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Handle Drops by 3.7% in 2023 as Purses Also Take a Slight Dip

According to data released Friday by Equibase, handle in 2023 fell by $447,759,362 for a decline of 3.7 percent. Had handle not rebounded in December, which saw a 6.62% increase, the figures would have looked much worse.

Outside of the COVID year of 2020, this was the steepest decline based on percentage of handle since 2011. A total of $11,658,624,859 was wagered in 2023.

“I think we got quite a blip coming out of the pandemic when we were the only game in town,” said Marshall Gramm, an economics professor, horseplayer and the managing partner of Ten Strike Stable. “Now, I think we are feeling the real competition from sports betting. It's proliferated everywhere and at such a cheaper price point. Then we have small field sizes and the quality of the product is deteriorating. A lot of things have come together. The game is getting ever tougher for the real hardcore weekend warriors who would handle a couple hundred thousand to a million a year. They're finding this market to be a lot tougher. It's shark eats shark out there.”

In a surprising development, U.S. purses fell from $1,309,888,791 to $1,305,772,102, for a decline of .31 percent. With so much money being funneled into purses accounts from alternative forms of gambling, purses rose by 35.8% in 2021, the year after COVID. They were up 10.9 percent in 2022. With the casino market pretty saturated in this country, massive year-over-year increases in purses may be a thing of the past.

There was a reduction of 5.48% in the category of U.S. Race Days and a dip of 3.34 percent in U.S. starts.

In a somewhat encouraging development, the average field size actually showed a slight increase from 7.3 to 7.43.

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Keeneland Wraps 2023 Fall Meet With Near-Record Handle

Keeneland closed its 2023 Fall Meet on a high note Saturday. The meet produced total all-sources wagering of $201.7 million, the second-highest Fall Meet handle and fourth-highest handle in Keeneland history.

“The Fall Meet was terrific from start to finish, and we are thankful for the strong support of our participants, fans and community,” Keeneland President and CEO Shannon Arvin said. “It was rewarding to see crowds line the rail through the very last race every day, savoring all the excitement this season had to offer. And with the recent announcement of our new Paddock Building and Saddling Paddock enhancements, we look forward to offering even more unique experiences for our guests in the future.”

All-sources wagering (not including whole-card simulcasting at Keeneland) for the 17-day Fall Meet, held Oct. 6-28, totaled $201,739,442, down 3.43% from last year's record Fall Meet of $208,907,655.

On-track wagering of $16,266,007 marked an increase of 5.96% from last year's $15,351,232. Average daily purses of $1,135,604 during the Fall Meet attracted fields that averaged 9.1 starters per race.

Jockeys Tyler Gaffalione and Luis Saez, who finished 1-2 in the rider standings during this year's Spring Meet, also battled for top honors this Fall with Gaffalione securing the lead on closing day for his fourth Fall Meet title and seventh overall.

Trainer Brad Cox earned his fourth consecutive Fall Meet training title and fifth overall while Sheikh Mohammed bin Rashid Al Maktoum's Godolphin and Richard Rigney's Rigney Racing tied for leading owner with four wins each.

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Wagering Up 4.3% at Kentucky Downs

Edited Press Release

The key indicators to measure the success of a race meet were either up or maintained a lofty level at the FanDuel Meet at Kentucky Downs, which came to a close Wednesday.

Purses paid out to horse owners were a record for the 12th straight year. Money wagered was another record, increasing 4.3%. Field sizes remained among the highest in the country with an average of 10.42 starters per race.

“Kentucky Downs' ownership led by Ron Winchell and Marc Falcone continually pushes us to present racing in a different way, to look for ways to innovate and improve,” said Ted Nicholson, Kentucky Downs' Vice President for Racing. “We put a premium on creating a memorable experience for our guests, horsemen and our sponsors. Horse owners put on the show. We want to show our recognition and appreciation for that with our hospitality.”

All-sources wagering on the meet totaled $83,640,261, up from $80,175,928 last year. A total of $25,065,000 was offered in purses for 76 races, including $10,523,750 in purse supplements from the Kentucky Thoroughbred Development Fund. Of the 11 stakes offering $1 million or more in purses, 10 were won by Kentucky-breds.

Total purses paid out this meet is still being verified but is certain to top last year's $17,863,177 for 73 races. Seventy-two different ownership entities won races.

