US horse racing betting in 2020 almost achieved the positions from 2019. However, purses, due to the Covid-19 condition, took a massive hit. That is following the year-end data provided by Equibase in the previous week.
Bettors amounted to more than around $10.9 million on horse races in the previous year. That was around $108.6 million down or less than 1% from the $11 billion bets in 2019. The handle reduction was merely a blip, even though the number of races plummeted by around 23.5%.
Plummeted Impact
COVID had an extraordinary impact on racing in the previous year. Major companies like Santa Anita, Churchill Downs, and Belmont Park lost many races due to the virus. In addition, all types of Triple Crown races had been forced to restructure their schedules. That made officials at Churchill Downs to operate the Kentucky Derby in last year’s September. In Maryland, Pimlico Racecourse shifted the Preakness Stakes one month to October.
All types of Triple Crown Races had been without beholders. So, though the maximum portion of wagers on those races occur virtually, the lack of fans particularly had an impact. This impact hit mostly the undercard races for major racing days.
The Kentucky Derby’s handle was down nearly 50%. That $124.9 million reductions was far greater than the year-on-year decline. However, while prime tracks found their cut in race days, other tracks were able to extend their calendar. In April and March, as most sports stay on the pause of the virus, gamblers were capable of pile up wager at those tracks as Nebraska’s Tampa Bay Downs and Fonner Park in Florida.
Fewer racing days and fewer races meant a lack of available money for horsemen in the previous year. Net purses for American races dropped by nearly $300 million to around $869.8 million.
The pandemic issue could possibly carry over this new year for racing and even if the country and other sides progress in that recovery.
