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Economic Indicators For October: Field Sizes, Race Days Down While Wagering, Purses Up

Equibase, North America's horse racing's official database, has released its economic indicators for October 2021. These indicators include field size, wagering, number of race days, and other information distributed monthly alongside year-to-date, 2019, and 2020 data. The database shares 2020 and 2021 statistics and includes 2019's data for comparison to pre-pandemic numbers.

October's economic indicators show a decrease in the number of race days, number of races, and the average field size, while total wagering on American races, amount of purses awarded, and average wagering per race day have increased from October 2020. The number of race days decreased by 3.53%, with 12 fewer race days in October 2021 than in 2020. Fewer race days meant fewer races run, a 3.65% decrease over last year, and fewer starts for American horses, down 7.41% from 2020. The average field size decreased as well, from 7.86 in October 2020 to 7.55 in October 2021. These numbers reflect a continued trend from pre-pandemic October 2019, with the largest decrease in the total number of starts.

While the number of race days and races decreased from 2020, the total amount of money wagered and the amount wagered per race day increased, as did average purses awarded per race day and total purses awarded. Wagering totals from October 2020 were buoyed by the $51.2 million wagered on the Preakness, which was moved from its usual spot on the calendar in May due to the pandemic.

The largest increase was in average purses awarded per race day in October 2021, which was 22.97% higher than 2020. The total amount of purse money awarded in the United States grew similarly, up 18.63% from October 2020. These numbers are similar to those from October 2019.

Though the total wagered on races in the United States only grew by 2.32%, the average wagering per race day was up 6.06%, reversing a trend from September where wagering had decreased. These totals are up from 2019 as well, showing a 22.49% and 24.73% increase respectively from pre-pandemic numbers. Even with a decrease in the number of races, race days, and average field size, the amount wagered per day and over the course of the month continues to show double-digit growth. Year-to-date comparisons from 2019 to 2021 show similar trends.

Overall, while the number of races and race days has decreased, the amount of purse money awarded, the amount of money wagered on an average day, and the amount wagered in total has increased.

October 2021 vs. October 2020
Indicator	October 2021	October 2020	% Change
Wagering on U.S. Races*	$950,624,087	$929,063,211	+2.32%
U.S. Purses	$107,844,038	$90,904,717	+18.63%
U.S. Race Days	328	340	-3.53%
U.S. Races	2,748	2,852	-3.65%
U.S. Starts	20,750	22,410	-7.41%
Average Field Size	7.55	7.86	-3.90%
Average Wagering Per Race Day	$2,898,244	$2,732,539	+6.06%
Average Purses Per Race Day	$328,793	$267,367	+22.97%

YTD 2021 vs. YTD 2020
Indicator	YTD 2021	YTD 2020	% Change
Wagering on U.S. Races*	$10,448,766,933	$9,275,606,633	+12.65%
U.S. Purses	$988,391,517	$720,140,966	+37.25%
U.S. Race Days	3,530	2,849	+23.90%
U.S. Races	28,976	23,747	+22.02%
U.S. Starts	211,377	186,886	+13.10%
Average Field Size	7.29	7.87	-7.31%
Average Wagering Per Race Day	$2,959,991	$3,255,741	-9.08%
Average Purses Per Race Day	$279,998	$252,770	+10.77%

2019 Comparisons:

October 2021 vs. October 2019
Indicator	October 2021	October 2019	% Change
Wagering on U.S. Races*	$950,624,087	$776,071,164	+22.49%
U.S. Purses	$107,844,038	$91,981,753	+17.25%
U.S. Race Days	328	334	-1.80%
U.S. Races	2,748	2,754	-0.22%
U.S. Starts	20,750	22,176	-6.43%
Average Field Size	7.55	8.05	-6.23%
Average Wagering Per Race Day	$2,898,244	$2,323,566	+24.73%
Average Purses Per Race Day	$328,793	$275,394	+19.39%

YTD 2021 vs. YTD 2019
Indicator	YTD 2021	YTD 2019	% Change
Wagering on U.S. Races*	$10,448,766,933	$9,370,253,183	+11.51%
U.S. Purses	$988,391,517	$985,848,771	+0.26%
U.S. Race Days	3,530	3,849	-8.29%
U.S. Races	28,976	31,308	-7.45%
U.S. Starts	211,377	233,153	-9.34%
Average Field Size	7.29	7.45	-2.04%
Average Wagering Per Race Day	$2,959,991	$2,434,464	+21.59%
Average Purses Per Race Day	$279,998	$256,131	+9.32%

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

The post Economic Indicators For October: Field Sizes, Race Days Down While Wagering, Purses Up appeared first on Horse Racing News | Paulick Report.

