Latest News
Churchill Downs Incorporated Reports 2025 First Quarter Results

Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) today reported business results for the first quarter ended March 31, 2025.
Company Highlights
- First quarter 2025 financial results, as compared to the prior year quarter:
- Record net revenue of $642.6 million, up $51.7 million or 9%
- Net income attributable to CDI of $76.7 million, down $3.7 million or 5%
- Record Adjusted EBITDA of $245.1 million, up $2.6 million or 1%
- We opened Owensboro Racing and Gaming in Western Kentucky in February 2025, with 600 historical racing machines, a retail sportsbook, simulcast wagering, and food and beverage offerings.
- We announced two new projects at Churchill Downs Racetrack that will enhance the 152nd Kentucky Derby experience for our guests in the Finish Line Suites and The Mansion. We also announced that we are pausing The Skye, Conservatory, and Infield General Admission capital projects due to the current economic environment.
- In February 2025, we closed the seventh amendment of the Credit Agreement, which reduced the interest rate for Term Loan B-1 and eliminated the 0.10% credit spread adjustment.
- In March 2025, the Board of Directors approved a new $500 million share repurchase program.
- We ended the first quarter of 2025 with net bank leverage of 4.0x and returned $119.5 million of capital to our shareholders through share repurchases and dividends.
- We repurchased $89.4 million of shares in the first quarter of 2025.
- On January 3, 2025, we paid a $0.409 per share dividend to shareholders of record as of December 6, 2024, which represents the fourteenth consecutive year of an increased dividend per share.
CONSOLIDATED RESULTS |
First Quarter | |||||||
(in millions, except per share data) | 2025 | 2024 | |||||
Net revenue | $ | 642.6 | $ | 590.9 | |||
Net income attributable to CDI | $ | 76.7 | $ | 80.4 | |||
Diluted EPS attributable to CDI | $ | 1.02 | $ | 1.08 | |||
Adjusted EBITDA(a) | $ | 245.1 | $ | 242.5 | |||
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below. |
SEGMENT RESULTS |
The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments. All comparisons are against the applicable prior year period unless otherwise noted.
Live and Historical Racing
First Quarter | |||||||
(in millions) | 2025 | 2024 | |||||
Revenue | $ | 276.4 | $ | 248.9 | |||
Adjusted EBITDA | 102.0 | 100.8 | |||||
First Quarter 2025
First quarter 2025 revenue increased $27.5 million due to an $18.2 million increase at our Virginia HRM venues, an $8.9 million increase from our Kentucky HRM venues, and a $0.4 million increase from our other Live and Historical Racing properties. The Virginia HRM increase of $18.2 million was primarily due to the November 2024 opening of The Rose Gaming Resort in Northern Virginia, partially offset by a decrease from our other Virginia HRM venues primarily due to lower unrated play from consumer softness and competition, the impact of weather, and one less day in the quarter due to the 2024 leap year. The Kentucky HRM increase of $8.9 million was primarily due to the February 2025 opening of Owensboro Racing and Gaming in Western Kentucky and growth from our Northern and Southwestern Kentucky properties, partially offset by a decrease at our Louisville properties due to the impact of weather and one less day in the quarter due to 2024 leap year.
First quarter 2025 Adjusted EBITDA increased $1.2 million due to a $3.1 million increase at our Kentucky HRM venues, partially offset by a $1.9 million decrease primarily from our Virginia HRM venues. Our Kentucky HRM venues increase was primarily due to the February 2025 opening of Owensboro Racing and Gaming in Western Kentucky and growth at our Northern and Southwestern Kentucky properties, partially offset by a decrease from our Louisville properties due to the impact of weather and one less day in the quarter due to the 2024 leap year. Our Virginia HRM venues decreased $2.0 million primarily due to lower unrated play from consumer softness and competition, the impact of weather, increased handle tax and racing-related expenses, and one less day in the quarter due to the 2024 leap year, partially offset by the November 2024 opening of The Rose Gaming Resort.
