Churchill Downs sees record handle for Kentucky Derby

CDI has announced that Kentucky Derby wagering from all sources hit an all-time high.

US.- Churchill Downs Incorporated (CDI) has reported figures from the 149th Kentucky Derby, which took place on May 6. It says wagering from all sources hit all-time highs on the Kentucky Derby, the Kentucky Derby Day programme and Kentucky Derby Week races.

Wagering on the Kentucky Derby Day programme reached a record of $288.7m, beating 2022’s record of $273.8m. Kentucky Derby race bets hit $188.7m, beating last year’s $179m. The handle for Derby Week reached $412m, beating 2022’s $391.8m.

TwinSpires, the official betting partner of the Kentucky Derby, handled $73.6m in bets on Churchill Downs races for the Kentucky Derby Day program, compared to last year’s record of $67.4m. TwinSpires’ handle on the Kentucky Derby race was $47m, beating last year’s $44m.

The main race was won by Mage, bred in Kentucky by Grandview Equine (Robert Clay), trained by Gustavo Delgado and ridden by Javier Castellano. Mage covered the mile and a quarter in 2.01.57.

Bill Carstanjen, CEO of CDI, said: “We expect the Kentucky Derby Week Adjusted EBITDA to reflect a new record with $14 to $16m of growth over the prior record set last year. We will now accelerate our focus on our year-long celebration in preparation for the 150th Kentucky Derby in May 2024.”

Churchill Downs Q1 revenue increases 54%

Churchill Downs recorded $559.5m in net revenue for Q1 2023, up 54 per cent compared to the same period in 2022 ($364.1m). The company’s adjusted EBITDA was $222.9m, up 73 per cent. The company’s live and historical racing net revenue for Q1 increased from $87.2m to $215.8m. Its adjusted EBITDA was $82.1m, up 194 per cent compared to the same period last year.