New Heights for Wagering on Triple Crown Race Days

Behind record-breaking wagering on the Kentucky Derby (G1) day card as well as record Belmont Stakes (G1) day wagering for a non-Triple Crown year, handle on this year's three Triple Crown race days surpassed half a billion dollars. All-sources betting on the May 6 Kentucky Derby card at Churchill Downs reached $288.7 million, up 5% from last year's previous record of $273.8 million. Then Pimlico Race Course saw $101.7 million wagered on its Preakness Stakes (G1) day racing—the third straight year that wagering has surpassed $100 million on that card. The New York Racing Association closed out the successful series when its Belmont Stakes day generated all-sources handle of $118,283,455, up 5% from its previous record in a non-Triple Crown year (2021). After the Derby, Churchill Downs Inc. CEO Bill Carstanjen noted the continued success Kentucky Derby week generates for the company. "We expect the Kentucky Derby Week Adjusted EBITDA (earnings before taxes and other factors) to reflect a record with $14 (million) to $16 million of growth over the prior record set last year," Carstanjen said. "We will now accelerate our focus on our year-long celebration in preparation for the 150th Kentucky Derby in May 2024." The Belmont Stakes day card has been strengthened with races such as the Metropolitan Handicap (G1), which was moved from Memorial Day to Belmont day in 2014. NYRA and its former senior vice president for racing operations, Martin Panza, ushered in the big-day approach to the Belmont Stakes card in 2014. It has become one of the most important days of racing in North America, and Frank Gabriel Jr., who took over from Panza in January 2022, has kept it going. "The reasoning behind the past decision is that there was always a situation where there's that anticipation of maybe having a Triple Crown contender at the Belmont and it doesn't happen and it kind of depletes everyone's enthusiasm," Gabriel said before this year's race. "It's a great opportunity to have a good program on the day, which it's not as easy as it used to be. I mean, quality horses are limited and everyone's trying to do the same thing." Before this year's races, Gabriel credited the racing office, especially stakes coordinator Andrew Byrnes, with putting this year's big day together. Of course all of this comes with a qualifier. It's difficult to determine exactly what handle means these days because a good chunk of the wagering arrives from computer-robotic wagering teams. A recent study of California wagering by the Thoroughbred Idea Foundation determined that CRW wagering accounted for a third or more of the wagering in six different pools (trifecta, superfecta, Pick 3, Pick 4, Pick 5, Pick 6.) As the percentage of handle from CRW on Triple Crown days is unknown, it's difficult to say whether the record handle numbers indicate that new horseplayers are being drawn to the sport or if these teams are increasing their handle. As CRW teams receive rebates of unknown percentages, it's also difficult to determine how much the tracks and purse accounts are benefitting from these record days.