Churchill Downs

What Churchill Downs does

Churchill Downs Incorporated (CDI) is a Louisville, Kentucky-headquartered, publicly traded (NASDAQ: CHDN) diversified gaming and entertainment company operating three reporting segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. Founded in 1875 around the Kentucky Derby — the longest continually held annual sporting event in the United States — the company has expanded to 27 industry-leading regional casinos and HRM/racing properties across 14 states, including the flagship Churchill Downs Racetrack, Kentucky and Virginia HRM venues (Derby City Gaming, Oak Grove, Turfway Park, Ellis Park, Rosie's Gaming Emporium chain, The Rose, Roseshire), and 13 regional casino properties across 11 states (Calder, del Lago, Fair Grounds, Hard Rock Sioux City, Harlow's, Miami Valley Gaming, Ocean Downs, Oxford, Presque Isle Downs, Rivers Des Plaines, Riverwalk, Terre Haute). FY2025 revenue reached a record $2.93 billion (up 7% YoY) and Q1 2026 revenue was a record $663 million (up 3.2% YoY).

The company's technology stack centers on the TwinSpires advanced deposit wagering (ADW) platform (available in 30+ states), Exacta Systems (proprietary historical horse racing technology), and United Tote (pari-mutuel tote systems), supported by enterprise-grade Cisco networking infrastructure spanning 7,000+ switches across 26 properties, Splunk Observability Cloud for security monitoring, and SAP Cloud ERP. The most recent AI deployment is "Paddock PRO," an agentic wagering assistant built on Amazon Bedrock (Agents, Knowledge Bases, action groups) that analyzes 500+ statistics (pedigree, track conditions, historical results) to provide conversational wagering recommendations on TwinSpires.

CDI monetizes through multiple channels: transaction-fee pari-mutuel wagering on live, simulcast, and online racing; usage-based revenue from Historical Racing Machines (Q1 2026 segment revenue $301M) and regional casino gaming; premium hospitality pricing on Kentucky Derby tickets ($160 general admission to $400,000+ luxury suites); broadcast and media rights (a new 7-year NBC agreement contributes $10M in incremental adjusted EBITDA starting 2026); IP licensing (Preakness Stakes generates approximately $6M annually in licensing fees plus a $3M base); and a DraftKings Sportsbook integration (April 2026) that monetizes horse racing content through market access and wagering fees. The customer base spans individual horse racing bettors, regional casino patrons, corporate hospitality clients, brand sponsors, and broadcast partners — with no material single-customer concentration.

Name

Churchill Downs

Legal name

Churchill Downs Incorporated

Website

http://www.churchilldownsincorporated.com

Company type

Public

Founded year

1875

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Churchill Downs Incorporated is a Louisville-headquartered diversified gaming and entertainment company operating 27 racing, HRM, and casino properties across 14 states, plus the TwinSpires online wagering platform in 30+ states. It owns Kentucky Derby and Triple Crown-related IP, serving horse racing bettors, regional casino patrons, and corporate hospitality clients.

Ownership category

akta.pro rank

Product category

Horse Racing and Casino Gaming Entertainment

NAICS

Racetracks (711212), Gambling Industries (7132)

SIC

Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Racetrack & Race Meeting Operations (MPAEADAA)

akta.pro secondary industries

Racing Technology & Timing/Tracking Infrastructure (MPAEADAN), Peer-to-Peer Horse Racing & Pari-Mutuel Exchanges (MPAEAIAB)

Keywords

• Horse racing wagering
• Historical racing machines
• Regional casino gaming
• Online pari-mutuel betting
• Racing entertainment venues

