Racing's handle dips just 26% with five tracks running in April

Much has been written about handle increases at the five tracks open in April 2020, but what is rather remarkable is that they alone managed to equal 74% of all wagering for April 2019.

U.S. Thoroughbred handle dipped only 26% last month despite only 718 races run compared to 2,586 during the same period last year.

The below table illustrates how handle was on the rise in 2020 before the COVID-19 pandemic halted some racing in March and led to other tracks doing business behind closed doors and relying on online betting.

Looking at the key performance indicators for handle, it's stunning that roughly 1/4 of the races (28%) were able to replicate nearly 3/4 of the handle (74%).

The jump in average field size was significant from 2019 to 2020, moving from 7.5 to 9.2 starters per race. The handle per runner was up 118%, from $42,837 to $93,464.

These increases are notable that with less racing, field size grew considerably and the productivity (in terms of pari-mutuel handle generated per runner) more than doubled.  

Looking at the five tracks open in April, Gulfstream Park and Oaklawn Park accounted for 65% of the handle. Still, all five tracks handled more than $50 million for the month, which is the same number of tracks that handled that mark in April 2019. 

April 2020 - All Tracks

April 2019 - Top 10 Tracks

The top 10 tracks in April 2019 handled $674.5 million, just 9% more than the five April 2020 tracks handled.

Huge increases for April 2020 tracks

The five tracks open in April showed huge increases in handle, driven by the scarcity of options available both in racing and the larger gambling landscape.

But overall, doesn't April 2020 become a major statement for the value of less racing? Fewer races overall generate larger fields across the board, which in turn generates larger pools.

Horseplayers demonstrated they will devote significant handle to smaller tracks such Will Rogers Downs and Fonner Park when they are one of a few tracks running. 

It is also worth mentioning that all of this handle was generated with the total absence of night racing, although Fonner Park did start cards at 5 p.m. ET. If just one rack had been open for night racing four days a week in April, it may have generated handle well north of $60 million.