Despite fewer race dates, handle inched up in June

Wagering on U.S. races was nearly $1 billion in June, a figure that is similar to monthly betting totals prior to the COVID-19 pandemic, despite a 36 percent decline in the number of races held in the month compared to June of last year.

Total betting was $998.4 million on 2,485 races, for a per-race figure of $401,770. Last year in June, total betting was $990.9 million on 3,905 races, for a per-race figure of $253,751.

The COVID-19 pandemic has disrupted racing schedules across the United States, but toward the end of June, most major racetracks had re-opened, although racing dates have been shuffled on most racing circuits.

In a typical year, summer is the busiest time for racing, as far as number of racetracks operating.

Betting figures have been robust during the pandemic for individual tracks because most major sports have ceased operating, creating an opportunity for racetracks to attract television coverage and betting dollars, albeit largely through legal account-wagering operations. However, unemployment figures remain at recession levels amid the widespread upheaval created by the pandemic, among other disruptions, and comparisons during the outbreak are hard to justify due to the hundreds of different factors affecting businesses this spring and summer.

Purses distributed over 300 racing dates during the quarter were $69.5 million. Last year, purses distributed over 499 racing dates were $115.2 million. Average purse per race day was statistically identical this June to June of last year. Many racetracks have become conservative with purses during the pandemic due to the closure of casinos, which in many states provide enormous subsidies to racing.

Average field size during June was 8.14 horses per race. Average field size in June of last year was 7.1 horses per race. Field size has been bolstered by horsemen eager to get starts for their stables after sitting out most of the spring due to racetrack closures.

For the quarter ending in June, total betting was $2.55 billion on 4,290 races, for an average perrace figure of $593,555. For the quarter ending in June last year, total betting was $3.14 billion on 10,167 races, for an average perrace figure of $308,626.

Purses in the quarter this year were $118.9 million, while purses distributed last year (a figure that includes the prizes for the three Triple Crown races and the stakes races accompanying them) were $316.9 million. Field size for the second quarter was 8.42 horses per race, whereas field size in the second quarter last year was 7.22 horses per race.

For the first six months of the year, total handle has been $5.06 billion on 4,290 races. For the first six months of last year, total handle was $5.67 billion on 17,457 races.