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.

2019 Comparisons:

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

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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.

2019 Comparisons:

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

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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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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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The handle for the GI Kentucky Derby day card at Churchill Downs fell dramatically this year. A total of $128.3 million was bet on the 14 races. In 2019, $250.9 million was wagered on the card. Nonetheless, the $128.3 million was the most bet on any racing program this year and was a major factor in the overall increase for September.

With the increase in numbers during September, total handle for the year is off just 2.86% from the numbers posted in 2019, when COVID-19 did not affect racing schedules.

There was more discouraging news when it came to purses. Because of the coronavirus, almost all betting is being done through ADWs, which contribute a lower percentage to purses than brick-and-mortar betting. Some tracks have also had to go several months without receiving contributions from casinos.

Purses were $110,251,841 in September, a 6.75% percent decline. For the year, they are down 29.61% , with $264.7 million less having been paid out this year when compared to 2019.

The lower purse total is also related to the reduction in racing days. Through September, there were 2,509 race cards held during the year. Through September 2019, that number was 3,515.

The average field size in September was 7.88, a modest increase. For the year, the field size has averaged 7.87 for a 6.53% increase.

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Prior to the release of the figures, there had already been signs that July was going to be a good month. The handle for GI Haskell S. day at Monmouth was over $20 million, the most that track has handled outside of the Breeders’ Cup. NYRA reported that handle at Saratoga for the opening weekend was up 9.4%.

The July numbers were a welcome sign after handle was battered by coronavirus shutdowns in March, April and May. Handle was down at least 22% all three months and fell by 30.16% in May, which, in a normal year, would have included the GI Kentucky Derby and GI Preakness S. Those races have been postponed until later this year.

Thanks in large part to the July numbers, total handle is down only 6.96% on the year.

The number of races run during the month and the number of race days remained on the decline. There were 3,290 races, a 12.35% drop off from last year, and 484 race days, a 17.77% decrease. But wagering on the races that were run was robust. The average amount wagered per race day was $2,761,165, a 41.83% increase.

Average field size also inched up. It was 7.97 starters per race versus 7.4 in July, 2019.

Perhaps the only negative news in the figures released Wednesday by Equibase came in the category of total purses. They were $90,224,084 in July, down 12.69% from last year. But average purses per race day was up, by 6.17%. For the year, purses are down $233 million or 35.99%.

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