The 151st Kentucky Derby, held on Saturday, set a new record betting handle for US horse racing. Early reports suggest US gamblers staked a total of $234.4 million on the race, up 11% from last year’s $210.7 million.
It was the second running of the race since Kentucky sports betting was legalized in September 2023. In total, 41 states across the US now allow legal horse racing wagering.
The race was won by Sovereignty, who went off at +800. It was the first win of the iconic race for Gololphin under jockey Junior Alvarado. The Bill Mott-trained colt delivered a commanding performance in the 1¼-mile classic race, giving the Hall of Fame trainer his second Derby victory.
Record handles all round
Churchill also reported that its TwinSpires.com advance-deposit wagering service saw $108 million in wagering on races for the Derby Day program, a 17% increase over last year’s record $92.1 million. The Derby race handle of $73 million for TwinSpires is up 20% from last year’s record $60.9 million.
“We congratulate the connections of Sovereignty on an impressive win over a very talented field of horses,” CDI CEO Bill Carstanjen said. “We are thrilled with our performance following the 150th milestone year in 2024 and we will grow the Kentucky Derby in the years to come.”
All-sources betting on the Kentucky Derby card at Churchill Downs reached $349 million, up 9% from last year’s record $320.5 million. Derby week handle was $473.9 million, up 6% from last year’s record $446.6 million. Combined all-sources handle of $422.9 million was up 7% for both the Kentucky Oaks (G1) and Derby days, compared to last year’s record $395.8 million.
Overall earnings down
Despite the record betting handle, Churchill Downs indicated that the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Derby Week was $2-4 million lower than last year’s record performance.
According to Jefferies analyst David Katz, “The primary reason for the decline in earnings is that ticket sales over the final 30 days up to the event were lower than expected. The reasons for the missed expectations included the closer-in sales of some newer seating areas and likely poor weather on Derby weekend.”
The race was watched by a crowd of 147,406 at Churchill Downs, down about 6% from last year’s attendance of 156,710. The all-time attendance record of 170,513 was set in 2015.
Horse racing trailing behind other sports
While the Kentucky Derby has grown in betting handle, total wagering on U.S. horse racing declined for the third consecutive year in 2024. There was a 3.35% drop in the year’s betting handle to $11.26 billion, down from $11.65 billion in 2023.
That decline is more marked when considering overall betting handle was up 23.5% across all sports. US bettors staked approximately $149.2 billion last year, generating a record $13.7 billion in gross gaming revenue.
The biggest betting event of the year was the Super Bowl, which attracted $1.39 billion in wagers. An estimated $3.1 billion was also wagered on March Madness, which puts the Kentucky Derby numbers into context.
Global gambling statistics also reflect the trend of bettors moving away from horse racing to football, basketball, and other more popular sports. But, the big events such as the Kentucky Derby continue to attract attention from casual gamblers.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
