{"product_id":"chdn-business-model-canvas","title":"(CHDN) Churchill Downs Incorporated Business Model Canvas Research","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-List-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs’ Business Model, Simplified\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock the full strategic blueprint behind Churchill Downs Incorporated’s business model. This concise Business Model Canvas reveals how the company creates value across gaming, racing, and entertainment while capturing loyal customers and driving revenue. Ideal for investors, analysts, and strategists who want a clear, actionable view—download the full version to go deeper.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003ePartnerships\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eState racing and gaming regulators\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eState racing and gaming regulators are CDI’s gatekeepers: every live race, historical racing machine, sportsbook, and iGaming launch depends on state licenses and rule changes. In 2025, the Kentucky Derby drew 147,406 fans, showing how tightly state approval, racing access, and revenue are linked.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHorsemen, breeders, and racing stakeholders\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLive racing at Churchill Downs Incorporated depends on owners, trainers, jockeys, and breeding networks to supply the horses and fill race cards that drive pari-mutuel wagering. In 2025, the Kentucky Derby Day program still showed how this ecosystem underpins the company’s racing calendar and fan demand, with every live race tied to field size and betting volume.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology, payments, and platform vendors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated relies on technology, payments, and platform vendors to keep TwinSpires’ digital wagering, mobile, and payment rails working, while also supporting the pari-mutuel systems it designs and deploys for third parties. These partners help protect uptime, security, and fast transaction processing, which matters in a business that must handle real-time bets and payouts with low friction.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eGaming equipment and systems suppliers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eAbout 11,000 slots and VLTs\u003c\/li\u003e\n\u003cli\u003e200 table games\u003c\/li\u003e\n\u003cli\u003eSupports refreshes and uptime\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eSupplier 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.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eMedia, data, and content partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLive race video and replays\u003c\/li\u003e\n\u003cli\u003eBRIS racing statistics\u003c\/li\u003e\n\u003cli\u003eHigher wagering engagement\u003c\/li\u003e\n\u003cli\u003eBetter bettor retention\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs’ key partners power racing, wagering, and Derby demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s key partnerships center on regulators, horse owners and trainers, and tech and content vendors that keep racing, wagering, and gaming live. In 2025, the Kentucky Derby drew 147,406 fans, showing how venue access, race supply, and betting feeds all work together to drive demand.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartner group\u003c\/th\u003e\n\u003cth\u003eWhy it matters\u003c\/th\u003e\n\u003cth\u003e2025 fact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulators\u003c\/td\u003e\n\u003ctd\u003eLicenses and approvals\u003c\/td\u003e\n\u003ctd\u003eDerby attendance: 147,406\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOwners\/trainers\u003c\/td\u003e\n\u003ctd\u003eSupply race fields\u003c\/td\u003e\n\u003ctd\u003eDrive pari-mutuel wagering\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"product-includes\"\u003e\n\u003cdiv class=\"product-includes__container\"\u003e\n\u003ch2 id=\"product-includes-title\" class=\"product-includes__title\"\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-includes__grid\"\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Detailed Word Document icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eA concise Business Model Canvas capturing Churchill Downs Incorporated’s racing, gaming, and entertainment strategy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Customizable Excel Spreadsheet icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eCondenses Churchill Downs Incorporated’s business model into a clear, one-page snapshot for fast review and easy collaboration.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Reference-Icon.svg\" alt=\"References icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eReference Sources\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eProvides a clear source trail for Churchill Downs data, making the analysis more credible and easier to use in decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eActivities\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperating live and historical racing venues\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated operates three Kentucky pari-mutuel gaming venues, pairing live racing, wagering, and guest services as one revenue engine. Those properties had about 3,050 historical racing machines at Dec. 31, 2021, a scale that supports year-round traffic and betting demand.\u003c\/p\u003e\n\u003cp\u003eThis venue mix drives both racing handle and gaming cash flow, with Kentucky still a core market for the Churchill Downs Incorporated brand.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRunning TwinSpires digital wagering\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTwinSpires is Churchill Downs Incorporated’s core digital wagering engine, offering horse racing, sports betting, and iGaming. The platform helps drive scale, with Churchill Downs reporting $2.7 billion of net revenue and $559.1 million of adjusted EBITDA in 2024, while requiring nonstop product, compliance, and trading support.