Total betting on U.S. Thoroughbred races continued to slide in September and in the third quarter this year compared to the same time periods last year, though the declines were mitigated by a larger decline in the number of races held, according to figures released on Thursday by Equibase.
For September, total handle was $880.6 million, down 5.9 percent compared to the total handle figure in the same month last year, or $55 million. However, the number of races held during the month declined by 8.8 percent, leading to a 3.2 percent jump in the average handle per race, from $291,913 in September last year to $301,277 this year.
September of this year had nine weekend dates, compared to eight weekend dates last year. Handle is far higher on weekends than on weekdays.
September marks the start of the NFL and college football seasons in the U.S., and racing is increasingly facing headwinds for market share among gambling businesses with the rapid spread of sports wagering throughout the U.S., especially on weekends.
For the third quarter, total handle was down 6.7 percent, or $219 million, according to Equibase, with the total number of races down 6.9 percent. That led to a slight gain in average wagering per race in this year’s third quarter compared to last year’s third quarter, from $322,883 to $323,570.
The amount of purses paid out in September declined at a lower rate than the drop in the number of races held, leading to a 6.5 percent jump in the average purse in September compared to last year, from $41,084 to $43,772. During the month, Kentucky Downs and Churchill Downs, using subsidies from casino revenues, distributed record purses for their September meets.
For the quarter, purses paid also declined at a lower rate than the number of races, leading to a 5.5 percent gain in average purse, from $37,294 to $39,352. Purses, which are heavily subsidized by casino revenues in many states, are currently at record highs.
The average field size in September was up marginally, from an average of 7.23 horses per race to 7.34 horses per race. The average field size for the quarter was up from 7.09 horses per race to 7.17 horses per race.
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