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The 144th running of the Kentucky Derby on Saturday set new records for total wagers, with just $150 million wagered on the biggest thoroughbred race of the calendar.
Those numbers have a real-world lesson that should be applied to Sports Betting.
Online horse betting for the Kentucky Derby
We also know that online wagering accounted for a sizable amount of that. According to Churchill Downs, handle for the day at its online wagering platform
TwinSpires was $39.2 million, up 15 percent from 2017. For the featured race alone, online handle at the site and mobile app clocked in at $24.6 million, up 18 percent year over year.
That’s despite the fact that the site was not taking bets for a period of what appears to be 15 to 20 minutes leading up to post time because of technical difficulties.
And those TwinSpires numbers don’t include the wagering at several other online horse betting sites.
Put simply, online wagering at just one online betting portal was about 16 percent of total handle for the Derby.
If you don’t do online Sports Betting, you’re doing it wrong
The lesson for states looking to legalize sports wagering should the federal ban be struck down in the Supreme Court Sports Betting case is simple:
You’re limiting yourself if you don’t legalize online betting in parallel with wagering at land-based facilities (casinos, tracks, etc.).
You’re not going to realize the full amount of revenue for gaming companies and in turn tax receipts without online betting.
The 144th running of the Kentucky Derby on Saturday set new records for total wagers, with just $150 million wagered on the biggest thoroughbred race of the calendar.
Those numbers have a real-world lesson that should be applied to Sports Betting.
Online horse betting for the Kentucky Derby
We also know that online wagering accounted for a sizable amount of that. According to Churchill Downs, handle for the day at its online wagering platform
TwinSpires was $39.2 million, up 15 percent from 2017. For the featured race alone, online handle at the site and mobile app clocked in at $24.6 million, up 18 percent year over year.
That’s despite the fact that the site was not taking bets for a period of what appears to be 15 to 20 minutes leading up to post time because of technical difficulties.
And those TwinSpires numbers don’t include the wagering at several other online horse betting sites.
Put simply, online wagering at just one online betting portal was about 16 percent of total handle for the Derby.
If you don’t do online Sports Betting, you’re doing it wrong
The lesson for states looking to legalize sports wagering should the federal ban be struck down in the Supreme Court Sports Betting case is simple:
You’re limiting yourself if you don’t legalize online betting in parallel with wagering at land-based facilities (casinos, tracks, etc.).
You’re not going to realize the full amount of revenue for gaming companies and in turn tax receipts without online betting.
