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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NYRA Raises Purses For 2024 New York-Bred Foal Crop

Beginning on Jan. 1, 2026, New York-bred overnight races for 2-year-olds on the NYRA circuit will offer purse amounts matching the race's open-company counterpart, which will directly benefit the state's 2024 foal crop and pave the way to compete for some of the richest purses of any state-bred program in the nation, the association said in a release Wednesday.

At the 2023 summer meet at Saratoga Race Course, maiden races restricted to New York-bred 2-year-olds featured a purse of $88,000 compared to a purse of $105,000 offered for 2-year-olds competing in an open-company maiden event.

While this purse increase will impact only the 2024 New York-bred foal crop, NYRA intends to further expand purse parity for additional categories of New York-bred races in the future.

In 2022, NYRA conducted 556 races exclusively for registered New York-breds with purses totaling $42,366,000. Among those races were 56 stakes with $8,725,000 of purse money on offer. NYRA holds three high profile NY-bred showcase days annually, highlighted by New York Showcase Day at Saratoga Race Course. In 2023, Saratoga Showcase Day was run on the Sunday of Travers Weekend and featured a whopping 113 NY-breds competing in 11 races, including six stakes worth a combined $1.25 million.

As a result of the partnership between NYRA and FOX Sports, nearly every NY-bred contest is broadcast live to a national audience on the FOX Sports family of networks. Both Saratoga Live and America's Day at the Races, which are produced by NYRA, have generated sustained ratings growth since they were launched nationally in 2016.

“The New York-bred program is critically important to the future of thoroughbred racing in New York State,” said Dave O'Rourke, NYRA President & CEO. “This new purse structure increases the value of the upcoming foal crop of New York-breds, and reflects NYRA's commitment to the owners, breeders and trainers who choose to breed and race in New York.”

Beyond the rich purses offered by NYRA, a variety of owner, breeder and stallion awards are available to those who breed and race in New York. These lucrative incentives serve as a significant benefit to thoroughbred breeding farms across the state, which create and sustain thousands of jobs in every corner of New York.

“This initiative is a strong signal to the bloodstock market on why you should breed and foal in New York, and own a New York-bred to race,” said Najja Thompson, Executive Director of the New York Thoroughbred Breeders. “New York-breds compete and win at the highest levels, and NYRA's consistent support guarantees more opportunities than ever for New York State's breeders and owners.”

New York State has adopted rules that expand the reach of the New York-bred awards and benefits by clarifying a pathway for non-resident mares to gain residency status. According to the rule changes, a non-resident mare purchased in foal through public auction is deemed a resident mare provided the mare is purchased for at least $50,000 in the public auction; is present in the state of New York within 15 days after a sale in North America and 60 days at any public auction sale abroad; the foal is foaled in New York; and the mare thereafter is continuously in residence in New York from within 120 days after her last cover in the year of conception of another foal and remains in residency until foaling.

“It pays to participate in the New York-bred program,” added Thompson. “And bringing a mare back to New York is a valuable proposition, especially for the 2024 foaling season.”

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NYRA Instituting Purse Increases Beginning Oct. 18

The New York Racing Association, Inc. (NYRA) today announced that purse increases will take effect across a number of conditions beginning Sunday, October 18 and continuing through the remainder of the Belmont Park fall meet.

Notable among the significant purse increases is the open maiden special weight category increasing from $63,000 to $80,000 and the New York-bred maiden special weight category increasing from $52,000 to $70,000.

Purses for open claiming and maiden claiming races at NYRA are the highest in the country, providing opportunities for horsemen at all levels. The open $25,000 claiming category will see a $4,000 increase to $50,000, while the $40,000 maiden-claiming condition will now offer a purse of $43,000.

“The myriad impacts of the COVID-19 pandemic – including the suspension of live racing and the closure of casinos across New York – forced NYRA to make significant adjustments to the purse structure to ensure operational continuity throughout the spring, summer and early part of the fall,” said NYRA Senior Vice President of Racing Operations Martin Panza.


“NYRA made those strategic decisions early in the crisis so that we could restore our purses to near pre-pandemic levels as soon as possible to support New York's horsemen and the 19,000 jobs connected to thoroughbred racing in New York,” Panza continued. “Thanks to the incredibly strong wagering seen at Saratoga and into Belmont fall, coupled with the resumption of VLT revenues in early September, we are at this point even faster than expected. NYRA would like to thank Joe Appelbaum and the membership of the New York Thoroughbred Horsemen's Association for their hard work and collaboration in securing these increases.”

In addition to the purse increases beginning October 18, a retroactive purse payment for the first 16 days of the 27-day Belmont fall meet will be issued for 50 percent of the proposed purse increase. For example, the owner of the winner of an open maiden special weight will be entitled to the 55 percent winner's share [$4,675] of the $17,000 purse increase for that condition. The retroactive adjustments are applicable to qualifying races starting on September 18.

