Mike Repole Wants to Win the Kentucky Derby, But That’s Not His Only Goal
Reforming horse racing, growing United Football League are also priorities
LOUISVILLE, Ky. – It’s around nine o’clock on Thursday evening. In less than 48 hours, billionaire entrepreneur Mike Repole could be at Churchill Downs celebrating his first Kentucky Derby victory thanks to Renegade, who happens to be the morning-line favorite for Saturday’s race.
The Kentucky Derby is a week-long celebration, and not just at Churchill. There are numerous events held across the city, ranging from community-wide gatherings to galas that bring celebrities, athletes, and others to town.
Rather than attending one of those events, Repole chose to create another, the United Football League Derby Classic presented by DraftKings. A co-owner of the league, he’s on the sideline at Lynn Family Stadium, watching the Louisville Kings play the St. Louis Battlehawks among a crowd of about 10,000. Standing next to him are UFL President and CEO Russ Brandon and Operations Director David Dykeman.
A few feet behind him in a white tent in the corner of the stadium, Repole’s throwing a party for 75 friends and family members he’s invited for the weekend.
It’s surreal,” he told Gambling Insider. “I’ve always had a think big, dream bigger mantra.”
Last year, Repole lost out on his chance for the Derby after a foot bruise sidelined Grande the race. However, it was far from an unsuccessful weekend for him.
At that time, Repole was also in negotiations to buy into the UFL. While in town, he passed the soccer stadium that holds about 15,000, piquing his interest. He started looking into the stadium, and when he closed on the UFL deal, he wanted to bring a team to play there.
A year later, he stood on that field, with his friends and family.
Not Just About The Kentucky Derby
Repole has had a somewhat star-crossed history with the Kentucky Derby. In 2011, he came to town with Uncle Mo, a 2-year-old champion that was one of the top betting picks for the Derby. Unfortunately, he did not recover from a stomach ailment that had bothered the colt for about a month, and his connections scratched him from the race.
At that time, he expressed disappointment, but at then 42 years old, he believed there would be more Derbies to come. There have been, but 15 years later, he still has not reached the winner’s circle, as he is 0-for-11. Most notably, in 2023, a Kentucky racing veterinarian scratched Forte for a bruised hoof on race day.
Despite being so close to thoroughbred racing’s ultimate prize, Repole says getting to Louisville with a 3-year-old contender is still special, but other races matter, too.
“If you get into this Derby, you must have won some really, really big races to get here,” he said. “I won the Arkansas Derby twice. I’ve won the Wood Memorial twice. I’ve won the Florida Derby twice. I won the Louisiana Derby.
I’ve had many horses lose a Derby, and Fierceness came back and won the Travers. Stay Thirsty came back, won the Travers. Vino Russo came back and won the (Breeders’ Cup) Classic. So, it is the race, but what happens before and what happens after are pretty special.”
Racing Needs ‘Transformational Change’
So even if Renegade, who drew the dreaded inside gate, doesn’t come through, it won’t necessarily be a losing weekend for Repole, who is one of racing’s most outspoken owners.
He has spent recent years using his position to push for numerous changes to a sport that continues to lose both horsemen and the wagering fans who help fund it. He again used his platform this year, drawing a large group of reporters to his stable Thursday morning for what he called a “state of the union” on the sport.
For example, the Kentucky Derby is by far the biggest event in racing. It attracts hundreds of thousands of people to Churchill Downs during Derby Week, and the broadcast draws an audience exceeding 20 million. However, rather than building upon that to draw interest in other races and tracks, the sport keeps spinning its wheels.
Repole said that he has seen some movement since he’s been making his call, but it’s not enough.
“The game needs transformational change… What I’m asking for is a complete change of what we’ve been doing for the last 30 years,” he said. “That hasn’t worked. Whether it’s industry leaders or it’s just fans, we all agree. Why can’t we get something done? That’s the frustrating part.”
Horse Racing Fans Deserve ‘Fair Shot’
The biggest issue horse racing faces is its shrinking fan base.
One of Repole’s primary issues is that the current system of parimutuel wagering, where a significant portion of the handle comes from a few computer-assisted wagering accounts that can receive rebates and lower takeout rates from the tracks. As a result, it’s the fans that end up losing money and, eventually, interest.
The current system, where horses go off at 8-1 and cross the line at 3-1, is not going to work anymore,” he said. “There has to be some sort of solution that protects the horse player and makes them feel like they have a chance. They’re not trying to make this a full-time job, but they’re trying to have fun and just have a fair shot.”
Much of Repole’s ire over the state of the sport has been aimed at The Jockey Club, a racing industry organization that dates back more than 130 years, for several reasons. Repole has accused its leadership of having several conflicts of interest and not acting with transparency, both of which he claims have hurt the sport.
Just last month, Repole celebrated the passing of House Bill 904 by Kentucky General Assembly. The wide-ranging gaming bill, which will permit fixed-odds wagering on racing, also included a provision that barred agencies that register stallions from limiting the number of mares bred to them. The law also calls on the Kentucky Horse Racing and Gaming Corporation to select another official registrar should The Jockey Club try to impose limits.
Earlier this year, The Jockey Club issued a statement addressing several of Repole’s claims.
“These reckless accusations are irresponsible, unfounded, and deeply unfair to the individuals who volunteer their time and act in good faith to support the activities of The Jockey Club,” the organization said.
UFL Showing Signs of Success
Even as he’s just halfway through his first season with the UFL, Repole is already starting to envision the spring football league expanding. This season, viewership is up 3%, according to Sports Business Journal, after it fell by 20% last year.
Average attendance at league games hovers above 11,000, and with several teams playing in soccer stadiums smaller than most football stadiums, that size crowd looks better on TV.
That’s why he sees a future for spring football. He does not want to compete with the college and NFL, but offer a complementary product instead.
One way the league has sought to boost engagement is by having DraftKings as the league’s official sports betting and daily fantasy partner. Repole called it one of the league’s most important business partners.
DraftKings helps by “getting the players known and getting the teams known,” he said. “Also, people just want to view the game and have a little interest. Just like the horse track, they like to play a couple dollars… a partnership like DraftKings is going to grow this league.”
Much like his endeavors in racing and business, Repole has maintained a hands-on approach with the league, too. Several Louisville players stopped to greet him Thursday, and he also spent time with son of Kings coach Chris Redman and his fraternity brothers.
While many successful business leaders can come across as aloof, that’s not Repole. Redman called him a “unique person” who wants everyone in the league succeed.
“There’s a reason why he’s been so successful,” Redman said. “It’s the way he builds things. He knows that it’s grassroots, it’s taking care of people, it’s caring about people… He’s doing some great things for this league, and this league is going to thrive, just like every business he’s owned.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
