Can the Kentucky Derby get any bigger? Churchill Downs is betting on it

The International Road to the Kentucky Derby started in Japan but was later expanded to include other regions and iconic global races such as the UAE Derby, Saudi Derby and Cattleya Stakes. Similar to the Road to the Kentucky Derby, which takes places at tracks across the U.S., the international pathway uses designated races and awards points to the top finishers in each race. The horses that accumulate the most points earn a position in the starting gate on the first Saturday in May.

"Virtually anywhere you go in the world, they have thoroughbred horse racing, it's really a common language. It's a way for people to connect," Carstanjen told The Courier Journal. "And what we've done is enabled that passion to take a shot at America's biggest race — perhaps the biggest race in the world, and that's the Kentucky Derby."

In 2025, Churchill Downs announced it was expanding the International Road to the Kentucky Derby, which runs through Japan, Europe and the Middle East, to include three more points-bearing races abroad as horsemen across the globe show continued interest in racing under the twin spires for a chance to snag the $5 million guaranteed 152nd Kentucky Derby prize money.

"The Kentucky Derby is a truly special race and is currently the one I want to win the most," Daisuke Takayanagi, a Japanese trainer of the 2024 Kentucky Derby fifth place finisher T O Password and 2026 Kentucky Derby qualifier Wonder Dean told The Courier Journal via a Churchill Downs translator. "I believe these initiatives are very significant as they broaden the opportunities to reach that goal."

But for Carstanjen and the globetrotting team at Churchill Downs who work to bring in international racers and fans, the push for foreign involvement isn’t for short-term gain. It's about fundamental growth for the company and the future of the Kentucky Derby.

"It's always a journey. It's not a destination," Carstanjen said. "One component of the bigger vision for the company is to be the greatest horse racing company in the world. And you can't be that if you don't engage and excite the international markets, so we're doing that now, and I think you'll see tangible benefits from that, in our attendance from outside of North America, in our sponsorships, in the race participants and in the wagering."

How Japan has changed the Kentucky Derby

The Japanese are no newbies to the Kentucky Derby, having had horses in at least eight Kentucky Derby races since 1995, including Forever Young's third place photo finish at the 2024 Kentucky Derby.

Mystik Dan, right, wins the Kentucky Derby in a photo finish on Saturday, May 4, 2024. Forever Young, with Ryusei Sakai up, center, finished third and Sierra Leone, left, with Tyler Gaffalione up, finished second. May 4, 2024

"I think you see the laser focus of the Japanese market in trying to win the Kentucky Derby," Carstanjen said. "They're really coming after it hard. And I think that road alone changed the international perspective ... I think the Japanese have proven that it's possible, that it's something you should pursue, and that it's worth pursuing."

As Japan has grown into a powerhouse in thoroughbred horse racing with a keen interest in the Kentucky Derby, Churchill Downs has seen other business benefits in addition to the highly competitive horses joining the race. In 2025, a first-of-its-kind Japan-based business partnership emerged on site at Churchill Downs Racetrack, bringing Kentucky Derby fans a new interactive experience. Cygames, a Japanese company, brought an anime video game called Pretty Derby to the infield for fans to beta test during race week.

With horse racing becoming more popular in Japan, the country recently changed its laws around betting on horse racing, making it possible for Japanese fans to make wagers on some international races that feature Japanese horses, including the Kentucky Derby.

In 2024, when two Japanese horses finished in the top five at the Kentucky Derby, Japan saw a record $10.1 million wagered from all sources on the race, besting the previous record of $8.3 million set in 2022.

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"Japan's changed the Derby," Carstanjen said. "They are very interested in producing quality entries for the Derby, and they're increasingly relevant, not only in the Derby itself, but in the big prep races."

And it**'**s not just Carstanjen who sees the lasting impact the Japanese have had on the Kentucky Derby.

Takayanagi, a Japanese trainer who has spent 24 years working in the industry and is planning to race Wonder Dean in the 2026 Kentucky Derby on May 2, believes it "is truly the greatest of all dirt races." The expansion of Kentucky Derby prep races abroad has made it more accessible not just for the horses to get involved, but for fans in other countries to start buying in and building momentum behind competitors they want to support.

"In Japan, Wonder Dean's challenge for the Kentucky Derby is already a major topic of conversation among fans. It is also a big story for breeders; perhaps due to the horse's pedigree background, it has particularly captured their attention and strengthened their desire to support him," Takayanagi said via a translator. "I feel extremely honored to be able to participate as an international competitor."