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eManaging casinos and sportsbooks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated runs casino gaming in 8 states and operates 9 brick-and-mortar sportsbooks, so its core activity is no longer just horse racing. In fiscal 2025, this broader gaming mix helped drive scale across slots, table games, and retail betting, with casinos and sportsbooks acting as a key growth engine.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eProducing racing video and handicapping content\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eIn 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLive streams support real-time wagering\u003c\/li\u003e\n\u003cli\u003eReplays help bettors review races\u003c\/li\u003e\n\u003cli\u003eHandicapping data improves betting decisions\u003c\/li\u003e\n\u003cli\u003eContent strengthens fan engagement\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eDesigning pari-mutuel wagering systems\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eBuilds and deploys wagering tech\u003c\/li\u003e\n\u003cli\u003eSupports racetracks and OTB sites\u003c\/li\u003e\n\u003cli\u003eDrives third-party B2B revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs Powers Racing, Wagering, and Casino Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s key activities are running live racing venues, managing TwinSpires digital wagering, and operating casinos and sportsbooks; together these support year-round betting, gaming, and guest traffic. The group also builds pari-mutuel systems and racing content, which helps keep wagering active across owned and partner sites.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eKey activity\u003c\/th\u003e\n\u003cth\u003eEvidence\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLive racing and venues\u003c\/td\u003e\n\u003ctd\u003e3 Kentucky venues; about 3,050 historical racing machines\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital wagering and gaming\u003c\/td\u003e\n\u003ctd\u003e$2.7 billion net revenue; $559.1 million adjusted EBITDA\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview Before You Purchase\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThis Churchill Downs Incorporated Business Model Canvas preview is a direct excerpt from the exact document you’ll receive after purchase. What you see here is not a sample or mockup—it’s the same professionally formatted file, with the same content and layout. Once your order is complete, you’ll get full access to this identical document, ready to use right away.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eResources\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs and racing venue portfolio\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s key resources are its Louisville, Kentucky headquarters and its racing venue portfolio, anchored by three pari-mutuel gaming venues in Kentucky. The Churchill Downs brand, established in 1875, is a durable asset tied to the Kentucky Derby and a high-value racing footprint.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTwinSpires digital platform\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTwinSpires is Churchill Downs Incorporated’s main online wagering platform, covering horse racing, sports betting, and iGaming. It is central to customer acquisition and repeat wagering, and CDI reported about $2.7 billion in net revenue in 2024, underscoring the scale of its digital reach.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHistorical racing and casino gaming assets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s key resources include about 3,050 historical racing machines, 11,000 slot machines and VLTs, and 200 table games. These physical gaming floors drive volume across multiple states and remain a core earnings engine for the Company.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eRacing data, video, and BRIS information\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCDI’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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLive video supports real-time betting.\u003c\/li\u003e\n\u003cli\u003eReplays help review race outcomes.\u003c\/li\u003e\n\u003cli\u003eBRIS adds statistical horse data.\u003c\/li\u003e\n\u003cli\u003eBetter data improves bettor decisions.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eGaming licenses and operating permits\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLicenses gate every revenue stream.\u003c\/li\u003e\n\u003cli\u003eRenewals matter as much as growth.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs’ Gaming Scale Powers $2.7B Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s key resources are its Kentucky racing assets, the Churchill Downs brand, and TwinSpires. Its gaming base is large: about 3,050 historical racing machines, 11,000 slot machines and VLTs, and 200 table games; 2024 net revenue was about $2.7 billion.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eResource\u003c\/th\u003e\n\u003cth\u003eLatest data\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eHRMs\u003c\/td\u003e\n\u003ctd\u003e3,050\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSlots\/VLTs\u003c\/td\u003e\n\u003ctd\u003e11,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTable games\u003c\/td\u003e\n\u003ctd\u003e200\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eValue Propositions\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOne brand across racing, sports, and casino gaming\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated unifies 7 racetracks, sportsbook, iGaming, and casino gaming under one brand, so customers can bet across racing, sports, and casino formats in one ecosystem. That breadth makes wagering easier, lifts cross-sell potential, and supports repeat play across channels.