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Churchill Downs Sets Revenue Record in First Quarter

Kelly Irvin

Updated on April 26, 2024 at 4:29 PM EDT • Read time: 1 min 32 sec. Find more information on Twitter and Google News.

Churchill Downs had a successful first quarter in 2024, setting new revenue and EBITA records for one of the top horse racing betting sites, as reported in a company release.

Earnings before interest, tax, and amortization (EBITA) is crucial for the Kentucky sports betting operator, particularly as visitors to Kentucky Derby betting sites prepare to attend the big race on May 4.

Attendees will don fancy and eccentric hats, sipping on mint juleps as they eagerly examine the 2024 Kentucky Derby odds in a bustling venue.

Record-setting accomplishments

The leading competitors in the Kentucky Derby are approaching the first turn after beginning from their designated post positions. The event has also experienced a surge in popularity in 2024, with Churchill Downs reporting impressive numbers.

This consists of $590.9 million in revenue, reflecting a 6% increase from the first quarter of 2023. Additionally, there was a record adjusted EBITA of $242.5 million, marking a significant 9% rise compared to 2023.

This is all happening right before the peak season for the track, as the highly anticipated spring races are set to kick off. TwinSpires, a leading online sportsbook for legal horse race betting, is also joining in on the excitement.

TwinSpires is surging

Churchill Downs, the parent company of TwinSpires, has established itself as one of the premier betting sites for horse racing. The connection between the venue and TwinSpires has always been strong.

The king of horse racing outperforms the top sports betting apps, with TwinSpires seeing an 18% increase in revenue and a 35% rise in EBITA in the first quarter of 2024 compared to the same period in 2023.

The company reported impressive totals, with $114.1 million in TwinSpires revenue and $39.6 million in adjusted EBITA. Horse racing continues to attract a strong following among bettors, and with the upcoming Kentucky Derby, there is anticipation for a surge in interest from casual sports betting enthusiasts. Churchill Downs and TwinSpires are poised for even greater success. Newcomers can enhance their experience by familiarizing themselves with horse racing betting.

After Churchill Downs experienced a surge in 2023, recording a record $2.5 billion in revenue, the momentum continues to rise as we head into 2024, with the starting gate kicking up a cloud of dust.

Written By:
Kelly Irvin
Kelly Irvin has been in the sports media wilderness since 2009, and he joined Underscoreg Review in 2021. His work has been referenced in The New York Times and Forbes. He’s also made appearances on The Fan 590 and TSN 1050. Sean is a regular bettor who places bets daily while using a handful of books. Most frequently, he uses FanDuel and bet365 due to the quality experience on those apps. While he’ll often take an analytical approach, Sean enjoys the fun, recreational side of betting too, and embraces alternative markets on events like the Westminster Dog Show or Eurovision, or the many novelty props tied annually to the Super Bowl, for example. Beyond sports, Sean is also interested in the betting markets tied to politics, and especially those connected to American elections. He sees betting as a way to explore and engage in a deeper way, and takes that same view to his work. He plays poker periodically too, and is an avid fantasy sports player. Sean also previously spent time with Bleacher Report and theScore, all after earning his media studies degree from the University of Guelph-Humber.