Total U.S. handle dips 2.1 percent in April 2022

Total betting in April on Thoroughbred races held at U.S. tracks declined 2.1 percent compared to the same month last year, but the result was skewed somewhat by a calendar shift impacting the total.

Total betting was $1.08 billion, compared to $1.10 billion last year, a difference of $20 million. Last year, however, the Kentucky Oaks fell on April 30, and handle on the entire Oaks card at Churchill Downs that day was $78.1 million. This year’s Oaks card will be held Friday.

April of this year had nine weekend dates, while April of last year had eight weekend dates.

The number of races held at U.S. tracks in April of this year jumped 2.6 percent compared to the same month last year. Coupled with the decline in overall handle, average betting per race in April fell 4.5 percent, from $454,503 in April of last year to $433,689 this year.

Despite the declines in wagering, total purse distribution at U.S. tracks climbed 15.2 percent, in large part due to big gains at Keeneland Racecourse in Lexington, Ky., where subsidies from historical horse racing machines continue to drive up purses. Keeneland also set a record for total wagering during its spring meet, with handle up $54.6 million compared to the April meet last year.

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Wagering trends for Thoroughbred racing have fluctuated wildly since the coronavirus pandemic hit in March 2020, and comparisons over the past three years have been complicated by the disruptions caused by the pandemic. Betting on horse races was surprisingly robust during the height of the pandemic, but those gains have appeared to begun to level off over the past several months.

Comparisons to April 2019 appear to show that racing has held on to those gains, however. Wagering in April of this year was up 27.6 percent compared to wagering in April 2019, prior to the pandemic.

Year-to-date, wagering has been statistically even with the same time period last year, though the number of races held have increased slightly, by 1.4 percent. Purses are up 14.2 percent, year-to-date.