U.S. handle jumps 16.6 percent in July

Total wagering on Thoroughbred races held at U.S. racetracks in July was up 16.6 percent, or $156 million, compared to the same month last year despite a significant decline in the number of races held during the month, according to figures released by Equibase on Wednesday.

Total handle in July was $1.1 billion, according to the figures, for a per-race average of $335,044. Last year in July, total handle was $942 million, for a per-race average of $251,802, a difference of 33 percent when compared to the average figure this July.

The COVID-19 pandemic has disrupted daily life and business activity across the U.S. since March, and it is difficult to make comparisons between this year and last year due to the surfeit of new variables impacting all aspects of the economy. In the racing industry, most major racetracks have returned to live racing, though very few are allowing spectators on-track, and the vast majority of handle is being generated through account-wagering operations.

In July of this year, Keeneland held a special five-day meet after cancelling its highly popular spring meet, generating $63.3 million in wagering. Offsetting that major infusion of wagering during the month was the cancellation of an entire weekend of racing at Del Mar in Southern California due to 15 coronavirus positives in its jockey colony.

During the pandemic, most racetracks have juggled their live racing schedules in an attempt to fill in gaps in the weekly racing calendar so that their signals have a better chance of standing out in an often-crowded landscape. That has led to robust wagering figures at many smaller-sized racetracks that are not currently under pressure to generate live-racing revenues on-track.

Average field size in July of this year was 7.62 horses per race. Field size in July of last year was 7.11 horses per race.

Purses distributed in July was $90.2 million in 3,280 races, for an average of $27,507. Last year in July, purses distributed was $103.3 million in 3,742 races, for an average of $27,616. Purses at U.S. racetracks are heavily subsidized in many jurisdictions by casinos, an industry that has been heavily impacted by the pandemic.

For the year, total wagering on U.S. races has been $6.15 billion, according to Equibase. Last year through the first seven months of the year, total wagering was $6.62 billion.