Wagering Services and Solutions
First Quarter | |||||||
(in millions) | 2025 | 2024 | |||||
Revenue | $ | 115.8 | $ | 114.1 | |||
Adjusted EBITDA | 41.3 | 39.6 | |||||
First Quarter 2025
First quarter 2025 revenue increased $1.7 million due to a $3.1 million increase from Exacta due to incremental HRMs in Virginia and New Hampshire and a $0.8 million increase in TwinSpires Horse Racing. These increases were partially offset by a $2.2 million decrease from our sports betting business.
First quarter 2025 Adjusted EBITDA increased $1.7 million due to a $3.8 million increase from Exacta due to a $2.7 million increase primarily from incremental HRMs in Virginia and New Hampshire and a $1.1 million decrease from lower compensation expense. These increases were partially offset by a $1.1 million decrease from our sports betting business and a $1.0 million decrease from TwinSpires Horse Racing due to increased legal expenses.
Gaming
First Quarter | |||||||
(in millions) | 2025 | 2024 | |||||
Revenue | $ | 267.2 | $ | 243.2 | |||
Adjusted EBITDA | 123.5 | 122.8 | |||||
First Quarter 2025
First quarter 2025 revenue increased $24.0 million due to a $31.6 million increase from the April 2024 opening of the Terre Haute Casino Resort, partially offset by a $7.6 million decrease primarily due to regional gaming softness, increased competition, one less day in the quarter due to the 2024 leap year, and the impact of weather at certain properties.
First quarter 2025 Adjusted EBITDA increased $0.7 million due to an $11.5 million increase attributable to the opening of the Terre Haute Casino Resort in April 2024, partially offset by a $6.6 million decrease from our wholly owned gaming properties and a $4.2 million decrease from our equity investments primarily due to regional gaming softness, increased competition, higher labor and benefit expense, one less day in the quarter due to the 2024 leap year, and the impact of weather at certain properties.
All Other
First Quarter | |||||||
(in millions) | 2025 | 2024 | |||||
Revenue | $ | 2.0 | $ | â | |||
Adjusted EBITDA | (21.7 | ) | (20.7 | ) | |||
First Quarter 2025
First quarter 2025 revenue increased $2.0 million increased due to intercompany revenue related to the captive insurance company that was established in April 2024. All captive revenue is eliminated in consolidation.
First quarter 2025 Adjusted EBITDA decreased $1.0 million driven primarily by increased corporate compensation-related expenses and other corporate administrative expenses as a result of enterprise growth.
CAPITAL MANAGEMENT |
Share Repurchase Program
On March 12, 2025, the Board of Directors of the Company approved a common stock repurchase program of up to $500 million (“2025 Stock Repurchase Program”). The 2025 Stock Repurchase Program includes and is not in addition to the $125.6 million remaining under the prior 2021 Stock Repurchase Program authorization.
The Company repurchased 798,250 shares of its common stock at a total cost of $89.4 million in the first quarter of 2025. We had approximately $434.6 million of repurchase authority remaining under the 2025 Stock Repurchase Program as of March 31, 2025.
NET INCOME ATTRIBUTABLE TO CDI |
First Quarter 2025 Results
The Company’s first quarter 2025 net income attributable to CDI was $76.7 million compared to $80.4 million in the prior year quarter.
The following factors impacted the comparability of the Company’s first quarter 2025 net income to the prior year quarter:
- a $6.7 million after-tax decrease in other recoveries, net primarily driven by insurance claim proceeds recorded in the prior year quarter.
This was partially offset by:
- a $5.6 million after-tax decrease in transaction, pre-opening, and other expenses.
Excluding the items above, first quarter 2025 adjusted net income attributable to CDI decreased $4.8 million primarily due to the following:
- a $3.0 million after-tax decrease in equity income from our unconsolidated affiliates;
- a $2.0 million after-tax increase in interest expense associated with lower capitalization of interest related to capital projects in the current year, partially offset by lower interest rates; and
- a $0.5 million after-tax decrease due a portion of United Tote’s income being recognized as noncontrolling interest.
This was partially offset by:
- a $0.7 million after-tax increase primarily driven by the results of our operations.
