The 150th Kentucky Derby isn’t just a milestone year for America’s longest continuously running sporting event.
Online and retail sports betting launched in September in a state that’s long been known for pari-mutuel wagering, bringing even more attention to an event that has surpassed its handle record in each of the last two runnings.
Twenty horses qualify for the Kentucky Derby, which is set to run May 4 at Churchill Downs in Louisville.
The Kentucky Oaks runs the day before, and 14 Saturday events will keep pari-mutuel bettors and horse-racing enthusiasts entertained throughout the weekend.
For newcomers to horse racing or those with existing sportsbook accounts, here’s a look at how much money will be wagered and where to bet The Most Exciting Two Minutes in Sports:
Records are meant to be broken
What kind of betting figures will this year’s Kentucky Derby – run by three-year-old thoroughbreds on a 1 1/4-mile track – generate? If recent history is any indication, it’ll be historical.
Counting all wagering sources, the $288.7 million bet during the 2023 Kentucky Derby Day program set a record, passing the $273.8 million from 2022.
Last year’s Kentucky Derby alone recorded a handle of $188.7 million, up 5.4% from the previous year. The entire Derby week brought in $412 million in bets, also a record-high and up from $391.8 million produced in 2022.
The first leg in the quest for the Triple Crown is set to surpass them all.
"The Kentucky Derby has broken its own handle record the past two consecutive years,” Andrew Moore, general manager of racing at FanDuel, told Covers. “Given the excitement around the 150th anniversary and the increased reach via online sportsbooks like FanDuel, we expect another record year in handle.”
FanDuel’s exclusive experience
FanDuel has a unique partnership with Churchill Downs that allows account holders to place Kentucky Derby bets from their sportsbook.
“FanDuel continues to lead the industry as the only online sportsbook to offer a single account and wallet for sports and horse racing wagering,” Moore said in a statement. “Coupling this exceptional race and our leading technology is a unique opportunity to introduce new fans to the sport of horse racing. We will be utilizing our platform to bring FanDuel customers a set of special offers and a one-of-a-kind experience for the Derby.”
Other states where FanDuel users can place bets from the sportsbook app include Colorado, Illinois, Louisiana, Maryland, Indiana, Michigan, Ohio, New York, Pennsylvania, Virginia, West Virginia, and Wyoming.
Bettors in other states FanDuel operates in must download the FanDuel Racing app to wager on the Kentucky Derby.
Others getting in on the action
FanDuel doesn’t have the market cornered on horse racing.
Post Positions for the 150th Kentucky Derby presented by Woodford Reserve. pic.twitter.com/E2DFN5poae
— Kentucky Derby (@KentuckyDerby) April 27, 2024
TwinSpires.com is the official online betting partner of the Kentucky Derby and has been taking horse-racing bets long before online sportsbooks became legal in the U.S. The pari-mutuel company has a desktop and app version for watching and betting.
DraftKings launched the DK Horse app in 19 states last year. BetMGM Horse Racing is available in Ohio, Louisiana, and Florida.
Caesars Racebook is available in 21 states, including California, Florida, and Kentucky.
Bonuses abound
Newcomers to pari-mutuel racing have the opportunity to cash in on sportsbook promotions at sign-up.
FanDuel is offering a “No Sweat Bet” of up to $500 for first-time customers.
DK Horse has a 100% deposit match up to $250, while TwinSpires.com is giving away a $200 sign-up bonus. Caesars Racebook also offers a first-time deposit match.
What to bet
The Kentucky Derby is bound to get some first-time bettors. And the options can be daunting to understand. Sure, picking horses to win at varying odds is available, but wagers can be made on place and show.
There are also a host of exotic wagers, like exacta and trifecta that involve multiple horses for big payouts.
The horse racing sites and apps come with how-to guides to help customers find the bets that fit them the best.
