Here's how much the $100 bet on Mage to win the Kentucky Derby was paid out - and how you could have owned shares in the horse for $50
The 2023 Kentucky Derby saw Mage upset the pack and win the 149th running of the prestigious horse race. Let's take a look at the betting odds and how much Mage has paid out to punters, as well as Mage's unique ownership structure that now allows shareholders to cash out.
What happened: The 2023 Kentucky Derby saw several horses retired before the race, including favorite Forte. With 19 horses in the field and very open bets, Mage won the race at odds of 15 to 1.
Mage was seen at odds of 18 to 1 the day before the Kentucky Derby, with Forte still the favorite.
The Kentucky Derby-winning horse has run just three times before the prestigious horse racing event, winning an event in January, finishing fourth in a race in March and second behind Strong in the Florida Derby in April.
Bettors who have backed Mage have seen big wins. Mage paid $32.42 for a win, $14.58 for a place and $9.08 for a show for bettors who placed $2 bets on first, second or third place, respectively.
This means that a bettor who bet $100 on Mage to win the Kentucky Derby would have won $1,621.
Mage could then compete in the Preakness Stakes, the second Triple Crown event. The race will air on NBC, a unit of Comcast Corporation CMCSA, on May 20. NBC, NBC Sports and Peacock were all home for the Kentucky Derby on Saturday.
Owned by Churchill Downs, Inc. CHDN, the iconic Kentucky Derby racetrack hosted 14 races on Saturday. The Kentucky Derby is one of the hottest horse races of the year and could be a big buck for Churchill Downs and its horse betting unit, TwinSpires.
The company reported that Kentucky Derby daily betting set a new record at $288.7 million, up from $273.8 million last year. Betting on the Kentucky Derby race totaled $188.7 million, also breaking a record of $179 million set in 2022. Derby week betting reached a new record of $412 million, breaking a record of $391.8 million set in 2022.
TwinSpires saw a record bet of $73.6 million on Saturday, breaking last year's record of $67.4 million. Kentucky Derby bets totaled $47 million for TwinSpires.
Related link: Churchill Downs Q1 Earnings Highlights: Revenue & EPS Beaten, Record Adjusted EBITDA, Split shares, etc.
Mage's Unique Ownership: One of the unique factors of 2023 Kentucky Derby winner Mage is that the horse is partly owned by shareholders through Commonwealth.
The Commonwealth allows investors to buy horse shares for as little as $50, with no ongoing fees.
According to sportswriter Darren Rovell, 25% of Mage was sold on August 8, 2022, with the horse valued at $288,000.
The shares were offered for $50 each, with Commonwealth users able to purchase one or more shares. Those who purchased 50 or more shares gained access to the Kentucky Derby which included practice and paddock privileges in the morning, meeting the horse and jockey, and being in the winner's circle after the race was over. p>
Rovell
The 2023 Kentucky Derby saw Mage upset the pack and win the 149th running of the prestigious horse race. Let's take a look at the betting odds and how much Mage has paid out to punters, as well as Mage's unique ownership structure that now allows shareholders to cash out.
What happened: The 2023 Kentucky Derby saw several horses retired before the race, including favorite Forte. With 19 horses in the field and very open bets, Mage won the race at odds of 15 to 1.
Mage was seen at odds of 18 to 1 the day before the Kentucky Derby, with Forte still the favorite.
The Kentucky Derby-winning horse has run just three times before the prestigious horse racing event, winning an event in January, finishing fourth in a race in March and second behind Strong in the Florida Derby in April.
Bettors who have backed Mage have seen big wins. Mage paid $32.42 for a win, $14.58 for a place and $9.08 for a show for bettors who placed $2 bets on first, second or third place, respectively.
This means that a bettor who bet $100 on Mage to win the Kentucky Derby would have won $1,621.
Mage could then compete in the Preakness Stakes, the second Triple Crown event. The race will air on NBC, a unit of Comcast Corporation CMCSA, on May 20. NBC, NBC Sports and Peacock were all home for the Kentucky Derby on Saturday.
Owned by Churchill Downs, Inc. CHDN, the iconic Kentucky Derby racetrack hosted 14 races on Saturday. The Kentucky Derby is one of the hottest horse races of the year and could be a big buck for Churchill Downs and its horse betting unit, TwinSpires.
The company reported that Kentucky Derby daily betting set a new record at $288.7 million, up from $273.8 million last year. Betting on the Kentucky Derby race totaled $188.7 million, also breaking a record of $179 million set in 2022. Derby week betting reached a new record of $412 million, breaking a record of $391.8 million set in 2022.
TwinSpires saw a record bet of $73.6 million on Saturday, breaking last year's record of $67.4 million. Kentucky Derby bets totaled $47 million for TwinSpires.
Related link: Churchill Downs Q1 Earnings Highlights: Revenue & EPS Beaten, Record Adjusted EBITDA, Split shares, etc.
Mage's Unique Ownership: One of the unique factors of 2023 Kentucky Derby winner Mage is that the horse is partly owned by shareholders through Commonwealth.
The Commonwealth allows investors to buy horse shares for as little as $50, with no ongoing fees.
According to sportswriter Darren Rovell, 25% of Mage was sold on August 8, 2022, with the horse valued at $288,000.
The shares were offered for $50 each, with Commonwealth users able to purchase one or more shares. Those who purchased 50 or more shares gained access to the Kentucky Derby which included practice and paddock privileges in the morning, meeting the horse and jockey, and being in the winner's circle after the race was over. p>
Rovell
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