Total U.S. handle down 2 percent in August

Total wagering on U.S. races in August dopped by nearly 2 percent compared to the same month last year on a 10 percent drop in races held, according to figures released by Equibase on Friday.

The 1.92 percent decline, from $1.177 billion last August to $1.155 billion this year, is a number far more in line with expectations than the July figure, which showed a total betting gain of 16.6 percent compared to the same month last year despite a large drop in the number of races held.

Still, the average handle per race in August was $320,078, a 9.5 percent increase over average handle per race last year of $292,391. During August, U.S. racetracks held 3,607 races, a drop of 10.4 percent compared to August of last year.

Comparisons between months in 2020 and 2019 are difficult to make due to the vast number of factors disrupting the economy due to the ongoing coronavirus pandemic. Most racetracks continue to race spectator-free and the vast majority of handle dollars are flowing through account-wagering companies, and many tracks are operating for fewer race days this year due to the difficulties in shipping horses to other tracks because of health restrictions.

Average field size during the month was 7.48 horses, according to the figures, up 4.16 percent compared to average field size of 7.18 during August of last year.

Total purses distributed during the month was $104.5 million, down 18.5 percent compared to $128.3 million in total purses distributed during August of last year. Average purse per race was $28,976, down 9 percent compared to average purse last August of $31,866.

Purses at U.S. racetracks are heavily subsidized in some jurisdictions by casino revenues. In New York, casinos that provide roughly one-third of the New York Racing Association’s purse distribution have been shuttered since March, and many other casinos are operating at reduced capacity. In addition, account-wagering dollars provide far less for purses than ontrack bets.

For the year, total wagering on U.S. races is down 6.2 percent, from $7.79 billion through August of last year to $7.31 billion through August of this year. The number of races is down 29.5 percent, and the total amount of purses is down 33.1 percent. Field size has averaged 7.87 horses per race this year, compared to 7.36 horses per race through August of last year.