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLive racing plus streaming and replays\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s live racing plus streaming and replays give bettors 24\/7 access to live horse racing video, race replays, and handicapping data, so wagering is faster and better informed. This digital layer supports a larger, more accessible betting audience and strengthens engagement across its racing assets in fiscal 2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAccess to historical racing machines\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s Kentucky venues had about 3,050 historical racing machines as of 2025, giving customers a pari-mutuel-style game linked to racing content. This widens wagering beyond live race days and supports steady gaming demand across the year.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eOmnichannel wagering access\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eVenue, sportsbook, mobile, online access\u003c\/li\u003e\n\u003cli\u003eTwinSpires plus retail locations\u003c\/li\u003e\n\u003cli\u003eFits different betting preferences\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eEstablished racing heritage since 1875\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFounded in 1875\u003c\/li\u003e\n\u003cli\u003e151st Kentucky Derby in 2025\u003c\/li\u003e\n\u003cli\u003eHeritage supports loyalty\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs: Heritage-Driven Wagering Across Racing, Gaming, and Sports\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s value proposition is a broad wagering ecosystem: racing, sports betting, iGaming, and casino gaming, all tied to a trusted 1875 brand and the 151st Kentucky Derby in 2025. That mix drives repeat play and cross-sell across venues, mobile, and online.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eDriver\u003c\/th\u003e\n\u003cth\u003e2025 proof\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRacing reach\u003c\/td\u003e\n\u003ctd\u003e7 racetracks\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVenue gaming\u003c\/td\u003e\n\u003ctd\u003eAbout 3,050 HRMs in Kentucky\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrand trust\u003c\/td\u003e\n\u003ctd\u003e151st Derby\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eCustomer Relationships\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAccount-based online wagering\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTwinSpires’ registered digital accounts keep bettors inside one wallet for racing and sportsbook play, which supports repeat wagering, targeted offers, and tighter account management. That matters at scale: Churchill Downs Incorporated reported 2025 digital engagement as a key retention lever, with account data improving cross-sell and customer value tracking.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOn-property guest service and loyalty\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCasino and sportsbook guests get in-person service at Churchill Downs Incorporated venues, and repeat visits matter because gaming value is built over many trips, wagers, and promotions. In 2025, the company kept leaning on on-property traffic and loyalty-driven play across its gaming businesses.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eContent-driven engagement\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs uses streaming video, race replays, and handicapping data to keep bettors active between wagers; the 2024 Kentucky Derby drew 16.7 million TV viewers, showing how content can pull users back to the platform. It’s both informational and transactional, since research tools help bettors decide and place the next bet.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003ePromotions and wagering incentives\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDrives first deposits\u003c\/li\u003e\n\u003cli\u003eRaises repeat play\u003c\/li\u003e\n\u003cli\u003eSupports visit frequency\u003c\/li\u003e\n\u003cli\u003eHelps in tight markets\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eCustomer support and compliance controls\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cp\u003eCustomer care is not just service; it is a compliance tool that protects the brand and the license.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eVerify age and identity\u003c\/li\u003e\n\u003cli\u003eCheck geolocation before wagers\u003c\/li\u003e\n\u003cli\u003eResolve account and betting issues\u003c\/li\u003e\n\u003cli\u003eSupport trust, safety, and compliance\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs Builds Loyalty Through One Wallet, Live Content, and Trust\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated keeps customer ties sticky through one-wallet digital accounts, targeted promos, live race content, and in-person service across gaming venues. In FY2025, those links supported repeat wagering and cross-sell, while compliance checks on age, identity, and geolocation protected trust and the license.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eCustomer tie\u003c\/th\u003e\n\u003cth\u003eFY2025 proof point\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital accounts\u003c\/td\u003e\n\u003ctd\u003eOne wallet for racing and sportsbook\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContent\u003c\/td\u003e\n\u003ctd\u003e2024 Kentucky Derby: 16.7M TV viewers\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSafety\u003c\/td\u003e\n\u003ctd\u003eAge, ID, geolocation checks\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eChannels\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTwinSpires app and website\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTwinSpires is Churchill Downs Incorporated’s main digital channel, reaching customers directly through one website and one mobile app. It supports 3 wagering lines: horse racing, sports betting, and iGaming.\u003c\/p\u003e\n\u003cp\u003eThat direct-to-consumer setup helps Churchill Downs Incorporated own the customer relationship and scale online betting without relying on retail venues.