U.S. handle declined 11 percent in September

Total commingled wagering on U.S. Thoroughbred races in September plummeted 11 percent compared to the same month last year despite an increase in the number of races held at U.S. tracks, according to data released on Friday by Equibase.

The decline was a troubling sign of weakness in the Thoroughbred wagering market in a month in which college and NFL football have begun to increasingly dominate the sports-betting markets. Last year, September handle on Thoroughbred races was down 5.9 percent compared to September of 2022, even though there was an additional weekend date in 2023 compared to 2022.

The September numbers this year were negatively affected by the closing of Golden Gate Fields in Northern California earlier this year. Golden Gate ran in September of last year. Handle at the Churchill Downs fall meet also underperformed last year’s fall meet by $18 million due to the lack of turf racing and schedule changes.

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Both months had nine weekend dates.

The number of races held in the month increased 2.25 percent compared to September of last year, leading to a 12.9 percent decline in the average wagering per race, to $261,635.

Still, the total amount of purses distributed inched up 2.3 percent, according to the figures. The average purse, however, was static, landing at $43,725 this September, compared to $43,721 last September. Purses at Thoroughbred tracks in the U.S. are heavily subsidized by casino revenues.

Prior to September, wagering totals had been holding their own this year against a slight decline in total races held and a small increase in total purses distributed. For the year, including this September, total wagering is down 2.9 percent, while the figure for total purses paid is up 0.8 percent. Total number of races is down 3.1 percent.

In a previous version of this article, it was incorrectly stated that the number of races increased in September. The number of races decreased 2.25 percent.

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