Kentucky Derby dreams spread to Europe and the Middle East

Japan is no longer the only foreign entity vying for Kentucky Derby success or bringing new fans, owners, and trainers to the race.

With the expansion in the Middle East and Europe on the International Road to the Kentucky Derby, two of horse racing's "most dynamic markets," Churchill Downs looks to deepen its engagement with fans, owners and trainers overseas while advancing its international reach.

"The International Road to the (Kentucky) Derby has given our horsemen the opportunity to compete at the very highest level on a global stage, and it has allowed our fans in Dubai to engage with one of the world’s most iconic races in a meaningful way," said His Excellency Ali A. Al Ali, board member and CEO of Dubai Racing Club, host of the UAE Derby at Meydan Racecourse, the final leg of the International Road to the Kentucky Derby*.*

The Middle East is continuing to see investment into racing venues, the purse structure and the horse racing industry at large, which Carstanjen said "was encouraging."

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"Despite the conflict that's going on currently in Iran, I'm very excited about the Middle East, because several countries in the Middle East are really investing in pushing the development of their horse racing industry, and I think that's exciting in terms of the development of the bloodlines, and exciting in terms of participation and sponsorship and attendance," Carstanjen said.

Carstanjen said as racing culture continues to develop and grow in the Middle East, the continued efforts Churchill Downs is making to imprint itself on places like Dubai and Saudi Arabia will bring long-term benefits to the sport and for the company back home in Louisville, such as business partnerships and more international visitors.

In 2025, thoroughbred horse racing and breeding operation behemoth Godolphin, run by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, took home victories in both the Kentucky Oaks and Derby with horses Good Cheer and Sovereignty. This marked the first Kentucky Derby win for the globally-known horse racing group.

"There’s a real sense of excitement in preparing horses for the Derby trail, and we’re seeing the quality of competition rise each year," Ali told the Courier Journal. "Equally, our fans are increasingly knowledgeable and enthusiastic about the Kentucky Derby — they understand the prestige of the race, and it’s inspiring to see that appreciation reflected in the atmosphere at Meydan Racecourse during our (International Road to the Kentucky Derby) events."

Where will the Kentucky Derby chase next?

As Churchill Downs continues to "systematically and thoughtfully" build on the iconic brand that is the Kentucky Derby, Carstanjen knows there's plenty more on the international frontier to explore, with the ultimate goal being to bring even more international horses, their fans and wagering dollars to Louisville.

In a February 2025 quarterly earnings call, Carstanjen said international consumers are increasingly interested in big ticket experiential events and the Kentucky Derby, which provides numerous high-end experiences at the track, from The Mansion and the SI Club to the Ford First Turn Club, offers exactly that sort of product. Besides simply selling tickets to international guests, Carstanjen said as Churchill Downs builds these "new pockets of customers," that growth will directly impact the company's ability to invest in projects at its iconic racetrack and enhancing the on-site Derby Week experience.

"Ultimately, the greatest thing about our event is actually attending it," Carstanjen said. "It is a unique American experience, steeped in history, steeped in tradition, and really unmatched by any other event ... all markets overseas that we engage in, we wish to see international guests come visit us at the track."

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In addition to drawing in more visitors, Carstanjen said Churchill Downs is hoping to see wagering come online in the near future in places like the Middle East, where it remains largely prohibited. Churchill Downs fans should expect to see more international brand sponsorships and partnerships in the coming years, Carstanjen said, noting that is an increasingly "important component" for the company.

"We had to learn a lot about how to reach these consumers, many of whom have been to the United States, but they're not necessarily familiar with this part of the country or Kentucky specifically, so as we build the capability and the understanding of what we need to deliver to these potential foreign guests, it'll make us a greater company," Carstanjen said.

Carstanjen said the company is eyeing a way to work with Australia, noting many cultural similarities around horse racing, including big races like the Melbourne Cup and core fans of the sport, as another key market for future collaboration.

For now, Churchill Downs will continue to reap the reward of its decade-long endeavor into the international markets, all while planning for the next 10 years.

"Anything worth doing is worth doing well, and it takes time, and it takes commitment and a stick-to-itiveness that we always show as a culture within Churchill," Carstanjen said. "I think in the next 10 years, you're going to see an international winner of the Kentucky Derby, and you're going to see a major international sponsor, and you're going to see more guests who are coming from other countries, beyond those in North America."

Contact Business Reporter Olivia Evans at oevans@usatodayco.com or on X at @oliviamevans_.

This article originally appeared on Louisville Courier Journal: Can the Kentucky Derby get bigger? Churchill Downs is betting on it