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March Economic Indicators; Wagering And Purses Rise While Number Of Races Decline

Wagering on U.S. races, available and paid purses and the average field size, all saw increases to varying degrees, while the number of races declined during the month of March, according to information released by Equibase on Friday.

Total wagering of over $972 million on races during the month represented a 0.99% increase over the same period from 2022, while available purses of $102.8 million were up by 8.41%. The figure of over $98 million for paid purses in March was up 7.55%. However, the total number of race days dropped from 294 to 284 (3.40%) and the number of U.S. races was down from 2,469 in March 2023 to last month's tally of 2,398.

Average field size in March was up over a year ago, however, and checked in at an average of 7.54 runners, an increase of 0.82%. Average daily wagering was up by 4.54% to $3,422,734 and the average available purse number per race day was up 16.79% to $362,067 from the figure of $310,014 in 2022.

For the first quarter of 2024, wagering on U.S. races declined 4.04% to $2.590 billion. Available purse money was up 0.41%, while the paid purse money was down 0.53%. Average daily wagering of $3.44 million was up by 4.75% while the average available purses per race day increased by 14.11% to $354,826.

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Wagering on U.S. Races Declines in February

Wagering on U.S. races dipped 2.85% in February, with 11 fewer racing dates, in year-to-year comparisons released Tuesday by Equibase, while through two months of 2024, wagering is down 6.83% with 59 fewer race days than the same period in 2023. Wagering in February totaled $838,195,585, compared to $862,782,585 in February, 2023. Through two months, a total of $1,618,055,698 was wagered in U.S. races. That figure was $1,736,625,054 after two months of 2023.

While available purse money increased 6.44% to $86,413,218 in February, that figure year-to-date is down 4.03% to $164,357,301.

There were 252 race days in February, compared to 263 in 2023, bringing the year-to-date total to 469 versus 528 a year ago. There were 4,007 races in January and February, compared to 4,508 during that period in 2023.

Average field size rose slightly during the first two months of the year, from 7.66 in 2023 to 7.77 in 2024.

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Weather Causes Drop In January Economic Indicators

Several days of cancelled races due to weather, especially along the East Coast, led to over a 10% dip in wagering from January compared to the same time last year according to statistics released by Equibase. Last month saw 217 race days with a total of 1,853 carded races and $779,860,113 wagered (-10.76%), down from 265 days, 2,280 races and $873,842,469 wagered in Jan. '23, leading to drops in purses paid (-14.94%) and totals starts (-17.36%). On the positive side, despite those cancellations, average wagering was up (+8.99%) as was average available purses per race day (+9.97%). Field size was also up on the month with the average race seeing 7.86 runners (+1.68%).

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Little Named VP of Racing Services at Equibase

Scott Little has been appointed vice president of racing services at Equibase. Little, who has served as the company's director of track services since 2021, will directly oversee setup, operation, and maintenance of the E-GPS technology systems being utilized at 28 racetracks and coordinate chart-calling staff at more than 125 tracks across the country.

A graduate of the Racetrack Industry Program at the University of Arizona, Little served as a product manager for AmTote prior to joining Equibase. Before transitioning to horse racing, Little spent his career in the hospitality and customer service industry, managing four-star resorts and serving as a vice president of a leading hospitality software company.

“In a short amount of time, Scott has proven to be an invaluable asset in leading our data collection efforts, both in working with racetracks and our team,” said Kelley Kraeszig, Equibase's senior vice president for business operations and administration. “His strong background with technology and skills in project management will serve him well in this expanded role.”

Equibase Company is a partnership between The Jockey Club and the Thoroughbred Racing Associations of North America and serves as the Thoroughbred industry's official database.

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