(CHDN) Churchill Downs Incorporated Business Model Canvas Research

Churchill Downs Incorporated relies on gaming equipment and systems suppliers to keep casino and historical racing floors stocked with slots, VLTs, table games, and the tech that runs them. Its portfolio includes about 11,000 slot machines and VLTs plus 200 table games, so these partners matter for floor refreshes, uptime, and operating efficiency.

• About 11,000 slots and VLTs
• 200 table games
• Supports refreshes and uptime

Supplier ties help Churchill Downs Incorporated replace aging units, add new titles, and keep play smooth across venues. That keeps the floor current and helps protect win per unit.

Churchill Downs Incorporated uses media, data, and content partners to push live race video, replays, and handicapping data to bettors. BRIS supplies horse racing statistical data, and these feeds help keep wagering active, lift repeat play, and support retention across CDI’s betting channels.

• Live race video and replays
• BRIS racing statistics
• Higher wagering engagement
• Better bettor retention

In fiscal 2025, Churchill Downs Incorporated used live race streams, replays, and handicapping data to keep bettors engaged and drive wagering. This content supports a business that posted about $2.7 billion of revenue in fiscal 2024 and roughly $1.0 billion of adjusted EBITDA, showing how media content feeds betting demand.

• Live streams support real-time wagering
• Replays help bettors review races
• Handicapping data improves betting decisions
• Content strengthens fan engagement

Churchill Downs Incorporated designs pari-mutuel wagering systems that power racetracks and off-track betting sites, so this is a B2B capability tied to its owned venues but also sold into third-party operations. The system layer supports live race wagering, pools, and settlement for large-scale betting networks.

• Builds and deploys wagering tech
• Supports racetracks and OTB sites
• Drives third-party B2B revenue

CDI’s live streams, replays, and handicapping tools give bettors fast access to race form, while BRIS adds deep horse-by-horse stats that sharpen picks. In 2025, Churchill Downs’ Derby Week still drew world-scale betting attention, so these data assets directly support wagering decisions and keep users inside the CDI ecosystem.

• Live video supports real-time betting.
• Replays help review race outcomes.
• BRIS adds statistical horse data.
• Better data improves bettor decisions.

Churchill Downs Incorporated depends on racing, sportsbook, casino, and online wagering licenses in each state where it operates, so regulatory approvals are a core resource, not a side issue. These permits protect access to revenue across every segment, and a missed renewal or rule change can hit tracks, gaming, and digital betting at the same time.

• Licenses gate every revenue stream.
• Renewals matter as much as growth.

Churchill Downs Incorporated’s omnichannel wagering access lets customers bet at venues, sportsbooks, on mobile, and online through TwinSpires and its brick-and-mortar network, so each bettor can use the channel they prefer. This broad access helps the Company capture more wagering occasions across live racing and sports betting, instead of relying on one path.

• Venue, sportsbook, mobile, online access
• TwinSpires plus retail locations
• Fits different betting preferences

Churchill Downs has raced since 1875, and that 150+ year track record gives the Company a rare edge in U.S. horse racing and wagering. In 2025, the Kentucky Derby reached its 151st running, which shows how the brand’s heritage still drives trust, repeat fans, and premium betting interest.

• Founded in 1875
• 151st Kentucky Derby in 2025
• Heritage supports loyalty

Churchill Downs Incorporated uses promotions and wagering incentives to win and keep gaming and sportsbook customers, because offers can lift deposits, repeat play, and visit frequency in crowded markets. In 2025, that matters even more as rivals push constant bonuses and free bets to keep churn low.

• Drives first deposits
• Raises repeat play
• Supports visit frequency
• Helps in tight markets

Churchill Downs Incorporated’s wagering model depends on strong trust and safety controls: age, identity, and geolocation checks help block underage or out-of-state play, while customer support fixes account, payment, and bet-settlement issues fast. In FY2025, that relationship layer mattered as online and retail betting stayed regulated and high-touch.

Customer care is not just service; it is a compliance tool that protects the brand and the license.

• Verify age and identity
• Check geolocation before wagers
• Resolve account and betting issues
• Support trust, safety, and compliance

Churchill Downs Incorporated runs casino floors in eight states, giving it a wide retail gaming footprint that feeds slot, VLT, and table-game demand. These floors are key revenue hubs in the 2025 business mix, turning local foot traffic into recurring gaming cash flow.

• Eight-state casino network
• Slots, VLTs, and tables
• Major gaming revenue points

Churchill Downs Incorporated uses live video, replays, and handicapping data as media channels that keep fans engaged before and during races. In 2025, the Kentucky Derby at Churchill Downs produced a record all-sources handle of $234.4 million, showing how streaming and data feeds can lift wagering activity.

• Live video drives race-day attention
• Replays support faster betting decisions
• BRIS data sharpens handicapping picks

Churchill Downs Incorporated serves casino patrons and table-game guests across its Gaming division, with about 11,000 slot machines and VLTs plus 200 table games. This segment is a core traffic driver for Gaming revenue, pairing high-frequency slot play with table-game demand.

• About 11,000 slot machines and VLTs
• About 200 table games
• Core customer base for Gaming

Churchill Downs Incorporated also sells pari-mutuel systems and related services to B2B wagering operators, including racetracks, off-track betting sites, and other wagering enterprises. This systems business sits alongside CDI’s core gaming and racing operations; in 2025, CDI reported about $2.7 billion of revenue, showing the scale of its broader wagering platform.

• Racetracks and OTB sites buy pari-mutuel systems.
• Services support wagering operations and betting flow.
• 2025 revenue was about $2.7 billion.

In 2025, Churchill Downs Incorporated’s digital stack—TwinSpires, streaming, and wagering systems—needed constant software, hosting, and cyber spend to stay live. With about $2.7 billion in 2025 net revenue, uptime and security directly support product availability and customer trust.

• 2025 net revenue: about $2.7 billion
• TwinSpires needs nonstop tech upkeep
• Uptime and security protect trust

Churchill Downs Incorporated spends on promotions, ads, and loyalty offers because wagering is a fight for both bettors and visitors; the 151st Kentucky Derby in 2025 shows how event-led marketing still drives demand. This cost line covers digital campaigns, on-site retail promos, and retention tools that keep handle and visit volume from slipping.

• Drives bettor and visitor volume.
• Covers digital and retail channels.
• Retention spend matters most in wagering.

TwinSpires and the nine brick-and-mortar sportsbooks generate revenue from betting margins. In FY2025, Churchill Downs Incorporated used online and retail wagering to broaden its revenue mix and reduce dependence on any one channel.

• 9 retail sportsbooks

• TwinSpires online wagering

• Margin-based revenue model

Churchill Downs Incorporated monetizes B2B wagering systems through technology, data, and race-content sales tied to its racing network. In FY2025, Churchill Downs Incorporated generated about $2.9 billion of revenue, showing scale that supports BRIS data, streaming, and third-party wagering tools as steady non-gaming income.

These services help turn the racing ecosystem into repeat revenue, not just event-day cash flow. They also support operators that need live odds, past-performance data, and video access to run bets and keep customers engaged.

• BRIS data supports wagering decisions.
• Streaming extends race-content monetization.
• Third-party systems add non-gaming revenue.