NEWS
Handle on pace for record decline in '08
Posted: Thursday, October 09, 2008 4:20 PM
by Frank Angst
A combination of economic problems and the sport’s own difficulties have Thoroughbred racing on pace for a record decline in pari-mutuel handle in 2008.
The National Thoroughbred Racing Association and Equibase Co. on Thursday released figures that show a 5.75% drop in wagering levels for the first nine months of 2008 compared with ’07. If that percentage remains constant through the end of the year, it would mark the largest percentage drop since the advent of simulcast wagering and the dollar figure would be a record $84.7-million.
Since 1980, the largest previous percentage drops in a given year were 2005, when wagering was down 3.6%, and 1986, when it declined 5.1%. In Jockey Club handle figures back to 1980, there have only been seven years in which wagering declined (assuming 2008 shows a decline). Four of those seven down years, however, have come since 2004.
The third quarter, which featured top meets at Del Mar and Saratoga Race Course, saw handle fall 9.85% compared with last year’s third quarter.
This summer’s spike in gas prices and a sour economy in general have been well documented, but racing also has its own problems.
Bettors who prefer to wager from home are unable to bet on all tracks from any single site. A horsemen’s dispute with several racetracks, including Churchill Downs and Calder Race Course, has kept those signals from being available for advance deposit wagering. Also, horse racing has been waging a public relations fight on horse welfare and safety issues.
“Our industry’s difficult year continued during the summer as a harsh economy and other factors continued to negatively impact business,” NTRA President Alex Waldrop said.
Total purses were off 2.37% during the third quarter, while race days were down 1.29%. For the nine months ending on September 30, purses were down 0.04% and race days off by 0.87%.
Frank Angst is senior writer of Thoroughbred Times