Conference Call
A conference call regarding this news release is scheduled for Thursday, April 24, 2025 at 9 a.m. ET. Investors and other interested parties may listen to the teleconference by accessing the online, real-time webcast and broadcast of the call at http://ir.churchilldownsincorporated.com/events.cfm, or by registering in advance via teleconference here. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are encouraged to dial-in 15 minutes prior to the start time. An online replay will be available by noon ET on Thursday, April 24, 2025. A copy of the Companyâs news release announcing quarterly results and relevant financial and statistical information about the period will be accessible at www.churchilldownsincorporated.com.
Use of Non-GAAP Measures
In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.
The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company’s core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Companyâs operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.
We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.
Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interest; transaction expense, which includes acquisition and disposition related charges, as well as legal, accounting, and other deal-related expense; pre-opening expense; and certain other gains, charges, recoveries, and expenses.
Adjusted EBITDA includes our portion of EBITDA from our equity investments and the portion of EBITDA attributable to noncontrolling interest.
Adjusted EBITDA excludes, as applicable in each period:
- Transaction expense, net which includes:
- Acquisition, disposition, and property sale related charges;
- Other transaction expense, including legal, accounting, and other deal-related expense;
- Stock-based compensation expense;
- Rivers Des Plaines’ impact on our investments in unconsolidated affiliates from legal reserves and transaction costs;
- Asset impairments;
- Gain on property sales;
- Legal reserves;
- Pre-opening expense; and
- Other charges, recoveries, and expenses.
For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income. See the Reconciliation of Comprehensive Income to Adjusted EBITDA included herewith for additional information.
Latest News
NOVOMATIC Americas and CAGE Puerto Rico II Enter into Exclusive Strategic Partnership for Puerto Rico Street Market

NOVOMATIC Americas Puerto Rico LLC (NOVOMATIC Americas), a subsidiary of the international gaming technology group NOVOMATIC, and CAGE Puerto Rico II Inc (CAGE) have entered into a long-term, exclusive strategic partnership for the street gaming market in Puerto Rico, building on their successful multi-year collaboration across various Caribbean markets.
Under the terms of a newly concluded Master Sales Agreement, NOVOMATIC Americas will distribute thousands of FUNMASTER 2.27 cabinets to CAGE Puerto Rico. The agreement reflects both partiesâ shared commitment to market development, operational excellence, and long-term value creation in Puerto Ricoâs regulated gaming sector and is still subject to CAGE receiving the renewal of its gaming license in Puerto Rico.
Each gaming terminal will include access to a curated portfolio of NOVOMATIC gaming content, which is tailored to meet the preferences of the local player base. This ensures that CAGE and its operating partners benefit from a dynamic and adaptable content offering that is designed to maximize entertainment value and operational results.
Jakob Rothwangl, Managing Director NOVOMATIC Americas, said: âThis agreement underscores the strategic alignment between Caribbean CAGE and NOVOMATIC Americas in one of the regionâs most dynamic and promising markets. It is a testament to the strength of our long-standing partnership and to the trust that CAGE places in our products, performance, and vision.â
Chairman of CAGE Puerto Rico II, Robert B. Washington, said: âWe are proud to deepen our strategic partnership with NOVOMATIC Americas as we continue to expand our footprint in the Caribbean markets. Their technology, product quality, performance and long-term vision are exactly what we need to drive sustainable growth and deliver best-in-class gaming entertainment to our customers and partners throughout Puerto Rico.â
Latest News
CT Interactive Enters into Strategic Partnership with Playcet

CT Interactiveâs premium gaming content is now live with Playcet, marking the renowned iGaming providerâs official entry into the Argentine market. This strategic partnership underscores the companyâs commitment to international expansion and reinforces the growing presence in Latin America. Based in CĂłrdoba, Argentina, Playcet now offers its players a carefully curated selection of 63 of CT Interactiveâs most popular slot titles. Among these are usersâ favorites such as 20 Star Party, 40 Fruitata Wins, Banana Merge, Celestial Dragon, Chili Fruits, and many more – games known for their captivating gameplay and top-tier design, which have consistently performed well across various global markets.
âThis partnership holds significant strategic value for us. It not only reflects our deep commitment to the region but also propels our vision for sustainable growth and long-term market leadership. We are confident that by combining our strengths, we will unlock new opportunities and set fresh benchmarks for success together,â said Martin Ivanov, Chief Operating Officer at CT Interactive.