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Equibase Economic Indicators For July: Decline In Field Size Affecting Wagering

Equibase, North American horse racing's official database, has released wagering statistics for the month of July and year to date, with comparisons to the COVID-19 influenced numbers from 2020 and pre-COVID stats from 2019. Equibase continues to supply monthly statistics during the pandemic after typically disseminating the information on a quarterly basis.

The economic indicators show a mixed bag of results, with July wagering up by 0.33 percent compared to July 2020 despite the addition of nearly 12 percent more racing days and 7.65 percent more races.

Wagering numbers undoubtedly were tempered by the nearly nine percent decline in average field size in July 2021, 6.95 horses per race compared with 7.62 in 2020. That contributed to a 10 percent decline in average wagering per race day. With fewer race days in July 2020 and for the first seven months of the year due to COVID shutdowns of some tracks, field size was greater in 2020.

Despite the stagnant July wagering, total purses jumped by more than 22 percent, with average purses per race day up by almost 10 percent.

Comparisons to July 2019 appear more favorable, with wagering up by almost 17 percent despite an eight percent drop in race days and starts. Average field size declined by 2.33 percent from July 2019 to July 2021.

Year-to-date figure comparisons to both 2020 and 2019 tell a similar story: wagering is up double digits, but average field size has declined (though by less than one percent compared to 2019 year-to-date when there were 10 percent more race days). Total purses are up year-to-date by 51 percent compared to 2020 where there were 36 percent fewer races but they are down by 3.35 percent compared with 2019.

July 2021 vs. July 2020
Indicator	July 2021	July 2020	% Change
Wagering on U.S. Races*	$1,101,617,446	$1,098,021,143	+0.33%
U.S. Purses	$110,489,273	$90,220,894	+22.47%
U.S. Race Days	445	398	+11.81%
U.S. Races	3,531	3,280	+7.65%
U.S. Starts	24,527	24,984	-1.83%
Average Field Size	6.95	7.62	-8.81%
Average Wagering Per Race Day	$2,475,545	$2,758,847	-10.27%
Average Purses Per Race Day	$248,291	$226,686	+9.53%

YTD 2021 vs. YTD 2020
Indicator	YTD 2021	YTD 2020	% Change
Wagering on U.S. Races*	$7,379,543,305	$6,152,548,050	+19.94%
U.S. Purses	$625,643,005	$414,389,542	+50.98%
U.S. Race Days	2,326	1,699	+36.90%
U.S. Races	19,323	14,186	+36.21%
U.S. Starts	141,830	113,058	+25.45%
Average Field Size	7.34	7.97	-7.90%
Average Wagering Per Race Day	$3,172,633	$3,621,276	-12.39%
Average Purses Per Race Day	$268,978	$243,902	+10.28%

2019 Comparisons:

July 2021 vs. July 2019
Indicator	July 2021	July 2019	% Change
Wagering on U.S. Races*	$1,101,617,446	$942,243,633	+16.91%
U.S. Purses	$110,489,273	$103,342,574	+6.92%
U.S. Race Days	445	484	-8.06%
U.S. Races	3,531	3,742	-5.64%
U.S. Starts	24,527	26,612	-7.83%
Average Field Size	6.95	7.11	-2.33%
Average Wagering Per Race Day	$2,475,545	$1,946,784	+27.16%
Average Purses Per Race Day	$248,291	$213,518	+16.29%