New York Thoroughbred Horsemen's Association President Joe Appelbaum expressed strong support for the NYRA's enhanced purse structure.

“It's wonderful to see the purses at Belmont going up,” said Appelbaum. “It demonstrates the popularity and resilience of our racing product and our horsemen will appreciate the return to more normal purse levels. Fingers crossed, we are all learning to manage cash-flow through COVID-19 and this is a testament to the clear-eyed planning of the spring and summer.”

Pari-mutuel wagering funds the majority of the NYRA purse account, which is awarded to horsemen and, in turn, benefits hundreds of small businesses operating at NYRA tracks and others dependent on the thoroughbred racing industry.

Following the March 19 suspension of live racing due to the COVID-19 pandemic, Belmont Park re-opened without spectators in attendance on June 3 for an abbreviated 25-day spring/summer meet. Despite running 23 fewer days than in 2019, a 48% decrease, all sources handle during the spring/summer meet totaled $386,654,955.The spring/summer meet generated $15,466,198 in average daily handle from all sources, a 42% increase over the 2019 spring/summer meet.

With significant COVID-19 health and safety protocols in place, including mandatory testing of all employees and on-track personnel, NYRA made the decision to conduct the 2020 summer meet at Saratoga Race Course as originally intended, albeit without spectators in attendance.

All-sources handle for the 2020 summer meet totaled $702,535,468 compared to $705,343,949 wagered from all sources on Saratoga in 2019.

In addition to pari-mutuel wagering, the remainder of the NYRA purse account is funded through VLT revenues generated by casinos located in downstate New York, most notably at Resorts World Casino at Aqueduct. Due to the impact of the COVID-19 pandemic, all casinos in New York were closed on March 16.
The phased re-opening of the New York state economy authorized casinos to re-open to the public at 25 percent capacity on September 9, 2020.

Live racing resumes at Belmont Park on Friday, October 16 with a 10-race card and first post of 12:20 p.m. For more additional information, please visit NYRA.com.

2020 Belmont Purse Schedule starting October 18, 2020

CL. ALW: $90,000
NW3X/80: $88,000
NW2X/62.5: $84,000
NW1X: $82,000

NW2X/40 (NY): $74,000
NW1X (NY): $72,000

CLM 50,000: $65,000
CLM 40,000: $60,000
CLM 32,000: $55,000
CLM 25,000: $50,000
CLM 20,000: $44,000
CLM 16,000: $39,000
CLM 12,500: $35,000
CLM 10,000: $28,000
CLM 8,000: $22,000

CLM 40,000 NW3: $47,000
CLM 25,000 NW3: $37,000
CLM 14,000 NW3: $28,000

SA 50,000 NW2: $55,000
CLM 40,000 NW2: $45,000
CLM 25,000 NW2: $36,000
CLM 16,000 NW2; $28,000

STR 25,000: $50,000
STR 20,000: $45,000
STR 16,000: $40,000

MSW: $80,000
MSW (NY): $70,000
MCL 75,000: $54,000
MCL 50,000: $48,000
MCL 40,000: $43,000
MCL 30,000: $38,000
MCL 20,000: $32,000
MCL 40,000 (NY): $43,000
MCL 25,000 (NY): $35,000

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Keefe: Maryland Racing Able To Maintain Purse Structure, Relax Some Backstretch Restrictions

Maryland Thoroughbred Horsemen's Association president Tim Keefe sent out the following letter to Maryland horsemen on Thursday:

Dear Horsemen,

As we get back into the swing of things with the return of live racing in Maryland after a two-and-a-half-month absence, the MTHA would like to sincerely thank the entire racing community for its patience and commitment under extremely difficult economic circumstances.

Please be confident, MTHA is working to ensure that Maryland-based owners and trainers have as many racing opportunities as possible while being mindful of the need to stretch purse funds as far as possible while revenue sources such as casino gaming, off-track betting and on-track betting are gradually restored.

After crunching our numbers with Maryland Jockey Club, we are pleased to be able to resume operations with the same purse structure for all overnight races throughout the rest of the summer while continuing running two days a week. Please know, the rumors of us being forced to cease racing the end of June are completely unfounded.

Moving forward, as revenues increase, we plan to add as many days to the calendar as feasible.

Additionally, Governor Hogan brought us some fantastic news by relaxing some restrictions in place and permitting Casinos to open June 19. Starting Saturday, MJC will be relaxing restrictions of owner's access to the backstretch as well as allowing all licensed personal access to the Backstretch. This is part of a gradual transition to more normal operations which we hope will lead to the opening of our facilities to the general public soon.

Maryland horsemen's resolve and fortitude has been remarkable, and we appreciate enormously your patience as we navigate these uncharted waters.

Again, thank you for staying the course, and success to all going forward. See you at the races.

Best of racing luck and be safe,

Timothy L. Keefe
President, MTHA

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