U.S. Thoroughbred racing handle drops 3.7 percent in 2023

Total wagering on Thoroughbred races held at U.S. racetracks in 2023 declined 3.7 percent compared to 2022, according to figures distributed by Equibase on Friday, while the number of races held at U.S. tracks continued its downward slide.

The wagering decline, from $12.11 billion in 2022 to $11.66 billion last year, was mitigated by a 5.1 percent decline in races held during 2023. As a result, average wagering per race was up 1.5 percent, from $361,903 in 2022 to $367,247 last year.

The number of races held last year, 31,746, is roughly half of the number of races that were held in 1995, underlining the steady contraction of the racing industry and the foal crop that supports it over the past three decades.

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The total amount of purses paid out in 2023 was $1,249,480,246, a 0.7 percent decline from last year. Factoring in the drop in races, the average purse in 2023 jumped 4.6 percent, to $39,358, a record. Purses at U.S. tracks are heavily subsidized by casino revenues, and the average purse has been on a steady upward trajectory for decades despite static or declining handle numbers over the same term.

The final figures for the year were bolstered by a strong December, which had the benefit of an additional weekend date this year compared to last year. Total wagering for the month jumped 6.6 percent, despite an 8.9 percent drop in the number of races held. In November, although total handle declined compared to last year, the average wagering figure rose 7.5 percent on a steep drop in races held.

For the fourth quarter of 2023, total betting was down 1.67 percent, while the number of races held dropped 8.0 percent. On average, each race held in the fourth quarter drew betting of $367,146, a 6.3 percent increase over average betting of$345,301 in the fourth quarter of 2022.

For the entirety of 2023, field size rose modestly, from 7.30 horses per race in 2022 to 7.43 horses per race. The average field size at U.S. tracks has not topped 8.0 horses since 2011.

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