YTD 2021 vs. YTD 2019
Indicator	YTD 2021	YTD 2019	% Change
Wagering on U.S. Races*	$7,379,543,305	$6,615,017,905	+11.56%
U.S. Purses	$625,643,005	$647,344,706	-3.35%
U.S. Race Days	2,326	2,588	-10.12%
U.S. Races	19,323	21,199	-8.85%
U.S. Starts	141,830	156,851	-9.58%
Average Field Size	7.34	7.40	-0.80%
Average Wagering Per Race Day	$3,172,633	$2,556,035	+24.12%
Average Purses Per Race Day	$268,978	$250,133	+7.53%

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

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Handle on U.S. Racing Off Less Than One Percent in 2020

Despite a racing calendar ravaged by the coronavirus, all-sources handle on U.S. racing in 2020 declined by just .98%. According to Equibase, total handle on the year was $10,925,226,444 or $108,597,919 less than what it was in 2019.

Had the Triple Crown races not been rescheduled, it’s possible that handle might have risen on the year. The total handle for the three race days combined dropped by $208 million, or more than what handle was off for the entire year.

“The horse racing community is extremely resilient as borne out by the fact that despite the widespread and negative impacts of the coronavirus pandemic, pari-mutuel wagering on U.S. races held steady in 2020 at nearly $11 billion,” NTRA President and CEO Alex Waldrop said in a statement. “We thank both our customers and all of our essential participants on the backside and beyond for keeping the sport going and supporting the industry during what continues to be an unprecedented and challenging period, not only in the United States but around the world.”

The 2020 numbers were largely in line with the amount bet every year since 2011, when $10.77 billion was wagered. Since they have been relatively stagnant. However, the handle figure for 2020 represents a sharp decline from racing’s peak year in 2003 when a record $15.18 billion was bet.

The numbers were achieved during a year in which there was a 23.5% decline in the number of races that were run and a 25.38% drop in the number of racing programs that were offered. That was offset by a significant increase in the average amount wagered per race, which was $394,412, for a 29.4% increase over 2019. That could mean that there was little to no growth in the industry went it comes to wagering and that players simply bet the same amount of money that they did in 2019, but spread it around among fewer races.

When the major sports all shut down due to the coronavirus, horse racing had a window where it was the only legal form of sports wagering available and, thanks to its television presence, one of the few sporting events available for viewing. Whether or not racing picked up new customers during that period is open for debate.

“It will remain to be seen what the 2020 numbers mean,” said Marshall Gramm, an economics professor who is also an owner and horseplayer. “I don’t know if it’s reason to be positive or negative. I’m somewhat disappointed to see that we weren’t up on the year. But it’s hard to come out definitively to say this was a bad year or this was great year because there were so many factors involved. In many ways, there is some optimism to take away from this because handle wasn’t down as much as you might have thought with the lost days and lost events.”

Ironically, handle surged in the second half of the year, a time in which the major sports opened back up for business. After handle fell by 10.88% in the first half of the year, it increased by 9.49% in the second half. December proved to be a particularly good month, with $751.7 million wagered, an increase of 6.24%

Perhaps the most alarming number to come out Tuesday when Equibase released the year-end figures was the amount paid out in purses. Purses in 2020 totaled $869.7 million, a 25.53% drop from 2019 and the lowest amount paid out since 1997. The average purse for a race in 2020 was $31,399, a 2.7% decrease from the previous year.

The average field size for the year was 7.94, a 5.51% increase from 2019.

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Racing Economic Indicators: U.S. Wagering Down Marginally in November

Despite the rise in the COVID-19 infection rate in many states around the country, wagering on U.S. races managed to remain relatively stable, with only a slight dip from 2019 figures. A total of $895,325,220 was wagered last month, down 6.33% from November of 2019. Year-to-date figures decreased only 1.48% from $10,326,096,182 bet in 2019. Both figures include worldwide commingled wagering on U.S. races. In November, average wagering per race day jumped by 35.49% up to $3,996,998, while the year-to-date figure showed a similar pattern, rising by 33.78% to $3,310,512.

On the other hand, purses dropped precipitously last month when compared to the same period in 2019: a drop of 20.47% to $92,058,080 in 2020. From the start of the year through November, purses fell 26.28% to $812,146,506. Average purses per race day showed a slight increase to $264,285 (YTD), while rising by 15.03% to $410,974 for the month.

While U.S. race days fell from 324 to 224 last month, average field size showed a slight gain of 4.35% to 8.35.

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