Following the successful certification of CT Interactiveâs game portfolio for the Argentine market, local players now have access to a diverse and immersive gaming experience tailored to their preferences. The collaboration with Playcet ensures the delivery of high-quality entertainment that meets the highest standards of performance, engagement, and user satisfaction.
Horacio Sans, Playcetâs Operations Manager, said: âWe are very pleased to add CT Interactiveâs portfolio to our platform. This partnership represents an important step in continuing to strengthen our offering and providing our users with an even more complete and high-quality gaming experience.â
The alliance with CT Interactive reinforces Playcetâs commitment to innovation and quality, consolidating its position as one of the leading online gaming platforms in the Province of CĂłrdoba.
âAt CT Interactive, we remain committed to forming strategic alliances and creating localized content that enhances the gaming experience globally. Our expansion into Argentina represents another key step in our mission to deliver cutting-edge gaming solutions to players across the globe,â added Martin Ivanov.
Affiliate Industry
What a Mature Market Means for US Affiliates

When the US Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA) in 2018, it opened the floodgates to sports betting in the US. From the middle of 2018 to now, states with some form of legal sports betting went from the four states âgrandfatheredâ by PASPA to 39 states and Washington, D.C. allowing betting. Thatâs 36 jurisdictions legalizing in eight years.
Soon after the annulment of PAAPA, market activity exploded with several states legalizing and launching every year thereafter. Each state had millions of new customers that operators wanted to reach quickly, and unique regulatory constraints around marketing and betting. Thatâs where affiliate marketing stepped in, providing local expertise to help these operators rapidly establish a foothold with customers.
That gold rush has now ended. While states with significant populations like Texas and California remain without legal sports betting, the majority of players in the US have access to it. Several states wonât be legalizing sports betting every year like in the past.
If operators no longer rely on affiliates to help them conquer several new markets every year, what roles do these large, third-party marketing companies have to play moving forward? As the market matures, we’re seeing that affiliate marketing has a crucial role to play in the current marketing climate.
What the Mature Market Looks Like
Aside from the lurking possibility of states with huge populations like California and Texas legalizing sports betting, the market is broadly set. Many states that havenât introduced betting are unlikely to change that position due to the political climate, like in Utah and Alaska.
Sports betting has never been more popular, with total GGR for sports betting hitting $13.71 billion in 2024, according to the American Gaming Association. That was a 25.4% increase year-on-year. However, sports betting has also never been more competitive. Most US states have intense competition between operators competing in saturated ecosystems.
Thereâs evidence this is impacting affiliate companies, with Catena Media generating 35% less from US operations in 2024 compared to 2023. Another significant operator in US affiliate marketing, Better Collective, saw US revenues drop from $113 million in FY2023 to $112 million in FY2024.
However, this doesnât spell the end of affiliate marketing. Without the potential to expand into new states, operators are looking to strengthen and grow market share in the states where sportsbooks are already operational and companies have already conducted marketing campaigns with affiliates.
Companies that have quickly grasped this new approach have shown positive signs. Gambling.com Group reported record Q4 revenues in 2024 and finished with full-year revenue of $127.1 million, a 17% rise from the year prior.
Itâs made affiliates effectively take a u-turn to recover all the ground they covered so rapidly with the expansion of the market. For example, the first online sportsbooks launched in Michigan in January 2021, so there was a flurry of marketing activity in the state before that attention moved to other states that launched in the same year, like Arizona in September. Now, affiliates are returning to states like Michigan with new approaches.
Trust and Authority and Blitz Tactics
What do these new marketing approaches entail? Rather than acquiring as many users as possible in a short time, affiliates are now focused on increasing brand loyalty. Affiliates want to increase customer lifetime value (CLV), and are more aware of this metric than the base number of how many new users are added.
Thatâs led to more personalized advertising campaigns with features like exclusive offers, user engagement tools, and more to keep the focus on retaining players rather than adding more and more customers. Brands are looking to build authority and trust with customers.
