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This Saturday marks the 150th running of the Kentucky Derby and a new report is detailing the growth in betting on the biggest event in horse racing. Navigating through economic fluctuations and technological shifts, the Derby betting landscape has shown impressive growth, according to a new study by Twinspires.com.
The company, which offers online horse race betting, analyzed 70 years of Derby betting data, showcasing major growth and adjusting for inflation to reflect today’s economic context. The study found almost a 500% growth in wagering from 1953 to 2023, with handle rising from $49 million to $288.7 million in today’s dollars over that time period.
TV, Expanded Betting Drive Growth
The study points to some major changes in the horse racing industry during the 70 years reviewed. The first opportunity to view the race in real time on television came in 1953, when a gray colt named Native Dancer lost to Dark Star. This became Native Dancer’s only defeat in a 22-race career.
However, betting was only allowed at Churchill Downs at the time. Expanded betting in the latter part of the 20th Century brought major growth for the race.
“The 1980s and ‘90s brought significant changes in technology and the relaxing of interstate wagering prohibitions, enabling the wider public to legally wager on the Kentucky Derby and its corresponding race card,” the study notes.
“Full card simulcasting was in full bloom by the early 2000s, and by that time betting by phone and online through advance deposit wagering (ADW) sites were also contributing to an explosion in growth. In 2003, all-sources handle on the Kentucky Day program had risen to $140.3 million, the equivalent of $232.2 million today. That real term increase was more than double what it was a decade earlier.”
Betting on “the greatest two minutes in sports” has never been easier with so many states now offering legalized sports betting. For those looking to wager on this year’s race, Florida Derby winner Fierceness is the early favorite at odds of 5-2. Blue Grass Stakes winner Sierra Leone’s odds come in second at 3-1.