The 150th Kentucky Derby Blew Past Its Betting Record: $210.7M Wagered In 2024
Churchill Downs' Racetrack communications department (yes that's a thing and no I've never heard it before writing this) Tweeted out Sunday the 2024 Kentucky Derby set a betting record at the 150th Run for the Roses on Saturday. This year's Kentucky Derby comfortably surpassed the previous record of $188.7 million, set in 2023, by raking in $210.7 million.
The Kentucky Derby 2024's betting record had a more decisive victory than the race itself. The 150th Kentucky Derby was one of the most thrilling ever. Much to my chagrin, Mystik Dan, beat the second and third betting choices by a nose, Sierra Leone and Forever Young, respectively, in that order.
Mystik Dan crosses the finish line ahead of Sierra Leone and Forever Young in the 150th running of the Kentucky Derby at Churchill Downs in Louisville. (Photo: Michael Reaves/Getty Images)
I went on FOX Weather on Friday afternoon to discuss the Kentucky Derby. FOX Weather anchor Jane Minar asked me what horse to bet if it rained Derby Day and/or if the track was sloppy. I told Jane, "If it rains, Mystik Dan has the most betting value because his fastest race was on a sloppy track". There was clear weather Saturday and, of course, I didn't bet Mystik Dan.
Mystical Night: Kentucky Derby Won By Mystik Dan
Instead, Forever Young was my pick to win the Run for the Roses. He is the fastest Japanese racehorse to ever enter the Derby and he gave it a hell of a run. Japan was so pumped about Forever Young that the country broke its Kentucky Derby betting record with $10.1 million wagered, beating the previous record of $8.1 million, set in 2022.
The Kentucky Derby was already one of the most bet-on sporting events on the calendar, even before setting records in back-to-back years. We must acknowledge that the legalization and increasing popularity of sports betting brings in more money for all sports. If people have a little action on the race, fight, or game, they'll tune in longer.
This explains why the NFL, MLB, NBA, and NHL partnered with sportsbooks since the Supreme Court struck down the federal ban on sports betting in 2018. More people betting equals more people watching equals bigger TV rights and sponsorship deals. It's also why the 2024 Preakness Stakes will break its record for most money bet Saturday, May 21.
Thanks to sports betting, all of these leagues have fatter pockets. Even the NBA, despite ripping off its fans nightly during the regular season.
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