Churchill Downs Sets Q2 Revenue Record of $934 Million

Betting on the Derby alone totaled $234.4 million, which was up 11% from last year.

Ziv Chen

Last Updated: July 25, 2025 8:52 AM EDT • 2 minute read

Churchill Downs Incorporated registered record revenue of $934.4 million for the second quarter of 2025, powered by betting and viewing figures from the 151st Kentucky Derby. Wagering on the iconic race and the broader Derby Week program reached all-time highs, helping the company to hit a revenue increase of 5% year-over-year.

Betting on the Derby alone totaled $234.4 million, which was up 11% from last year, even with one fewer horse in the field. The full Derby Day card saw $349 million taken in total handle, a 9% jump from last year’s record, and handle for the week reached nearly $474 million.

Viewership also surged, with the race broadcast drawing an average of 17.7 million viewers and peaking at 21.8 million, the highest Derby TV audience in over 30 years. It was a great weekend for all Kentucky Derby betting sites.

That momentum translated into a record $450.9 million in adjusted EBITDA for the second quarter. Although ticketing revenue at Churchill Downs Racetrack dipped slightly compared to last year, increased pari-mutuel taxes reduced the track's adjusted profit by approximately $1 million.

Historical and online divisions drive expansion

The company’s Live and Historical Racing Division continued to perform strongly in the second quarter of the year, with Historical Racing Machine (HRM) venues in Kentucky and Virginia contributing $540.9 million for the quarter, up more than $50 million from the same time last year.

HRM sites in Northern Virginia and Western Kentucky were standout performers, although recently opened venues in Richmond and Louisville also added to the gains.

TwinSpires.com, Churchill’s online betting platform, also saw increased Derby Week activity. That helped lift revenue in the digital betting segment by $8.5 million, although higher legal and marketing expenses pulled TwinSpires’ adjusted profit down by $2.4 million. There is big competition among the best horse racing betting sites.

There was less encouraging news for the company’s casino business. Revenue in that segment declined by $8.1 million, and adjusted profit decreased by $13.4 million, primarily due to the closure of HRM operations in Louisiana and increased state taxes in Indiana.

Future growth targets New Hampshire

During its Q1 earnings announcement, the company outlined several future initiatives. The most notable was the $180 million acquisition of a charitable gaming operation in Salem, New Hampshire. That project, located just outside Boston, will give Churchill Downs another foothold in the Northeast.

And, in place of the abandoned $1 billion renovation of the Churchill Downs racetrack, the company will be moving forward with a smaller $30 million upgrade focused on specific areas of the site, including the Mansion and Finish Line Suites, ready for guests to enjoy by the time the 152nd Kentucky Derby rolls along.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.