Woodbine Entertainment's 2023 Thoroughbred season produced an all-sources handle of $613,125,180 CAD, which was the second largest single-season recorded, but that overall number was down $8 million from 2022, the organization said in a release Wednesday.
In 2023, a total of 1,180 races were contested over 128 dates of racing compared to 1,198 races over 132 dates in 2022. Woodbine ran four less dates and 18 less races in 2023 due to an unprecedented number of cancelled race cards (five) because of extreme heat and poor air quality caused by smoke from forest fires across Canada. The average field size for those races was 8.2, the same as 2022, and above the industry average.
In Ontario, wagering on Woodbine Thoroughbred racing by customers across the province was down 6.2% ($81.8 million this season vs $87.2 million in 2022).
The decline in home market wagering was partially mitigated by a foreign market handle of $512 million, a decrease from $515 million in 2022, though still a remarkable gain from the previous record of $420 million in 2021. The $512 million in foreign market handle was supported by a strong U.S. dollar.
The average handle per race in 2023 was a record $519,597. This is an increase of $580 per race from 2022.
To address the increased competition from an emerging licensed sports betting market, Woodbine Entertainment announced a partnership with global sports betting leader bet365 prior to The King's Plate.
“We are operating on a very solid foundation that positions us well to manage the current industry and economic trends,” said Michael Copeland, CEO, Woodbine Entertainment. “We also have opportunities before us that have not been fully realized yet, like the integration of racing into licensed sportsbooks, which will have a positive impact.”
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