Records Fall, but Slight Decline in Derby Day Wagering

Churchill Downs Inc. officials had predicted that the 152nd Kentucky Derby (G1) would set records, and business numbers released after Golden Tempo won the Run for the Roses lived up to that billing. After the conclusion of the May 2 card, Louisville, Ky.-based Churchill Downs Inc. reported business results for Kentucky Derby week, which is a major driver for the company. Company officials had signaled days ago that results would be better than last year and even better than Derby 150. The company typically sees year-over-year gains, but last year's numbers were similar to 2024. CDI said it expects Derby week adjusted EBITDA to be a record with $15 million to $18 million of adjusted EBITDA growth compared to last year. The company had said this year's Derby benefited from renovations of The Mansion overlooking the finish line and the Finish Line Suites. For the first time ever, the Kentucky Oaks (G1) was run in primetime on NBC and for the first time since 2010, Churchill ran on the Sunday before the Derby. CDI told investors that it was confident in $15 million to $20 million of Derby growth over last year. Not all the numbers gained, with late scratches after wagering had begun leading to refunded wagers—including The Puma the morning of the race and Great White as the field was loading. All-sources betting on the May 2 Kentucky Derby card at Churchill Downs reached $340 million, down 2.6% from last year's record $349 million. Betting on this year's 18-horse Derby race totaled $225 million, down 3.8% from last year's record $234 million in a 19-horse Derby. Derby week handle was $487 million, up 3% from last year's record $473.9 million. Combined all-sources handle of $429 million was up 1% from last year's record $422.9 million for both the Kentucky Oaks and Derby days. The Derby Day crowd of 150,415 was up 2% from 147,406 last year. The 2024 crowd was 156,710, and the record of 170,513 was established in 2015. CDI also reported its TwinSpires.com advance-deposit wagering service saw $89 million in wagering on Churchill Downs races for the Derby Day program, up 1% over last year. The Derby race handle of $57 million for TwinSpires was flat compared to last year. TwinSpires handled a record $129 million in wagering on Churchill Downs races for Kentucky Derby week, up 6% from the prior record set in 2025. TwinSpires handle excludes handle generated by Velocity, Churchill's computer-assisted wagering platform, and national affiliates, the company said. "We commend the connections of Golden Tempo on an exceptional victory in the 152nd running of the Kentucky Derby," said Bill Carstanjen, CEO of CDI. "This year's Kentucky Derby week was a remarkable celebration of racing."