Economic Indicators: Wagering Down Slightly In May; Average Field Size Dips Below 7

With an identical number of race days and three fewer races from May 2021, wagering on U.S. races fell slightly in May as average field size dropped below 7 starters per race to 6.86. Pari-mutuel wagering experts consider field size to be a key factor in betting volume.

The $2 million drop in total monthly wagers represented a negligible decline of 0.15 percent but occurred despite record wagering on the Kentucky Derby. Wagers on the Derby day card from Churchill Downs totaled $273.8 million, which accounted for more than 19 percent of the U.S. monthly handle of $1,414,309,317 for May. Derby week handle, a record $391.8 million, represented nearly 28 percent of wagering market share for the month. Derby day wagering was up 17 percent from 2021 and Derby week wagers gained 25 percent from last year.

The May comparative wagering totals from  2021 did not include the $54.3 million bet on the Kentucky Oaks, which fell on April 30. This year's Oaks on May 6 handled a record $74.6 million.

By contrast, the Triple Crown's second leg, the Preakness, saw an $8 million decline in wagering on the day, according to Equibase charts, from $112,504,508 in 2021 to $104,330,988, after Derby winner Rich Strike skipped the race. Preakness day wagering accounted for 8 percent of U.S. bets in May.

Field size is a concern at virtually every racing circuit. Year to date, the average field size is 7.33, a decline of 3 percent from 7.55 at this point in 2021. There have been more races run in the U .S. at this point in 2022 compared to 2021 (12,515 vs. 12,379, but the number of starts has declined (from 93,433 to 91,756).

Year-end average field size in 2021 was an all-time low of 7.38, and with a busy summer schedule that have more tracks operating in the months ahead, the year-end average for 2022 is almost certain to be lower by year's end. The last year field size exceeded 8 starters per race was  2011.

One metric that has increased significantly  from 2021 is purse money. Purses for the month of May were up by 17 percent from 2021, slightly higher than the 15 percent year to date jump in purses. With year to date wagering up by one-tenth of one percent, it's obvious the purse increases are coming from alternative gaming or other sources.

May 2022 vs. May 2021
Indicator May 2022 May 2021 % Change
Wagering on U.S. Races* $1,414,309,517 $1,416,434,186 -0.15%
U.S. Purses $125,070,907 $106,817,021 +17.09%
U.S. Race Days 399 399 0.00%
U.S. Races 3,249 3,252 -0.09%
U.S. Starts 22,289 23,183 -3.86%
Average Field Size 6.86 7.13 -3.77%
Average Wagering Per Race Day $3,544,635 $3,549,960 -0.15%
Average Purses Per Race Day $313,461 $267,712 +17.09%

 

YTD 2022 vs. YTD 2021
Indicator YTD 2022 YTD 2021 % Change
Wagering on U.S. Races* $5,290,155,463 $5,284,770,052 +0.10%
U.S. Purses $473,272,997 $411,375,648 +15.05%
U.S. Race Days 1,501 1,444 +3.95%
U.S. Races 12,515 12,379 +1.10%
U.S. Starts 91,756 93,433 -1.79%
Average Field Size 7.33 7.55 -2.86%
Average Wagering Per Race Day $3,524,421 $3,659,813 -3.70%
Average Purses Per Race Day $315,305 $284,886 +10.68%

2020 Comparisons:

May 2022 vs. May 2020
Indicator May 2022 May 2020 % Change
Wagering on U.S. Races* $1,414,309,517 $908,333,874 +55.70%
U.S. Purses $125,070,907 $31,971,002 +291.20%
U.S. Race Days 399 123 +224.39%
U.S. Races 3,249 1,059 +206.80%
U.S. Starts 22,289 9,145 +143.73%
Average Field Size 6.86 8.64 -20.56%
Average Wagering Per Race Day $3,544,635 $7,384,828 -52.00%
Average Purses Per Race Day $313,461 $259,927 +20.60%

 

YTD 2022 vs. YTD 2020
Indicator YTD 2022 YTD 2020 % Change
Wagering on U.S. Races* $5,290,155,463 $4,056,194,923 +30.42%
U.S. Purses $473,272,997 $254,699,053 +85.82%
U.S. Race Days 1,501 1,001 +49.95%
U.S. Races 12,515 8,421 +48.62%
U.S. Starts 91,756 67,928 +35.08%
Average Field Size 7.33 8.07 -9.11%
Average Wagering Per Race Day $3,524,421 $4,052,143 -13.02%
Average Purses Per Race Day $315,305 $254,445 +23.92%

 

2019 Comparisons:

May 2022 vs. May 2019
Indicator May 2022 May 2019 % Change
Wagering on U.S. Races* $1,414,309,517 $1,300,923,869 +8.72%
U.S. Purses $125,070,907 $115,776,828 +8.03%
U.S. Race Days 399 450 -11.33%
U.S. Races 3,249 3,650 -10.99%
U.S. Starts 22,289 25,955 -14.12%
Average Field Size 6.86 7.11 -3.53%
Average Wagering Per Race Day $3,544,635 $2,890,942 +22.61%
Average Purses Per Race Day $313,461 $257,282 +21.84%

 

 

YTD 2022 vs. YTD 2019
Indicator YTD 2022 YTD 2019 % Change
Wagering on U.S. Races* $5,290,155,463 $4,681,850,887 +12.99%
U.S. Purses $473,272,997 $428,807,298 +10.37%
U.S. Race Days 1,501 1,605 -6.48%
U.S. Races 12,515 13,552 -7.65%
U.S. Starts 91,756 102,513 -10.49%
Average Field Size 7.33 7.56 -3.08%
Average Wagering Per Race Day $3,524,421 $2,917,041 +20.82%
Average Purses Per Race Day $315,305 $267,170 +18.02%

 

 

* Includes worldwide commingled wagering on U.S. races.

The post Economic Indicators: Wagering Down Slightly In May; Average Field Size Dips Below 7 appeared first on Horse Racing News | Paulick Report.

Source of original post

Verified by MonsterInsights