Headquarters

HQ city

Louisville

HQ country

United States

HQ region

North America

Offices29 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Pari-mutuel Wagering: Traditional pari-mutuel betting on live horse racing at Churchill Downs Racetrack and via TwinSpires online platform, with handle-based revenue sharing from Churchill Downs, simulcast, and online wagering
2. Historical Racing Machines (HRM): Electronic gaming machines featuring outcomes determined by historical horse race results. Q1 2026 segment revenue of $301 million. Key growth driver with venues across Kentucky, Virginia, and other states
3. Casino Gaming: 13 regional casino properties across 11 states generating gaming revenue from slot machines and table games
4. Event Hospitality and Ticketing: Kentucky Derby ticket sales ranging from $160 general admission to $400,000+ luxury experiences, corporate hospitality, and concessions. 2026 Derby drew 150,415+ fans
5. Sports Betting Integration: Partnership with DraftKings to integrate horse racing wagering; revenue from market access agreements and retail sports betting
6. Broadcast and Media Rights: Television broadcast rights for Kentucky Derby (NBC/Peacock) and Kentucky Oaks (primetime NBC). New 7-year NBC agreement worth $10 million in incremental adjusted EBITDA starting 2026
7. Preakness IP Licensing: Annual licensing fees from Maryland for Preakness Stakes and Black-Eyed Susan Stakes IP rights, including $3 million base fee plus 2% of handle (approximately $6 million annually based on $140M handle)

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels9 records

Core offering

Churchill Downs Incorporated is a diversified gaming and entertainment company that operates live and historical horse racing venues, the TwinSpires online pari-mutuel wagering platform, and a portfolio of 13 regional casinos across 14 U.S. states. The company owns the Kentucky Derby, controls related broadcast and hospitality rights, and generates revenue through wagering handle, gaming machines, ticket sales, corporate hospitality, food and beverage, and media/broadcast licensing. Ancillary technology products include United Tote totalizator systems, Exacta Systems historical horse racing platforms, and the Paddock PRO agentic AI wagering assistant.

Product overview

Churchill Downs Incorporated operates a diversified entertainment company combining live and historical horse racing, online wagering platforms, and regional casino gaming. The core product portfolio centers on TwinSpires (online horse racing wagering platform with ADW capabilities), supported by United Tote (tote systems) and Exacta Systems (historical horse racing technology). The company operates approximately 30 regional casino and HRM/racing properties across 14 states, anchored by Churchill Downs Racetrack hosting the Kentucky Derby, plus casino properties including Rivers Casino, Derby City Gaming, Rosie's Gaming Emporiums, and Oak Grove Racing. Key venues include Rockingham Grand Casino (opening 2027) and Marshall Yards Racing & Gaming (opened 2026). AI-powered features include Paddock PRO for TwinSpires, leveraging Amazon Bedrock for real-time horse racing analytics and wagering recommendations.

Differentiator

Problem solved

Functional benefit

Brands

• TwinSpires: Online horse racing wagering platform and advanced deposit wagering (ADW) business
• Exacta
• United Tote
• Velocity
• Victory Run
• Rockingham Grand Casino
• Gallop for Good