Adding a few customers with high CLV is priceless for operators compared to hundreds of customers who will drop off quickly. Affiliate marketing supports these platforms with tailored campaigns using specific state knowledge and personalized customer retention measures.
More Sophisticated Customers
When sports betting first started spreading across the US, most people probably confused parlay bets with the French word parley used in popular movie franchises like Pirates of the Caribbean. That was the average American bettorâs education level on the topic.
So, early affiliate marketing efforts focused on introducing common sports betting terminology to customers while explaining the benefits of sports betting brands. Guides would explain how to sign up with a sportsbook and the difference between a moneyline and a point spread. That easy access to sports betting information made it more straightforward for a broader audience to get involved.
Itâs a different market eight years on. Most bettors are far more educated than before and donât need to be babyfed the basics. If an operator wants to appeal to bettors, it must do more than just offer betting.
Thatâs why affiliate marketing has shifted to a more detailed and data-driven approach. Rather than explaining how American odds work, affiliate marketing campaigns now compare the value of odds between operators and highlight the best value.
Unique betting features are more important to marketing campaigns as these can help attract bettors with accounts at other sportsbooks to sign up with a new platform.
This is where affiliate marketing can help operators in mature markets, as these campaigns can highlight those strengths against other brands and make each platformâs unique proposition clear to savvy bettors.
Broadening Audience Demographics
Considering odds regularly appear on major league broadcasts and are discussed by commentary staff for games, itâs clear that betting is becoming increasingly mainstream. As sportsbooks look to consolidate and compete in competitive markets, reaching new demographics is a valuable marketing tool.
While bettors in the US are more educated now, operators are looking to attract more than just players willing to learn all the jargon. New marketing strategies must make betting relatable and appealing to various ages and demographics.
The campaign to capture the attention of bettors in their 20s should look very different from one for older players, and the best affiliate marketers are helping operators tailor these campaigns to hit specific demographics.
Affiliatesâ Role as Strategic Partners to Operators
The relationship between affiliates and operators has shifted as the operators need affiliate marketing companies to deliver different marketing services. Many operators see affiliates as strategic partners rather than just sources of traffic.
These new data-driven dynamics will let affiliates play a wider role in operatorsâ marketing schemes, providing data integration like live stats, API odds feeds, and more. Additionally, affiliates use years of knowledge and expertise to help these platforms run campaigns through different media sources, including mobile.
Affiliates also play a helpful role in compliance and responsible gambling. Each state has its own requirements, and while no new markets are opening, states that already permit betting can shift rules around whatâs available. Scrutiny from regulators is also increasing. Therefore, affiliate marketing can provide operators with tailored campaigns that take a state-by-state approach.
Conclusion
Affiliate priorities have shifted, moving into 2025 and beyond. The gold rush is over, and the market is consolidating. Affiliates need to expand their services to keep up with the evolving demands of sports betting operators, focusing on longer-term customer acquisitions rather than adding masses of low-value players.
Successful affiliate sites will be the platforms that adapt to the new mature market the fastest and with the most effective strategies. Affiliates are no longer just tools that operators use to attract broad traffic. These companies must provide ongoing data and personalized marketing strategies to provide the best support to operators.
Author: Shmulik Segal, Founder and CEO of Media Troopers
-
Latest News6 days ago
Defy the Odds and EDGE Markets Announce Strategic Partnership to Drive Innovation in Betting and Gaming Payments
-
Canada6 days ago
ToonieBet Launches its Sportsbook on Apple App Store and Google Play Store
-
Latest News6 days ago
Design Works Gaming and Bluberi Gaming Announce Monumental Partnership
-
Compliance Updates6 days ago
Colombiaâs Coljuegos Intensifies its Efforts to Block Illegal Gambling Websites
-
Compliance Updates6 days ago
Peru Reports 40% Drop in Illegal Online Gambling
-
Latest News5 days ago
Reals Appoints Giorgia Kasat as New Head of HR, Strengthening Organizational Strategy in the Betting Industry
-
Latest News5 days ago
CANJ Launches âCasinos United Against Hungerâ Campaign
-
Latest News5 days ago
Win Systems Celebrates Successful Participation at GAT Cartagena 2025