Key points:
- The Kentucky Derby achieved an all-time wagering handle record over the weekend of $349m
- TwinSpires, the official betting partner, also saw a new handle record of $108m
- However, adjusted EBITDA is still expected to be $2m-$4m lower than last year
Sovereignty triumphed over Journalism this weekend at the 151st Kentucky Derby with record wagering handles.
The Kentucky Derby Festival is held for two weeks prior to the Kentucky Derby, which is held on the first Saturday in May.
The main race, the “Run of the Roses”, is also held on this day.
Churchill Downs Incorporated (CDI) revealed that the wagering handle for the Kentucky Derby day set a new record of $349m, which marks an 8.9% increase from the 150th anniversary event last year.
The handle for the Kentucky Derby race was an all-time high of $234.4m, an 11.2% increase from the year before.
For the overall Kentucky Derby Week, the $473.9m record beat last year's record amount of $446.6m.
TwinSpires, the official betting partner of the Kentucky Derby, also hit new records with a $108m handle for the day, a 17% increase; and $73m on the Kentucky Derby race, a 19.9% increase.
Good to know: Sovereignty defied the 7-1 odds to beat Journalism by a length and a half in front of 147,000 spectators
Bill Carstanjen, CDI CEO, said: “We congratulate the connections of Sovereignty on an impressive win over a very talented field of horses.
“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.”
However, while the company expects the adjusted EBITDA for Derby Week to be “one of the top two results in the company’s history”, it’s still on course to be $2m-$4m lower than last year.
Only a few weeks before the races, the Kentucky Derby named Ford as its exclusive automotive partner until 2029.
