U.S. Thoroughbred handle falls 9.3 percent in October

Betting on Thoroughbred races held at U.S. racetracks plummeted 9.3 percent in October compared to the same month last year, according to figures released Monday by Equibase.

Total handle during the month was $819.0 million, down slightly more than $84 million from the $903.3 million bet last year during October. The number of races held dropped 6.2 percent, from 2,782 last October to 2,610 this year, contributing to the decline. Average handle per race dropped 3.3 percent, from $324,469 last October to $313,793 this year.

October this year had nine weekend dates, compared to 10 weekend dates last year. Handle is typically far higher on weekend dates than weekdays.

During the month, handle figures at the Belmont at the Big A meet in New York dropped dramatically due to steady rains on every weekend of the month, a weather pattern that also affected many other tracks on the Eastern Seaboard. The rains resulted in short fields and a large number of races being moved off the turf.

During the fall, racing has begun to face competition across the United States from legalized sports wagering in nearly every state, and racing officials have begun expressing concern that the widespread availability of sports betting is presenting new challenges to the sport.

The amount of purses distributed also declined dramatically in October, down 10.8 percent, well above the rate of decline in the number of races held. The average purse per race in October was $41,599, down 4.5 percent from the average purse of $43,571 in October of last year. The decline was the first recorded by racing on a same-month comparison in years. Purses at many U.S. racetracks are heavily subsidized by casinos.

Average field size ticked up slightly during the month, from 7.60 horses per race last October to 7.76 horses this October.

Year to date, total wagering is down 4.7 percent, while the number of races held has dropped 4.8 percent. Purses are down 0.5 percent, though the average purse remains higher than last year.

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