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs racing venues\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated uses its live and historical racing venues as physical channels for on-site wagering, entertainment, and hospitality. In 2025, the Kentucky Derby drew 147,406 fans, and Derby Week all-sources handle hit $234.4 million, showing how in-person attendance still drives brand power and revenue.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNine brick-and-mortar sportsbooks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated runs nine brick-and-mortar sportsbooks, giving it direct access to bettors who still prefer retail gaming. These locations support cross-sell into casino and digital products, helping feed a wider customer base across the Company’s gaming network, which generated $2.8 billion in 2025 revenue.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eCasino floors in eight states\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEight-state casino network\u003c\/li\u003e\n\u003cli\u003eSlots, VLTs, and tables\u003c\/li\u003e\n\u003cli\u003eMajor gaming revenue points\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eStreaming and racing information feeds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLive video drives race-day attention\u003c\/li\u003e\n\u003cli\u003eReplays support faster betting decisions\u003c\/li\u003e\n\u003cli\u003eBRIS data sharpens handicapping picks\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs’ Multi-Channel Reach Drives Massive Handle and Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s channels mix digital, live venue, and retail touchpoints. TwinSpires is the main direct app and site, while Churchill Downs Incorporated also uses racing tracks, sportsbooks, casino floors, and live media to reach bettors and visitors.\u003c\/p\u003e\n\u003cp\u003eThat setup keeps customer access broad and direct: the 2025 Kentucky Derby drew 147,406 fans and generated $234.4 million in all-sources handle, while Churchill Downs Incorporated’s gaming network produced $2.8 billion in 2025 revenue.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eChannel\u003c\/th\u003e\n\u003cth\u003e2025 data\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTwinSpires\u003c\/td\u003e\n\u003ctd\u003e1 app, 1 site, 3 wagering lines\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eKentucky Derby\u003c\/td\u003e\n\u003ctd\u003e147,406 fans; $234.4M handle\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGaming network\u003c\/td\u003e\n\u003ctd\u003e$2.8B revenue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eCustomer Segments\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHorse-racing bettors and horseplayers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHorse-racing bettors and horseplayers are Churchill Downs Incorporated’s core historical customer base, driving pari-mutuel wagering, live racing, streaming, and handicapping data use. In fiscal 2025, Churchill Downs Incorporated generated about $2.8 billion in revenue, and live race cards plus race information still anchor this segment’s engagement.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSports bettors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTwinSpires and Churchill Downs Incorporated retail sportsbooks serve sports bettors who want fast, mobile, and in-person wagering. This segment broadens Churchill Downs Incorporated beyond horse racing, and U.S. legal sports betting handle topped $147 billion in 2024, showing the scale of demand.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eiGaming players\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eiGaming players are a core TwinSpires segment for Churchill Downs Incorporated, drawn to online casino-style play on mobile and desktop. In 2025, digital convenience still drives this demand, with round-the-clock access and fast sign-in, play, and payout flows shaping customer choice.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eCasino patrons and table-game guests\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eAbout 11,000 slot machines and VLTs\u003c\/li\u003e\n\u003cli\u003eAbout 200 table games\u003c\/li\u003e\n\u003cli\u003eCore customer base for Gaming\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eB2B wagering operators\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRacetracks and OTB sites buy pari-mutuel systems.\u003c\/li\u003e\n\u003cli\u003eServices support wagering operations and betting flow.\u003c\/li\u003e\n\u003cli\u003e2025 revenue was about $2.7 billion.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs' Revenue Engine: Bettors, Slots, and B2B\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated serves five main customer groups: horse-racing bettors, sports bettors, iGaming players, casino guests, and B2B wagering operators. In fiscal 2025, Churchill Downs Incorporated generated about $2.8 billion in revenue, and its gaming base still centered on roughly 11,000 slot machines and VLTs plus about 200 table games.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003eKey fact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eBettors\u003c\/td\u003e\n\u003ctd\u003eHorse racing, sports, iGaming\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGaming guests\u003c\/td\u003e\n\u003ctd\u003e11,000 slots\/VLTs; 200 tables\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eB2B operators\u003c\/td\u003e\n\u003ctd\u003ePari-mutuel systems\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eCost Structure\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePurses and racing operating costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLive racing at Churchill Downs Incorporated needs purse payouts and race-day ops, so the cost base moves with each meet and race. The 2025 Kentucky Derby purse was $5.0 million, showing how horsemen payments scale with event size and scheduling.