Total U.S. handle declined in November but wagering per race was up 31 percent

Total handle on U.S. races dropped 6.3 percent in November compared to the same month of last year, according to figures released on Friday by Equibase, but the overall decline shrouded a sharp gain in average handle per-race due to a substantial drop in the number of races held in the month.

The number of races held during the month plunged 28.8 percent compared to November of last year, from 2,730 in November 2019 to 1,945 this November, according to the figures. As a result, average wagering per race jumped 31.5 percent, from $350,126 last year to $460,321 this year.

This November had nine weekend dates, identical to last year. The two-day Breeders’ Cup event was held in November in both years.

:: Click to learn about our DRF's Free Past Performance program.

The racing industry, like all other industries, has been severely disrupted due to the coronavirus pandemic, and comparisons between this year and last year are fraught. Still, on a per-race basis, racetracks are drawing far more in handle this year than they did last year, at a time when nearly all wagering is being conducted through account-wagering sites.

Total purses distributed in November dropped 20.5 percent, according to the Equibase figures, but average purse per race jumped 11.6 percent, from $42,402 in November of last year to $47,330 this year.

Average field size was 8.35 horses per race, a 4.4 percent gain over average field size in November of last year.

For the year, total wagering is down 1.5 percent through the end of November, according to Equibase. However, average wagering per race is up 30.5 percent for the first 11 months of the year. The number of races held this year has dropped 24.5 percent compared to 2019, while total purses distributed has dropped 26.3 percent. The average purse has dropped 2.3 percent compared to last year’s record average.

Purses at U.S. racetracks are heavily subsidized by casinos, and the casino gambling landscape has been heavily disrupted by the pandemic.