Benzinga - by Chris Katje, Benzinga Staff Writer.
The 150th running of the Kentucky Derby saw underdog Mystik Dan win, marking a third straight year of a horse with 15-to-1 or worse odds winning the key horse racing event.
This year's event set several records along the way.
What Happened: The Kentucky Derby was watched by an average of 16.7 million viewers, with many tuning in to see if favorite Fierceness (3-to-1) could end the jinx of the number 17 post, the only starting number 1 to 20 to never produce a winner.
The race was broadcast on NBC and streamed on Peacock, which are units of Comcast Corporation (NASDAQ:CMCSA). Viewership peaked at 20.1 million viewers during the race. Average viewership was up 13% from last year's race.
This marked the largest viewership for an NBC Sports presentation of the Kentucky Derby. The event was also the most streamed Kentucky Derby in history thanks to strong viewership on Peacock.
NBC Sports has averaged over 15 million viewers for 11 of the last 15 Kentucky Derby races held in May, which doesn't include the 2020 COVID-19 impacted race moved to September.
Saturday's race was also the most watched Kentucky Derby since the 1989 airing of the race on ABC, which had an average of 18.5 million viewers.
NBC Sports and race owner Churchill Downs Inc (NASDAQ:CHDN) also announced an extension of the coverage of the Kentucky Derby through 2032 over the weekend. Financial terms of the deal were not announced, but the extension could signal strength for Churchill Downs and its highly anticipated annual horse race.
NBC will also have coverage of the upcoming Triple Crown horse race, the Preakness Stakes on May 18. It is unknown if Mystik Dan will compete in the race with last year's Preakness featuring only one horse (winner Mage) from the Kentucky Derby.
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Betting Record Set: Churchill Downs reported a new record of $320.5 million was bet on the Kentucky Derby Day program of races Saturday, beating a record of $288.7 million set in 2023.
The Kentucky Derby race had $210.7 million in betting handle, which also broke a record ($188.7 million) set in 2023.
Derby Week betting hit a new record of $446.6 million, surpassing a total of $412.0 million.
TwinSpires, an online horse race betting platform owned by Churchill Downs, had a record of $92.1 million in wagers on Churchill Downs races Saturday, beating a prior record of $75.5 million set last year.
TwinSpires had a betting handle of $60.9 million on the Kentucky Derby Saturday, beating a previous record of $48.9 million set in 2023.
"We expect the Kentucky Derby Week Adjusted EBITDA to reflect a new record with $26 to $28 million of growth over the prior record set last year," Churchill Downs CEO Bill Carstanjen said.
A photo finish that found Mystik Dan win, which was the first three-horse photo finish since 1947, could bring excitement to horse racing once again.
While Churchill Downs doesn't own the next two legs of the Triple Crown, the company can benefit from an increased betting handle on horse racing. Its TwinSpires online horse racing betting brand is one of the largest in the sector.
Churchill Downs also has partnerships with sports betting companies such as Flutter Entertainment (NYSE:FLUT) and DraftKings Inc (NASDAQ:DKNG).
Flutter unit FanDuel offered a $20 promotion for anyone who bet on a horse to win the Kentucky Derby race that lost to be issued as a bonus bet.
CHDN Price Action: Churchill Downs stock is up 1.45% to $135.96 on Monday versus a 52-week trading range of $106.45 to $148.36. Shares of Churchill Downs are up 1% year-to-date in 2024.
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Photo: Shutterstock
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