Historic Kentucky Derby Tally: Highest-Ever Recorded Sports Wagering Handle in Horse Racing
CamJam: The Kentucky Derby Sets a New Betting Record, Yet Earnings Drop
The thrilling 151st running of the Kentucky Derby, held on a rainy Saturday, saw a record-breaking betting handle, with total stakes hitting an impressive $234.4 million. This marked a whopping 11% increase from the $210.7 million wagered last year.
Following the legalization of Kentucky sports betting in September 2023, the race was the second to be held under these new gambling laws. With 41 states now allowing legal horse racing wagering, it seems the industry is seeing a surge in interest.
Victorious in this year's iconic race was the colt Sovereignty, Victor Golophin's first Kentucky Derby win under jockey Junior Alvarado. Bill Mott, the Hall of Fame trainer, bagged his second Derby victory thanks to the commanding performance of his Bill Mott-trained colt in the 11⁄4-mile classic race.
Record-Breaking Betting at Churchill Downs
Churchill Downs also reported remarkable figures for its TwinSpires.com advance-deposit wagering service, with a staggering $108 million in wagers on the Derby Day program, representing a 17% increase over last year's record $92.1 million. The Derby race handle of $73 million for TwinSpires saw a 20% rise from last year's record $60.9 million.
"Kudos to the connections of Sovereignty for their stunning win on a challenging race day" said CDI CEO Bill Carstanjen. "We're thrilled with our performance following the 150th milestone year in 2024 and look forward to growing the Kentucky Derby in the years to come."
The overall 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 hit $473.9 million, rising 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.
Earnings Take a Dip
While the Derby broke betting records, the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Derby Week were $2-4 million lower than last year's impressive performance. Jefferies analyst David Katz attributes this decline to weak ticket sales in the final 30 days leading up to the event and poor weather conditions on Derby weekend.
Though the race attracted a crowd of 147,406 at Churchill Downs—a drop of roughly 6% compared to last year's attendance—the all-time attendance record of 170,513 remains unbeaten.
Horse Racing Falls Behind Others
Despite the growth in betting handle for the Kentucky Derby, total wagering on US horse racing has declined for the third consecutive year in 2024, with a decrease of 3.35% to $11.26 billion from $11.65 billion in 2023. This decline is even more significant when compared to the overall betting handle which rose 23.5% across all sports in the US in 2024, generating a record $13.7 billion in gross gaming revenue.
The highest-grossing betting event of the year, the Super Bowl, drew $1.39 billion in stakes, while an estimated $3.1 billion was wagered on March Madness, giving the Kentucky Derby numbers some perspective.
Global Gambling Trends
Worldwide betting statistics mirror the trend of bettors moving away from horse racing in favor of football, basketball, and other popular sports. However, major events like the Kentucky Derby continue to captivate casual gamblers.
Modernizing Horse Racing Betting
Despite these challenges, the horse racing industry is evolving by adopting technology such as mobile apps, data analysis tools, and live streaming platforms, which empower bettors to make well-informed decisions using statistical data and historical race results. As the broader sports betting market in the US continues to grow rapidly, it is worth keeping an eye on how horse racing adapts to remain competitive.
- The surge in interest for horse racing has been evident, with the increase in legal horse racing wagering now allowed in 41 states, and this trend was clearly seen at the Kentucky Derby, where the betting handle reached a record-breaking $234.4 million.
- Although the Kentucky Derby set a new betting record, the overall earnings before interest, taxes, depreciation, and amortization (EBITDA) for Derby Week showed a dip, with a decrease of $2-4 million compared to last year. This drop may be attributed to weak ticket sales and poor weather conditions during the event.
