In the storied history of the Kentucky Derby, never has America’s most prestigious horse race dealt with a two-year stretch quite like the one brought about by COVID-19.
Two years ago at the height of the pandemic, Churchill Downs pushed back the Run For The Roses four months to Labor Day weekend. The race won by Authentic in a blazing 2:00.61 was held before a near-empty venue without any paying spectators.
While the Derby returned to its normal slot last year on the first Saturday of May, fewer than 55,000 spectators passed through the gates, as Churchill once again limited attendance due to the pandemic.
On Saturday, city and track officials expect a near-capacity crowd of at least 150,000 spectators for the 148th running of the Kentucky Derby, providing a return to normalcy for the first jewel of the Triple Crown.
Massive economic impact for Louisville
The Derby is expected to generate a total economic impact of $400 million for the Louisville area, in line with pre-pandemic levels and up from about $60 million last year. Hordes of out-of-town tourists arriving for Derby Weekend will have numerous hotels near full capacity, according to local media reports. Those traveling to Louisville may find it challenging to find a bargain, as data from WalletHub shows that one-night hotel rooms in the city have soared upward of 500% from a typical weekend.
This Derby season could bring over $400 million to Louisville, largely through Oaks-Derby weekend.
With revenue and tourists expected to reach pre-pandemic numbers, I spoke with local hotel leaders about the importance and challenges of this huge weekend.https://t.co/wGplt8UE5X
— Jacob Munoz (@jmunoz1_) May 5, 2022
New wrinkles surrounding wagering will add intrigue to this year’s Derby. The introduction of fixed odds horse racing in New Jersey will give bettors at Monmouth Park the opportunity to lock in a certain horse at a select price well in advance of post time. Also, a handful of major sports betting operators, most notably BetMGM, will offer odds on the Derby for the first time.
BetMGM is offering odds on the Run For The Roses in three states — Ohio, Florida, and Louisiana. FanDuel is also offering promotions through TVG.com, another U.S. company under the Flutter umbrella.
Other findings from WalletHub’s research on the 2022 Kentucky Derby
- Despite the limitations on attendance last May, the all-sources handle for last year’s Kentucky Derby came in at $233 million, an increase of 85% from 2020. The all-sources handle for the 2021 Kentucky Oaks (a top race for 3-year-old females) came in at $54.3 million, up 77% from the previous year.
- In spite of the reduced capacity restrictions, Churchill Downs reported a net revenue increase of $97 million from Derby Weekend with paying customers back in attendance.
Our friends at @wallethub have the BEST stats on the @KentuckyDerby (120,000 #mintjuleps)https://t.co/oJ17gDZd0D pic.twitter.com/j40a0ryKof
— Sports Destinations (@SDM_Overtime) May 4, 2022
- Of the guaranteed $3 million Kentucky Derby purse, the winner of the Run For The Roses will pocket a pre-tax amount of $1.86 million. Manufactured by the New England Sterling company, the Kentucky Derby trophy has an estimated value of $200,000. New England Sterling has manufactured the 56-ounce gold trophy every year since 1975.
- The average high-end women’s hat on Derby Day falls within a range of $500 to $1,000, according to WalletHub. Typically, production time for a Derby hat takes anywhere between one and seven days. The world’s most expensive hat, previously worn at the AAMI Victoria Derby in Australia, reportedly carries a price tag of $3 million.
- Approximately 122,000 hot dogs will be consumed at the 2022 Kentucky Derby, washed down by beer and perhaps a mint julep or two. WalletHub projects that about 522,000 cans of beer will be consumed on the grounds on Saturday. In addition, about 120,000 mint juleps will be served during Kentucky Derby weekend.
- A mint julep, the traditional Kentucky Derby drink, contains 2 ounces of Bourbon whiskey, 1 teaspoon of powdered sugar, 2 teaspoons of water, and four mint leaves. About 1,000 pounds of mint leaves are required at Churchill Downs for the juleps along with around 60,000 pounds of ice, according to WalletHub.
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— Liquor Barn (@liquorbarn) May 5, 2022
Derby longshots
More than a decade has passed since Mine The Bird won the 2009 Kentucky Derby at odds of 50/1. Mine That Bird, though, is not the highest-priced winner in the history of the race. That honor goes to Donerail in 1913 at 91/1. A $2 win bet on Donerail, a bay colt sired by McGee, paid $184.90. As a way of ushering in a new era of horse racing, Churchill lowered minimum wagers that year to $2 on win bets.
The lower limits made horse racing more affordable to the masses, introducing thousands of new bettors to the sport.
There are eight horses on the morning line odds at 30/1, the highest price on the board. Bluegrass Stakes winner Zandon is the morning line favorite at 3/1, followed by Louisiana Derby winner Epicenter at 7/2.
Photo: Jamie Rhodes/USA TODAY
