Barry Winker
Churchill Downs Incorporated (Nasdaq: CHDNAn announced 150,335 Derby fans will attend Churchill Downs Racecourse for the Kentucky Derby on Saturday.
The company also reported a record level of betting from all sources, including the Kentucky Derby The race, the Kentucky Derby Day program, and Kentucky Derby Week.
Betting from all sources on the Kentucky Derby Day program brought in a new record of $288.7 million, beating last year’s record of $273.8 million. All-source betting on the Kentucky Derby race was a new record of $188.7 million, surpassing the previous record of $179.0 million set in 2022. The all-source bet for the Derby week rose to a new record of $412.0 million to $391.8 on the year. the past. M.
TwinSpires, the official Kentucky Derby betting partner, has brought in a new record $73.6 million in betting on the Churchill Downs races for the Kentucky Derby Day program, up from last year’s record of $67.4 million. The TwinSpires’ handle in the Kentucky Derby was a new record $47.0 million, breaking last year’s record of $44.0 million.
Churchill Downs CEO Bill Carstangen said the company expects adjusted EBITDA for the Kentucky Derby to be at a record high and $14 million to $16 million higher than last year’s tally.
Jefferies analyst David Katz said this year’s Derby shows the event can continue to generate strong year-over-year growth for CHDN. Katz expects stocks to react positively on Monday to the derby betting action. The company has a Buy rating on the stock and a price target of $330.
Also keep an eye on Draft Kings (DKNG) this week with the company’s sports betting app taking Derby bets for the first time in many states.
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