Mike Repole eyes Kentucky Derby win while pushing racing reform

Billionaire owner Mike Repole arrived at Churchill Downs during Derby week with morning-line favorite Renegade and used the visit to press Kentucky lawmakers and racing leaders to allow fixed-odds wagering and to curb powers he says are held by The Jockey Club. He highlighted a recently passed state law, House Bill 904, as part of that effort.

Repole gathered a large group of reporters at his stable on Thursday and described the session as a “state of the union” for racing. He criticized the current parimutuel system and rebate arrangements, saying large computer-assisted wagering accounts reduce takeout for some players while lowering returns for everyday bettors. “The current system, where horses go off at 8-1 and cross the line at 3-1, is not going to work anymore,” Repole warned.

House Bill 904, which cleared the Kentucky General Assembly this year, allows fixed-odds wagering on horse races. The law also includes a provision that prevents registries from capping the number of mares bred to a stallion and directs the Kentucky Horse Racing and Gaming Corporation to name an alternate registrar if The Jockey Club attempts to impose such limits.

The Jockey Club responded in a written statement, calling Repole’s accusations “reckless,” “unfounded,” and “deeply unfair” to volunteers who support the organization. Repole has criticized the organization over conflicts of interest and transparency in industry governance.

Repole is seeking his first Kentucky Derby victory after 11 previous attempts without a win. He has had notable scratches in recent years, including Forte in 2023 for a bruised hoof and Grande last year for a foot bruise. Renegade drew the inside post for Saturday’s race.

While in Louisville, Repole also spotlighted his investment in the United Football League. He hosted a private event at a local stadium and watched the Louisville Kings play the St. Louis Battlehawks in front of roughly 10,000 spectators. Repole is a co-owner of the league and said he wants the UFL to offer a spring football alternative that does not compete directly with college football or the NFL.

Repole described DraftKings, the league’s official sports betting and daily fantasy partner, as a key commercial ally in raising player and team profiles. League figures provided by Repole and his team show average game attendance above 11,000 and season viewership up about 3% compared with the prior season.

He described his management style in both racing and the UFL as hands-on and relationship-driven. Coaches and players who met him in Louisville said he was accessible and engaged. Chris Redman, the Kings coach, called Repole a “unique person” who focuses on building grassroots support and helping people within the organizations he invests in.

Repole emphasized that sustaining interest beyond the Derby requires attention to the races before and after the event. His public advocacy for changes to wagering and registry authority, combined with the new state law, is likely to keep discussions over wagering models and industry governance active in Kentucky and across the sport.