The 150th running of the Kentucky Derby set several new betting handle records. Churchill Downs announced $320.5 million was wagered from all sources on the Kentucky Derby Day program. This beat the previous record of $288.7 million set in 2023.
All-sources wagering on the Kentucky Derby race itself wound up netting $210.7 million, another record, which beat $188.7 million wagered in 2023. The all-sources betting handle for Derby Week also set a record of $446.6 million, with nearly a $35 million increase from 2023. The previous Derby Week betting handle record was $412 million, set last year.
Mystik Dan won the 150th running of the Derby in a photo finish, at 18-1 odds.
Mystik Dan wins the 150th running of the Kentucky Derby ? #KyDerby
— Churchill Downs (@ChurchillDowns) May 4, 2024
pic.twitter.com/Qb4kNG7VK4
Online sports betting impact
Kentucky launched legal online sports betting in September. The 150th Kentucky Derby was the first time sports bettors physically present in the Bluegrass State could place wagers on the multitude of races held at Churchill Downs.
TwinSpires is the official online betting partner of the Kentucky Derby and it also set a new record, bringing in $92.1 million in wagering on Churchill Downs races for the Kentucky Derby Day program. This compares to $75.5 million in wagering logged by TwinSpires during 2023. TwinSpires’ betting handle on the Kentucky Derby race set a record of $60.9 million, surpassing the $48.9 million recorded in 2023.
Along with TwinSpires, which has a legally licensed mobile app and site for sports betting, numerous other online sportsbook operators also ran Kentucky Derby promotional offers and bonuses for bettors to claim. Online sportsbooks focused on promoting their horse racing apps, like DraftKings’ DK Horse app and Caesars Racebook. FanDuel’s convenient accessibility to horse racing directly from FanDuel Sportsbook undoubtedly played a huge role in increasing the total betting handle recorded for the Kentucky Derby.
CDI expectations fulfilled
Leading up to the 150th Kentucky Derby, CDI anticipated another record-breaking year at their iconic venue.
“We expect the Kentucky Derby Week Adjusted EBITDA to reflect a new record with $26 to $28 million of growth over the prior record set last year,” CDI CEO Bill Carstanjen said of the total earnings expected to be accrued in 2024.
This turned out to be an accurate prediction, although it was a bit modest in comparison to the final tally. The all-sources handle for the Kentucky Derby Week reached $446.6 million this past weekend, up over $34 million based on the previous record of $412 million generated in 2023.
