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Gulfstream Boosts Spring/Summer Purses

Overnight purses for the upcoming Spring/Summer Meet at Gulfstream Park will be increased in all categories from open handicaps to $6,250 claiming races with conditions.

Open handicap purses will rise from $60,000 last season to $74,000; $6,250 claiming races with conditions will jump from $17,000 to $20,000; open allowances will be $10,000 higher than 2023 levels, ranging from $61,000 to $63,000; entry-level allowances for Florida-breds will increase from $43,000 to $48,000; maiden special weight races will increase by $10,000 to $60,000; maiden special weight races for Florida-breds will go up from $40,000 to $48,000; maiden races for $12,500 claimers will get a boost of $6,000 to $25,000; starter allowance purses will increase from $3,000 to $9,000 (from $25,000 to $49,000); and the purse for a $50,000 claiming race for 3-year-olds will jump by $9,000 to $44,000.

“With the increased purses, grass racing, and our workers compensation program, Gulfstream is now the summer place to be,” said Florida Thoroughbred Horsemen's Association (FTHA) President Joe Orseno. “We are able to offer better purses and we hope this will encourage trainers and owners to keep horses at Gulfstream Park through the non-championship meet. A big thank you to 1/ST management and the FTHA purse committee for negotiating this competitive purse structure.”

Gulfstream will race four days a week from April to June and three days a week from July to November with turf racing throughout the spring and summer.

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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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Fair Grounds Offers Across the Board Purse Increase

Strong handle during the first seven weeks of the 152nd racing season has prompted a 10% purse increase across the board, in addition to $25,000 added to the purses of 10 stakes, announced Fair Grounds Race Course & Slots Tuesday.

“We're extremely excited to announce a 10% increase to our daily purse structure along with the $25,000 boost to 10 stakes,” Fair Grounds' racing secretary Scott Jones said. “Based on the strong early handle returns and continued support from our owners, horsemen, and horseplayers, we are in a position to raise purses.”

The 10% across the board purse increase will go in effect with Condition Book 4, which begins with the Thursday, Jan. 25 card (drawn Thursday, Jan. 18).

The purse increase includes both open races and Louisiana-bred races. Maiden special weight races will rise to $57,000. The seven remaining stakes–listed at $75,000–have been increased to $100,000: Louisiana Broodmare of the Year, Louisiana Stallion of the Year, Allen “Black Cat” Lacombe Memorial, Black Gold, Edward J. Johnston Memorial, Red Camelia and Page Cortez.

Additionally, three stakes slated for Louisiana Derby Day (Mar. 23) have been boosted by $25,000. The Tom Benson Memorial, a 1 1/16 miles turf route for older fillies and mares will now be run for $150,000 purse, and both the Crescent City Derby and Oaks will now be run for $125,000.

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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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