Damon Thayer, Kentucky's Senate Majority Floor Leader, has seen up close the transformation of Kentucky Downs.

“Yes, the financial success is there with the handle being up,” said Thayer, who attended five of the meet's seven days. “But it also has a cool vibe factor going for it. I also think the prestige of the meet is starting to get baked in across North America. It used to be kind of a quirky, novelty track, and there were some people who wouldn't run here. Now everybody is coming. All the jockeys are here, all the trainers, the big outfits. It exemplifies what's going right with Kentucky racing.”

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Kentucky Downs VP Of Racing Ted Nicholson Joins TDN Writers’ Room

It's the meet that keeps getting bigger, richer and better every year. During the seven days of racing that makes up the Kentucky Downs meet, there will be 11 stakes races worth at least $1 million and it looks like the all-turf establishment is on track to set another handle record. How has Kentucky Downs done it? Ted Nicholson, the track's vice president of racing joined the TDN Writers' Room Podcast presented by Keeneland to talk about one of the sport's great success stories. He was this week's Green Group Guest of the Week.

With so much money available for purses and with such a short meet, some wonder why Kentucky Downs doesn't add race days? Nicholson said the main reason for not doing so is to make sure the turf course is not overused.

“What's obviously on everybody's mind these days is safety,” Nicholson said. “So, if I added a day, it would have to be a day where it would be almost like a spare day. Because the reality is we run 75 races over a turf course and we have three lanes. That means you're running an average of 25 races on each lane. That's a lot of pounding. I've got the best turf guy in the business with Butch Lehr, who was at Churchill for 45 years. But even Butch would shake his head and say, 'no, I wouldn't do it.' I think we're going to be at seven days for a little while until I can figure out how I can add a fourth lane.”

Kentucky Downs has always been known for having one of the lowest takeouts in the sport, so it came as a surprise when it announced that the takeout was going to be increased by one percent in all pools this year. The horseplayers weren't happy.

“It wasn't an easy decision and it wasn't made in a vacuum,” Nicholson said. “The decision was really a tough one and the reason behind it was that I had to find a way to find some revenue. It's great to have great big purses and we had a record handle last year. But when you're running only for two weeks, you have an inordinate amount of expenses to put on a temporary show. I have a lot of tents, I have a lot of temporary expenses. I have 60 people that live here temporarily, which means I put them up in hotels to pull off this show for two weeks or three. They're here typically for three weeks. So, I have a lot of expenses. They're all going up. Even the people that you see in between the races, those folks that are on the turf and they're tamping down those divots. Those folks used to work for $10 an hour. Now it's $25. So, you can see where my expenses have gone. On top of that, you we got a bill from HISA for $650,000 for a seven-day race meet. Before I was paying the state of Kentucky $48,000 for the same exact thing. Because our expenses have been skyrocketing, I felt like had to go a little higher.”

Will Kentucky Downs ever erect a grandstand? It's unlikely.

“I can't tell you many times people have said to me, 'I love this atmosphere, so don't ever change it,'” Nicholson said. “When it comes to putting up a grandstand, I think would change the genuine feel of of what Kentucky Downs is really all about. I think people love the ability to just pull up and tailgate at the top of the stretch or pull out their folding chairs and set up on the rail. That's the essence of what this place is. We want to try to improve every year, but not lose the real true essence of what this place is all about.”

Elsewhere on the podcast, which is also sponsored by the Pennsylvania Horse Breeders Association, Kentucky Thoroughbred Owners and Breeders, WinStar Farm, XBTV.com, Stonestreet Farms, Lane's End and https://www.threechimneys.com/ West Point Thoroughbreds, the team of Zoe Cadman, Bill Finley and Randy Moss reviewed the Saratoga meet, touching on what went wrong, what went right and the changes that may be coming to the upstate New York track. Those changes include moving the 2024 and 2025 GI Belmont S. to Saratoga while Belmont Park is being rebuilt and installing a synthetic track that would complement the dirt track and the two turf courses. Also, the team looked back at the GI Pacific Classic, won by Arabian Knight (Uncle Mo), as well as the 32-day suspension handed down to Del Mar rider Antonio Fresu for whip violations.

Click here to view the podcast video or here to listen to the audio version.

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