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Churchill Downs Sets Revenue Record in First Quarter

Sean Tomlinson

Last Updated: April 26, 2024 4:29 PM EDT • 1 min 32 sec read.

The first quarter of 2024 was a successful one at Churchill Downs, with one of the best horse racing betting sites establishing new revenue and EBITA records, according to a release from the company.

The latter - which stands for earnings before interest, tax, and amortization - is especially vital for the Kentucky sports betting operator, with those who frequent Kentucky Derby betting sites set to descend upon the grounds for the big race on May 4.

Fancy and/or bizarre hats will be worn and many mint juleps will no doubt be consumed while enthusiasts look over the 2024 Kentucky Derby odds as the venue thrives.

Record-setting accomplishments

The top contenders in the Kentucky Derby will soon be rounding the first bend after starting from their Kentucky Derby post positions. The space itself has done that too in 2024, with Churchill Downs reeling in eye-popping figures.

That includes $590.9 million in revenue, which is a 6% climb compared to the first quarter in 2023. There was also a record adjusted EBITA of $242.5 million, which leads to another substantial increase of 9% compared to 2023.

It's all coming just ahead of a prime season for the track, with the marquee spring races about to begin. And TwinSpires, one of the best sportsbooks that provides online legal horse race betting, is getting in on the action too.

TwinSpires is surging

TwinSpires has long been among the top betting sites for horse racing, and Churchill Downs is the parent company. The venue and TwinSpires are always connected.

In this case, the king of horse racing, when compared to the best sports betting apps, continues to rise above. The revenue for TwinSpires in the first quarter of 2024 was up 18% compared to the same period in 2023. There was an even more dramatic 35% uptick in EBITA.

The totals are staggering too, with the company announcing $114.1 million in TwinSpires revenue and $39.6 million in adjusted EBITA. There's clearly no shortage of horse racing interest among bettors, and now the casual sports betting crowd is about to emerge for the Kentucky Derby, fueling even more success for Churchill Downs and TwinSpires. Newcomers will benefit from learning how to bet on horse racing.

This all comes after Churchill Downs surged similarly in 2023 while recording a record $2.5 billion in revenue. The arrow is firmly pointing up, with a cloud of dust at the starting gate now in 2024.

Written By:
Sean Tomlinson
Sean Tomlinson has been in the sports media wilderness since 2009, and he joined Sportsbook 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.