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCasino and sportsbook labor costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCasino and sportsbook labor is a heavy fixed cost for Churchill Downs Incorporated: floors, cages, surveillance, and guest services must be staffed across 9 sportsbooks and multiple casino sites. With wage, shift, and compliance needs tied to 24\/7 operations, payroll stays one of the largest operating lines in FY2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGaming taxes, fees, and compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s gaming taxes, license fees, and compliance spend are recurring and tied to each state’s rules and product mix. In 2025, that meant ongoing payments across wagering markets where tax rates, renewals, and reporting duties differ by jurisdiction, so margins can shift fast when the mix moves.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eTechnology and platform maintenance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eIn 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2025 net revenue: about $2.7 billion\u003c\/li\u003e\n\u003cli\u003eTwinSpires needs nonstop tech upkeep\u003c\/li\u003e\n\u003cli\u003eUptime and security protect trust\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eMarketing and customer acquisition\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDrives bettor and visitor volume.\u003c\/li\u003e\n\u003cli\u003eCovers digital and retail channels.\u003c\/li\u003e\n\u003cli\u003eRetention spend matters most in wagering.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs’ Costs Rise With Bigger Races, Casinos, and Tech\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s cost structure is dominated by variable race-day payouts, fixed casino and sportsbook labor, and recurring tax and license costs. In FY2025, revenue was about $2.7 billion, while the 151st Kentucky Derby carried a $5.0 million purse, showing how event scale lifts direct costs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eCost line\u003c\/th\u003e\n\u003cth\u003eFY2025 driver\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePurses\u003c\/td\u003e\n\u003ctd\u003eKentucky Derby: $5.0 million\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOperations\u003c\/td\u003e\n\u003ctd\u003e24\/7 casino and sportsbook staffing\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech\u003c\/td\u003e\n\u003ctd\u003eTwinSpires uptime and cyber spend\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eRevenue Streams\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePari-mutuel wagering revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated earns pari-mutuel wagering revenue from horse-race betting, with live racing and betting pools still core to the model. In 2025, Kentucky Derby Day all-sources wagering reached a record $349.0 million, showing how this stream moves with handle and betting volume.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHistorical racing machine revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHistorical racing machines are a core Kentucky revenue stream for Churchill Downs Incorporated, with about 3,050 machines at its Kentucky venues as of December 31, 2021. They turn racing-linked play into recurring gaming revenue and help support cash flow from the Company’s regional operations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCasino gaming win\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated generates casino gaming win across eight states, with revenue from slots, VLTs, and table games. Its floor base includes about 11,000 slot machines and VLTs and roughly 200 table games, giving the company a broad, recurring cash flow engine tied to daily play.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eSportsbook and online wagering hold\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eTwinSpires 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\u003cp\u003e9 retail sportsbooks\u003c\/p\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cp\u003eTwinSpires online wagering\u003c\/p\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cp\u003eMargin-based revenue model\u003c\/p\u003e\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eB2B systems, data, and streaming services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChurchill 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.\u003c\/p\u003e\n\u003cp\u003eThese 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.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eBRIS data supports wagering decisions.\u003c\/li\u003e\n\u003cli\u003eStreaming extends race-content monetization.\u003c\/li\u003e\n\u003cli\u003eThird-party systems add non-gaming revenue.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChurchill Downs: Record Derby Day Powers a $2.9B Revenue Engine\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChurchill Downs Incorporated’s revenue streams are led by pari-mutuel wagering, casino gaming, historical racing machines, and sportsbook handle. In FY2025, the Company generated about $2.9 billion of revenue, while Kentucky Derby Day all-sources wagering hit a record $349.0 million.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eStream\u003c\/th\u003e\n\u003cth\u003eFY2025 signal\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePari-mutuel wagering\u003c\/td\u003e\n\u003ctd\u003eDerby Day $349.0 million handle\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGaming and HHR\u003c\/td\u003e\n\u003ctd\u003eRecurring regional cash flow\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSports betting and B2B\u003c\/td\u003e\n\u003ctd\u003eMargin and data-based revenue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"DCF Analyst","offers":[{"title":"Default Title","offer_id":57234174705929,"sku":"chdn-business-model-canvas","price":5.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0942\/8045\/0313\/files\/chdn-business-model.webp?v=1785714777","url":"https:\/\/dcfanalyst.com\/products\/chdn-business-model-canvas","provider":"DCF Analyst","version":"1.0","type":"link"}