Churchill Downs Incorporated
churchilldownsincorporated.comWhat Do They Do?
Runs racing and casino venues, and provides horse-racing wagering and technology services to bettors, racetracks and other wagering businesses.
10-K for FY2025, filed Feb 25, 2026Churchill Downs Incorporated ("CDI" or the "Company") has been creating extraordinary entertainment experiences for over 150 years…View ↗
The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs…View ↗
The Wagering Services and Solutions segment includes the revenue and expenses from TwinSpires, United Tote Company ("United Tote"), Exacta…View ↗
TwinSpires is an advance deposit wagering ("ADW") business that operates the online horse racing wagering business for TwinSpires.com…View ↗
United Tote manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses. United…View ↗
The Gaming segment includes revenue and expenses for the casino properties and associated racetracks which support the casino license. The…View ↗
How Do They Make Money?
Bettors pay commissions on wagers when races finish; third-party wagering sites pay fees to carry racing signals. Guests pay for gaming, admission, food and hotel services as they play or receive them, while sponsors pay for event and advertising rights across race days.
10-K for FY2025, filed Feb 25, 2026For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack ("on-track revenue")…View ↗
We recognize revenue we earn from providing a wagering service to our customers on historical races at our historical racing machine…View ↗
For export revenue, our customer is the third-party wagering site such as a racetrack, OTB, or ADW provider. Therefore, the revenue we…View ↗
The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs…View ↗
Gaming revenue primarily consists of gaming transactions. Other operating revenue, such as food and beverage or hotel revenue, is…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by product or service ↗
$2.9B
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10-K for FY2025, filed Feb 25, 2026
$2.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Live and Historical Racing
Usage-based
10-K for FY2025, filed Feb 25, 2026 |
48%
FY2022: 34%
|
Live and Historical Racing, FY2025
$1.4B Sources
|
Usage-based |
|
Wagering Services and Solutions
Usage-based
10-K for FY2025, filed Feb 25, 2026 |
17% |
Wagering Services and Solutions, FY2025
$488.2M Sources
|
Usage-based |
|
Gaming
Usage-based
10-K for FY2025, filed Feb 25, 2026 |
36%
FY2022: 42%
|
Gaming, FY2025
$1B Sources
|
Usage-based |
|
Product and Service, Other
|
0.0%
FY2022: 0.2%
|
Product and Service, Other, FY2025
$100K Sources
|
Who Are Their Customers?
Racegoers and casino guests visit the company's venues; horse bettors wager through TwinSpires accounts or third-party branded platforms. Racetracks and off-track betting businesses use the company's wagering systems.
10-K for FY2025, filed Feb 25, 2026Churchill Downs Racetrack is in Louisville, Kentucky and is an internationally known thoroughbred racing operation best known as the home…View ↗
TwinSpires is an advance deposit wagering ("ADW") business that operates the online horse racing wagering business for TwinSpires.com…View ↗
United Tote manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses. United…View ↗
The Gaming segment includes revenue and expenses for the casino properties and associated racetracks which support the casino license. The…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 25, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jul 29, 2026
Explores possible sales of regional gaming properties
Properties under consideration include Calder, Terre Haute, Hard Rock Iowa, Oxford, Ocean Downs, Harlow’s, Riverwalk, del Lago and Presque Isle Downs.
Sources
8-K, filed Jul 29, 2026
Churchill Downs Incorporated (the "Company") has completed a comprehensive review of the Company's operational portfolio and long-term…View ↗
Growing. Revenue grew 83% in 4 years, from $1.6B in FY2021 to $2.9B in FY2025, about 16% a year.
Wagering technology
The older report describes online horse wagering, sports and tote services; the latest also describes Exacta's central technology systems for historical-racing venues.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 25, 2026The TwinSpires segment includes the revenue and expenses for the TwinSpires Horse Racing, the TwinSpires Sports and Casino and the United…View ↗
TwinSpires Horse Racing operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label…View ↗
Our TwinSpires Sports and Casino business includes the results of our retail sportsbooks at our wholly-owned gaming properties and through…View ↗
United ToteView ↗
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