Wagering on U.S. races climbs in May

Wagering on U.S. races in May climbed 4.8 percent despite a 4 percent drop in the number of races, according to figures released by Equibase on Thursday.

The May results were the second straight month in which handle jumped even as the number of races at U.S. racetracks declined. However, there were 10 weekend dates in May of this year, compared with nine weekend dates in May 2014. Handle on weekend dates is typically substantially higher than weekday wagering.

Handle in May was $1.27 billion, compared with $1.21 billion in May 2014. The number of races held at U.S. tracks in May dropped from 4,351 last year to 4,176 this year. The average handle per race was $304,104 this May, compared with $278,440 last May, a jump of 9.2 percent.

Handle on U.S. races in April was up 5.9 percent, with the number of races dropping slightly, 0.7 percent. March handle figures were down 12 percent, with one fewer weekend date.

Purses distributed in May were down 2.3 percent, largely due to the decline in races, as the average purse per race went up. Purses at U.S. racetracks are heavily dependent on subsidies from slot machines and other casino revenue.

For the year, handle is down 0.6 percent, while the number of races is down 5.3 percent. Racetracks have been aggressively paring races from their schedules to maintain field sizes at a time when the foal crop declines of 2010-12 are coming to bear on the available horse population.