Products and services

• TwinSpires Online Wagering Platform Online horse race wagering platform and advanced deposit wagering (ADW) business providing pari-mutuel betting on thoroughbred and harness racing across North America, available in 30+ states with live streaming, handicapping tools, and mobile betting via web and app.
• United Tote Pari-Mutuel Systems Tote systems and betting technology for pari-mutuel wagering operations, providing totalizator services, odds calculation, and wagering pool management for racetracks and betting facilities.
• Exacta Systems Historical Horse Racing Technology Historical horse racing (HHR) technology platform and content provider powering Churchill Downs' network of HRM venues. Delivers replay-based racing games with proprietary algorithms and extensive horse racing content library.
• Paddock PRO AI Wagering Assistant AI-powered agentic solution built on Amazon Bedrock for the TwinSpires platform, providing real-time horse racing statistics, track conditions, pedigree data, and wagering recommendations through a conversational interface. Processes over 500 statistics to help players evaluate betting decisions.
• Churchill Downs Racetrack Historic racetrack in Louisville, Kentucky and home of the Kentucky Derby since 1875. Hosts three annual race meets (Spring, September, Fall), features a one-mile dirt track, 7/8-mile turf course, seating for approximately 60,000 guests, and year-round simulcast wagering facility.
• Derby City Gaming & Hotel Historical racing machine (HRM) entertainment venue in Louisville, Kentucky featuring over 1,300 gaming machines, 123-room hotel, Oliver's Chop House and Bourbon Bar restaurant, and Kentucky Derby-themed design. Operates under Churchill Downs pari-mutuel racing license.
• Oak Grove Racing, Gaming & Hotel Live harness racing track and HRM venue in Oak Grove, Kentucky with over 1,300 historical racing machines, 128-room hotel, equestrian center, amphitheater, RV Park, and multiple dining options including Garrison Oak Steakhouse.
• Colonial Downs Racetrack Live Thoroughbred racetrack in New Kent, Virginia featuring the Secretariat Turf Course (widest turf course in North America) and 1¼-mile dirt track. Hosts live racing events and Rosie's Gaming Emporium venues throughout Virginia.
• Rosie's Gaming Emporium Network Historical racing machine entertainment venues across Virginia featuring HRM games, full-card simulcasting, live entertainment, and food and beverage. Multiple locations including Collinsville Game Room, Emporia, Hampton, New Kent, Richmond, Vinton, Dumfries (The Rose and Roseshire).
• Rivers Casino Des Plaines Casino resort in Des Plaines, Illinois offering Class III slot machines, table games, and hospitality amenities. Operated through equity investment in Rivers Casino brand.
• Kentucky Derby Annual Race Event Annual Thoroughbred horse race held at Churchill Downs Racetrack on the first Saturday in May. The $5 million purse race for 3-year-olds is the longest continually held annual sporting event in the United States and first leg of the Triple Crown, drawing 150,000+ spectators annually and generating record wagering handle.
• Kentucky Oaks Annual Race Event Premier race for 3-year-old fillies held the day before the Kentucky Derby. In 2026, broadcast in primetime on NBC and Peacock for the first time. Features fashion traditions, women's health advocacy, and the Survivors Parade charitable initiative. The 2026 Kentucky Oaks Day card generated a record $89 million in total wagering.
• Marshall Yards Racing & Gaming Historical racing machine entertainment venue opened February 25, 2026 in Calvert City, Kentucky featuring over 225 HRM games, simulcast and sports wagering, and food and beverage outlets. The eighth HRM venue in Kentucky.
• Rockingham Grand Casino Development-stage casino resort in Salem, New Hampshire at The Mall at Rockingham Park. Planned 160,000 square foot venue with 825 historical racing machines, 32 table games, 12 electronic table game seats, 900-seat entertainment venue, and multiple food and beverage concepts. Expected mid-2027 opening with $180-200 million capital investment.

Quantifiable outcome

• Record $487 million all-sources handle during Kentucky Derby Week 2026, up 3%
• +4 more outcomes

Named customers10 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability8 records

Feature4 records

Partnerships

18 partnerships are on record, tiered core, minor and flagship.

• Amazon (AWS Bedrock)coreTechnology or Integration · 8 May 2026AWS Bedrock powers Paddock PRO AI solution for TwinSpires platform, providing real-time statistics, track conditions, and wagering recommendations.
• Community Foundation of LouisvilleminorGTM or Marketing Partner · 6 May 2026Annual Winsday partnership during Kentucky Derby Week supporting local nonprofits. 2026 event generated 9% increase in financial impact with 1,000+ tickets sold through 50 organizations.
• Breast Cancer Research FoundationminorGTM or Marketing Partner · 1 May 2026National Philanthropy Partner for Kentucky Oaks, supporting women's health initiatives and breast/ovarian cancer awareness with annual Survivors Parade.
• DraftKingscoreStrategic or Co-development Partner · 27 April 2026Partnership integrating TwinSpires horse racing wagering into DraftKings Sportsbook app across 9 states, enabling DraftKings' tens of millions of users to access pari-mutuel wagering without separate downloads. Launch timed before Kentucky Derby 152.
• LG&E and KU (Louisville Gas and Electric)minorStrategic or Co-development Partner · 24 April 2026Green Energy partnership powering Kentucky Derby Week on renewable energy for fourth consecutive year, with renewable energy certificates from Kentucky solar and wind facilities.
• SAPcoreTechnology or Integration · 23 April 2026Official Technology Partner providing AI cloud ERP systems for financial visibility and spend management. SAP Cloud ERP implementation reduced vendor pool from 5,000 to 3,000 within eight months.
• L'Oréal ParisminorGTM or Marketing Partner · 23 April 2026Inaugural Beauty Partner for Kentucky Derby 152, marking history as Churchill Downs' first beauty category partnership.
• Woodford ReserveflagshipGTM or Marketing Partner · 23 April 2026Presenting sponsor of Kentucky Derby presented by Woodford Reserve. Long-standing partnership central to Derby branding and broadcast.
• LonginesflagshipGTM or Marketing Partner · 23 April 2026Presenting sponsor of Longines Kentucky Oaks, America's premier race for 3-year-old fillies.
• FordminorGTM or Marketing Partner · 23 April 2026Brand partner for Kentucky Derby activations and experiences.
• Old ForesterminorGTM or Marketing Partner · 23 April 2026Bourbon partner for Kentucky Derby hospitality and experiences.
• Red BullminorGTM or Marketing Partner · 23 April 2026Energy drink sponsor for Kentucky Derby events and activations.
• MLB and WNBAminorGTM or Marketing Partner · 23 April 2026Sports league partners for cross-promotional activations during Derby Week.
• CiscocoreTechnology or Integration · 15 April 2026Multi-year partnership making Cisco the Official Enterprise Networking and Network Infrastructure Partner of the Kentucky Derby. Deployment spans 7,000+ switches across 26 properties using Cisco Catalyst Center and Splunk Observability Cloud, enhancing security and connectivity for 350,000+ annual Derby attendees.
• Graeter's Ice CreamminorGTM or Marketing Partner · 13 April 2026Limited-edition 'Backstretch Bourbon Cherry' flavor collaboration officially licensed by Kentucky Derby, available nationwide for Derby 152.
• CAFÉ™minorGTM or Marketing Partner · 7 April 2026Multi-year partnership to help fans create Kentucky Derby-themed at-home watch party experiences with curated recipes and customizable appliances.
• Tuscan Brands (Joe Faro)coreStrategic or Co-development Partner · 12 January 2026Partnership with Tuscan Brands founder Joe Faro for Rockingham Grand Casino development at The Mall at Rockingham Park in Salem, New Hampshire. $180-200 million investment.
• Sal Lupoli/Lupoli CompaniescoreStrategic or Co-development Partner · 12 January 2026Partnership with Sal Lupoli for Rockingham Grand Casino development, leveraging his commercial real estate development expertise in New England.

