Weather Can't Rain on Kentucky Derby Handle Records

Despite a rain-soaked day, the 151st Kentucky Derby (G1) managed to set handle records for the race, the day, and the week as Sovereignty claimed the roses. After the conclusion of the May 3 card, Louisville, Ky.-based Churchill Downs Inc. reported business results for Kentucky Derby week, which is a huge driver for the company's racing division. Company officials had signaled days ago that results would be similar to last year's—as opposed to the frequent year-over-year gains. All-sources betting on the Kentucky Derby card at Churchill Downs reached $349 million, up 9% from last year's record $320.5 million. Betting on this year's 19-horse Derby race totaled $234.4 million, up 11% from last year's record $210.7 million in a 20-horse Derby. Derby week handle was $473.9 million, up 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. The Derby Day crowd of 147,406 was down 6% from last year's 156,710. The record of 170,513 was established in 2015. Churchill also reported its TwinSpires.com advance-deposit wagering service saw $108 million in wagering on races for the Derby Day program, a 17% increase over last year's record $92.1 million. The Derby race handle of $73 million for TwinSpires is up 20% from last year's record $60.9 million. "We congratulate the connections of Sovereignty on an impressive win over a very talented field of horses," CDI CEO Bill Carstanjen said. "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." The company said it expects Derby week adjusted EBITDA to be its second best—between $2 million to $4 million lower than last year's record, which the company said then grew between $26 million and $28 million. The company had indicated on an April 24 call with investors that demand for some lower-tier Derby tickets was less than anticipated and that the adjusted EBITDA would be comparable to last year. Carstanjen said then the new Starting Gate Pavilion had not sold as well as forecasted. "I think what we have seen over the last number of years, when we introduce a new area, we have been able to go right to the price that we target as our long-term price and then grow off that," he said on the call. "I think when we look at this year, we weren't able to take that same kind of price that we have taken in previous year, where we go right to our three-year at maturity type price for a new area." Carstanjen said in the call that he wasn't worried about pricing in the future. "Part of our plan for the Derby as it's always been is to develop new areas, introduce people to those areas and be able to yield price as they appreciate the value of the experience. That chain this year in 2025, in my opinion, took a little bit of a jolt because we didn't have the endless pool of demand that we have seen in prior years."