Record Wagering on 2024 Kentucky Derby – But How Does It Compare with Other Sports?

Brian Hernandez Jr. aboard Mystik Dan (right) wins the 150th Kentucky Derby at Churchill Downs, May 4, 2024. (Image: AP Photo/Alamy)

The first weekend in May has come and gone, and the 2024 Kentucky Derby is now in the books after a thrilling finish. The bettors seemed to come out for their particular brand of enjoyment as well, wagering a record amount on the results of the race. 

But how did the 2024 version of “The Greatest Two Minutes in Racing” compare to other major sporting events?

Longshot Winner, Lots of Money on the Line

For the 2024 Kentucky Derby, there was $210.7 million wagered on the outcome of the 150^th running of the event. According to Churchill Downs, that topped the previous record set last year by $20 million. 

For the entirety of the schedule last Saturday, $320.5 million was put down at the windows, also besting last year’s previous record of $288.7 million.

The largess was not limited to just the grounds of Churchill Downs, either. Twin Spires, the aptly named online betting arm of the venerable racecourse, took in a record $92.1 million in betting action on the entirety of the card Saturday. 

Put that amount together with the $320 million that went in the tills, and Churchill Downs officials were probably not too bothered that an 18-1 longshot, Mystik Dan, eked out a win by a nose over runner-up Sierra Leone and the show horse Forever Young in the Sport of Kings.

Unfortunately for fans of thoroughbred horseracing - also available to bet on at some casino sites - 2024 does not look like a year when we will see the next Triple Crown winner. 

Mystik Dan trainer Kenny McPeek stated that he has had an unpleasant experience previously with running Mystik Dan on two weeks' rest, which is when the Preakness will be run in Maryland.

A trail of dust marks greatness, as the racers blaze towards the finish line at the Kentucky Derby. (Image: Cal Sport Media via AP Images / Alamy)

The trainer of Sierra Leone, Chad Brown, has also said that he plans to keep Sierra Leone out of the Preakness and concentrate on the now shortened to a mile and a quarter (previously a brutal mile and a half) Belmont Stakes in five weeks due to poor recovery from the Derby; Forever Young, a Japanese bred horse, has already headed back to the Land of the Rising Sun.

How Does the Derby Compare?

The Derby’s wagering is impressive considering it is all in one afternoon of thoroughbred racing, but the amount of money laid out pales compared to that of other major sporting events.

In the US, there are several events that people think of when they drop a wager. One is the monthlong frenzy that is "March Madness,” the NCAA Men’s Basketball Championship. In 2024, the NCAA Tournament generated $2.1 billion in official sports betting revenues, according to the American Gaming Association. 

Compared to the Kentucky Derby, that might be impressive, but the NCAA Tournament pales in comparison to two major players.

The Super Bowl is the prime betting option for many in the United States. This year’s Super Bowl, between the Patrick Mahomes-led (and eventual champion) AFC Champion Kansas City Chiefs and the NFC Champion San Francisco 49ers, was expected to generate a massive $23.1 billion in wins. 

When it comes to football, however, it is not America’s version of the game that scores the biggest gambling take.

That honor would go to the 2022 World Cup, soccer’s World Championship event, which enthralls the world and is making inroads in the US. Back in 2022, the World Cup was held for the first time in the Middle Eastern nation of Qatar, and the bettors came out in droves for that monthlong battle. 

$35 billion was wagered on the tournament, according to Barclay's, which was won on penalty kicks. The third-time win by the Lionel Messi-led Argentinian squad over the Kylian Mbappe-led (and defending champion) French team.

The 2026 World Cup, which will be held in the United States, Canada, and Mexico, should beat those numbers. First, the tournament has been expanded for 2026 to include 48 teams, up from the 32 national teams that past World Cup tournaments have taken. 

The increase in teams also means an increase in games, from 64 to 80. The betting action should easily outpace the 2022 numbers based on these facts alone.

There are plenty of other contenders for big betting options for punters, including the Epsom Derby in England, Champions League football (soccer) in Europe, and the National Football League regular season in the United States. 

They may generate some substantial numbers but, for two minutes, the Kentucky Derby wins the race by several lengths.