22 percent over the same pool last year, when the takeout was 25 percent. Because handle would have had to have doubled in the pick five to make Pimlico whole, the track ended up with lower revenue from the pick five despite the jump.
Betting on the Preakness undercard was also helped by the broadcast of the races this year on TVG. Last year, the Preakness undercard races were carried live by HRTV, a competitor to TVG that had a much leaner distribution network. The two companies merged this year, leading TVG to obtain the Pimlico broadcast rights and focus its Saturday programming on the track’s races.