Betting on U.S. Races Falls About 2% in August

After outpacing 2019 betting handle earlier this summer, wagering in August fell slightly compared with the same month a year ago.

According to figures released Sept. 4 by Equibase, more than $1.15 billion was wagered on U.S. races in August, down 1.9% from the more than $1.17 billion wagered in August 2019. This followed a month in July in which $1.1 billion was bet, an increase of nearly 17% over the comparable 2019 month.

Much of U.S. wagering in August, and since April, was conducted via advance-deposit wagering platforms due to many tracks barring or limiting attendance as a COVID-19 safety precaution. August is typically a popular month for on-track wagering with Saratoga Race Course and Del Mar underway.

Sharp reductions last month occurred in purses, race days, and races. Purses totaled $104.5 million, spread over 445 race days and 3,607 races. These were drops of 19%, 14%, and 10%, respectively.

Fewer race dates and races amid COVID-19 appeared to contribute to a rise in average field size, which grew to almost 7.5 starters per race, compared to 7.2 in August 2019.

Average wagering per race day increased to almost $2.6 million, a rise of about 14%, but average purses per race day dipped 6% to $234,867.

Purses at many tracks have been affected by a loss of on-track handle as well as closures and reduced-capacity restrictions at casinos and gaming centers, revenue that can supplement purses.