U.S. handle at highest level since 2009

Wagering on Thoroughbred races held at U.S. tracks topped $12 billion for the first time in more than a decade in 2021, according to year-end handle figures distributed by Equibase on Wednesday.

Total wagering during the year was $12.22 billion, according to the figures, a jump of 10.7 percent compared to handle of $11.03 billion two years ago, prior to the COVID-19 pandemic causing massive disruptions to the U.S. and worldwide economy. It was the largest annual handle number since 2009, when wagering was $12.32 billion.

Wagering on racing had begun growing slightly less than the annual rate of inflation five years ago, reversing a decade-long slide, but none of the gains showed any clear signs of optimism for an industry that has been rapidly contracting and struggling to remain relevant in an increasingly competitive marketplace. But the gains in 2021 – coupled with significant gains in average per-race handle in 2020, when many racetracks were closed for large portions of the year – indicate that horse racing in the United States has begun to enjoy a minor resurgence, even if that growth has begun tapering off in the second half of the year.

The number of races held in the United States last year was 33,567, down 9.1 percent compared to the 2019 figure of 36,207. Due to the contraction in races and continued support from subsidies from casinos in many states, the average purse in the United States in 2021 jumped 9.1 percent compared to 2019, from $32,257 two years ago to $35,179 last year, a record. Total purses in 2021 was $1.18 billion, up 1.1 percent compared to 2019.

Average handle per-race last year was $364,001, up 19.4 percent compared to 2019. The figure would be a record but for the results from last year, when wagering dollars were spread over far fewer races because of the pandemic. The average per-race wagering figure last year was $394,330.

Comparisons to 2020 are complicated by an enormous number of factors, but total wagering in 2021 was up 11.9 percent compared to 2020. Total purses were up 35.8 percent, but many racetracks pared back purse distributions and lost both race days and casino subsidies due to closures of businesses during the early days of the pandemic.

Average field size declined 2.1 percent when comparing 2021 to 2019, from 7.53 horses per race to 7.37, despite the decline in races held.