Home > Finance > Net profit rockets 191.9% at CDI after online betting growth in Q3

Net profit rockets 191.9% at CDI after online betting growth in Q3

| By Robert Fletcher
Churchill Downs Incorporated (CDI) has reported a 10.3% year-on-year increase in net revenue in the third quarter, as growth within its online betting business also helped drive net profit up 191.9% during the period.
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Net revenue in the three months to September 30 amounted to $337.8m (£259.7m/€287.9m), up from $306.8m in the corresponding quarter last year.

CDI much of this growth was down to the success of its online wagering division, where revenue increased 79.6%. This was driven by its TwinSpires advance deposit wagering operations, with revenue reaching $54.1m after its handle jumped 68.8% to $253.7m.

The operator also saw growth from its Churchill Downs racetrack, with revenue rising 108.0% year-on-year to $68.0m.

Both Churchill Downs’ and the online wagering growth was down to the rescheduling of the Kentucky Derby, which was moved from its traditional date in May to August, as a result of restrictions related to the novel coronavirus (Covid-19) pandemic.

However, gaming did not enjoy such a strong quarter, with revenue falling 24.5% to $134.9m. CDI put this down to Covid-19 restrictions at its land-based casinos.

Calder Casino in Miami, Florida, was forced to temporarily close between July 2 and August 31, while its Oxford Casino in Maine, Presque Isle and Lady Luck sites in Pennsylvania, Ocean Downs in Maryland and Harlow’s in Refuge, Mississippi, all had to operate with reduced capacity.

Read the full story on iGB North America.

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