The 14 races that took place during the event drew a staggering $320.5 million, marking a significant increase from the $288.7 million recorded in 2023.
This growth is not attributed to any recent legalization of horse racing betting, as it is already legal in 40 states. Instead, it reflects the genuine growth and popularity of the sport. According to the PR team at Churchill Downs, $10.1 million of the bets originated from Japan, indicating the global appeal of the Kentucky Derby. The race featured two Japan-bred horses, Forever Young and T O Password, who finished third and unplaced respectively.
The Kentucky Derby, first televised in 1952, saw bettors wager $4.3 million at Churchill Downs the following year. Fast forward to the present, with the advent of sports betting apps, the numbers have soared to unprecedented levels. In 1973, Churchill Downs reported a total of $52.3 million wagered on the Kentucky Derby, the year Secretariat clinched the first leg of his legendary Triple Crown victory.
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This year, spectators were treated to a thrilling photo finish, with Mystik Dan emerging as the winner. At odds of 18/1, Mystik Dan's victory came as a surprise to many in the betting community, who had placed substantial bets on the favorite, Fierceness. However, there is speculation that Mystik Dan may not participate in the Preakness Stakes, potentially ending the Triple Crown chase.
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One notable bet was a $100,000 wager on Fierceness to win, indicative of the large bets often placed on the Pari-Mutuel betting system that horse racing offers. Unlike traditional betting systems where wagers are placed against the house, the Pari-Mutuel system involves betting against a pool of other bettors, with prices fluctuating constantly. The house takes a small percentage of the overall pool, which is then distributed to the winners.
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Despite the modern era's controversies and scandals, such as same-game parlays, player prop controversies, and the Shohei Ohtani scandal, horse racing appears to be stronger than ever in 2024. The record-breaking figures from the 150th Kentucky Derby are a testament to this enduring popularity.
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