Sports betting experts speculate that the upcoming 150th Kentucky Derby could bring in an eventful month of wagering for Kentucky and the wagering industry, likely to surpass previous records.
Steve Bittenbender, a writer and gaming analyst for BetKentucky.com, believes that the Kentucky Derby could come close to a $200 million handle, reports the Louisville Courier-Journal. By itself, the 149th Run for the Roses saw a record $188.7 million in wagers.
The total handle for Kentucky Derby Day races could get close to $300 million or even eclipse that amount, reports the Courier-Journal. Bittenbender said both scenarios are realistic, especially considering this is the 150th Derby.
The expectation of another record-breaking year of wagering for the annual Kentucky Derby comes amid the growing popularity of sports gambling in Kentucky, which launched in September.
The Kentucky Horse Racing Commission recently released sports betting numbers for the first three months of 2024, showing that the Bluegrass State generated $70,123,255 in handle from January through March from off-track simulcasts on interstate and intertrack live horse racing.
In 2023, TwinSpires, the official betting partner of the Kentucky Derby, recorded $73.6 million in wagering on Kentucky Derby Day.
Meanwhile, FanDuel, the official sportsbook partner of Churchill Downs, has separately announced that it is gearing up for the milestone Run for the Roses on May 4th.
“The Kentucky Derby has broken its own handle record the past two consecutive years. Given the excitement around the 150th anniversary and the increased reach via online sportsbooks like FanDuel, we expect another record year in handle,” Andrew Moore, General Manager of racing at FanDuel, told the Courier-Journal.
In 2023, Kentucky recorded $288.7 million in handle from all sources. This is the highest number for Kentucky Derby Day betting so far, up from $273.8 million in 2022 and $233 million in 2021.
In 2020, the state recorded $126 million in handle as betting was affected by the lack of on-track wagering, and fewer horses per race, including the Kentucky Derby. The state, in contrast, recorded $250.9 million in pre-pandemic 2019, a record at its time.