Wagering Declines 3.4% Over First Quarter of 2023

Despite a rise in handle in March, wagering on United States races in the first quarter of 2023 fell 3.4% to $2.7 billion compared to the same period in 2022, according to figures distributed April 6 by Equibase. The figures include worldwide commingled wagering on U.S. races.

Purses, which across much of the country are bolstered by gaming revenue, grew 8.7% relative to last year's first quarter, rising to more than $266 million, and purses per day this year averaged $323,643, up 6.7%. Race days, races, and starts also climbed over the first three months of 2023 vs. 2022, rising 1.9%, 3.1%, and 3.6%, respectively. 

Field size grew marginally to nearly 7.6 starters per race, up 0.5%. Increased field size typically leads to an increase in wagering. 

March figures provided a boost to first-quarter results in 2023, with all economic indicators provided by Equibase rising over the month, topped by purses climbing almost 9.2%. Average field size in March also outpaced overall first-quarter returns on a percentage basis, rising 1.6%.

Turfway Park in Northern Kentucky was among the tracks that raced with elevated purses this year. It opened its new grandstand and gaming facility with purse-generating historical horse racing devices in the fall.

The track reported a sizable spike in handle during its recently completed meet, and field size increased from 9.1 to almost 9.8 starters per race.