The trend of fewer races and lower pari-mutuel wagering volume continued in September in the latest economic indicator report released by Equibase, the Thoroughbred industry's official database.
For the month, with multiple racing days lost due to storms, Equibase reported wagering on U.S. races was $880,632,380, down 5.87 percent from September 2022 when $935,580,978 was bet. The number of race days declined by 7.43 percent and total races were down 8.80 percent. Purse money paid was down by 2.83 percent.
September 2023 had nine weekend days plus the Labor Day holiday, compared to eight weekend days plus Labor Day in 2022. Weekend days produce higher wagering figures than week days.
Third quarter wagering, including statistics from July, August and September, was worse, with total betting down by 6.68 percent – almost identical to the drop in the number of race days and races. Storms and excessive heat from coast-to-coast caused racing cancellations or surface transfers that adversely affected the summer's two premier meets at Saratoga and Del Mar. Both tracks sustained year-over-year wagering declines.
For the first three quarters of 2023, the story was similar: wagering, race days , and total races declined while purses were up slightly. Average wagering per race day was up by less than one percent.
Average field size was up marginally in September, in the third quarter, and year-to-date. For the first nine months of 2023, the average field size was 7.30 runners, up 1.62 percent from 7.19 in 2022.
If fourth quarter wagering is similar to 2022, the year-end total will be approximately $11.5 billion. From 1997 through 2009, wagering ranged between $12 billion and $15 billion annually – the highest coming in 2003 when $15.2 billion was bet. Since 2010, wagering exceeded $12 billion twice, in 2021 and 2022.
Purses paid out, on the other hand, hit an all-time record in 2022 when they topped $1.25 billion.
| September 2023 vs. September 2022 | |||
| Indicator | September 2023 | September 2022 | % Change |
| Wagering on U.S. Races* | $880,632,380 | $935,580,978 | -5.87% |
| U.S. Purses (Available) | $133,995,302 | $138,305,022 | -3.12% |
| U.S. Purses (Paid) | $127,944,705 | $131,673,162 | -2.83% |
| U.S. Race Days | 374 | 404 | -7.43% |
| U.S. Races | 2,923 | 3,205 | -8.80% |
| U.S. Starts | 21,453 | 23,184 | -7.47% |
| Average Field Size | 7.34 | 7.23 | +1.46% |
| Average Wagering Per Race Day | $2,354,632 | $2,315,795 | +1.68% |
| Average Available Purses Per Race Day | $358,276 | $325,924 | +9.93% |
| 3rd QTR 2023 vs. 3rd QTR 2022 | |||
| Indicator | 3rd QTR 2023 | 3rd QTR 2022 | % Change |
| Wagering on U.S. Races* | $3,055,467,201 | $3,274,036,492 | -6.68% |
| U.S. Purses (Available) | $390,256,835 | $393,306,327 | -0.78% |
| U.S. Purses (Paid) | $371,597,023 | $378,162,702 | -1.74% |
| U.S. Race Days | 1,206 | 1,294 | -6.80% |
| U.S. Races | 9,443 | 10,140 | -6.87% |
| U.S. Starts | 67,750 | 71,936 | -5.82% |
| Average Field Size | 7.17 | 7.09 | +1.13% |
| Average Wagering Per Race Day | $2,533,555 | $2,530,167 | +0.13% |
| Average Available Purses Per Race Day | $323,596 | $292,243 | +10.73% |
| YTD 2023 vs. YTD 2022 | |||
| Indicator | YTD 2023 | YTD 2022 | % Change |
| Wagering on U.S. Races* | $9,129,984,403 | $9,536,655,717 | -4.26% |
| U.S. Purses (Available) | $989,057,359 | $982,036,590 | +0.71% |
| U.S. Purses (Paid) | $947,936,563 | $945,222,310 | +0.29% |
| U.S. Race Days | 3,067 | 3,223 | -4.84% |
| U.S. Races | 24,857 | 26,010 | -4.43% |
| U.S. Starts | 181,555 | 186,950 | -2.89% |
| Average Field Size | 7.30 | 7.19 | +1.62% |
| Average Wagering Per Race Day | $2,976,845 | $2,958,938 | +0.61% |
| Average Available Purses Per Race Day | $322,484 | $293,274 | +9.96% |
* Includes worldwide commingled wagering on U.S. races.
The post Economic Indicators: Wagering, Race Days Continue Downward Trend In September, Year-To-Date appeared first on Horse Racing News | Paulick Report.