Scale indicators15 records

Recent moves13 records

Expansion highlights6 records

Broad incumbents

• Boyd Gaming: Operates 28 regional casino properties across 10 states with FanDuel partnership for online sports betting. Closest comparable on regional casino footprint strategy and omni-channel integration, though without horse racing heritage.
• Bally's Corporation: Regional and destination casino operator building a unified digital sportsbook/iGaming platform. Comparable on multi-state regional casino rollout and integrated online wagering ambitions, with overlapping sports-betting customer overlap via DraftKings/FanDuel competitors.
• Flutter Entertainment: Parent of FanDuel, the largest US online sportsbook. Indirectly comparable as the DraftKings rival whose wallet share CDI is trying to access via the DraftKings integration — represents the competitive ceiling for CDI's digital growth thesis.
• Caesars Entertainment: Major national gaming operator with regional casinos, horse racing exposure at tracks like Harrah's Hoosier Park and Indiana Grand, and the Caesars Sportsbook digital platform. Comparable on diversified gaming + racing + digital wagering mix, though at much larger scale.

Others

• International Game Technology (IGT): Lottery and gaming technology provider with historic tote-systems business. Adjacent/technology comparable given CDI's United Tote and Exacta Systems operations compete in the pari-mutuel technology stack.

Direct peers

• Penn Entertainment: Operates regional casinos and the Penn National race course, combining a racing franchise with a regional gaming portfolio similar to CDI. Direct comparable on geographic footprint, regional casino exposure, and omni-channel wagering ambitions.
• The Stronach Group (1/ST Racing): Operates Santa Anita, Pimlico, Gulfstream Park, and other major North American racing venues — the principal direct competitor in Thoroughbred racing. Was the counterparty in the Preakness IP transaction that Maryland ultimately seized.
• New York Racing Association (NYRA): Operates Belmont Park, Saratoga, and Aqueduct — the New York Thoroughbred racing franchise. Closest peer on premier racing-event operations and the third leg of the Triple Crown (Belmont Stakes).
• Keeneland Association: Kentucky-based Thoroughbred racetrack and the leading North American bloodstock auction house. Directly comparable on Kentucky racing prestige, simulcast content, and auction-related economics.
• Del Mar Thoroughbred Club: Operates the Del Mar racetrack in California, a premier summer racing meet. Comparable on boutique premier-racing operations, hospitality-driven economics, and seasonal handle generation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/churchill-downs/life
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries19 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Churchill Downs