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

first_img Tags: Churchill Downs Topics: Finance Net profit rockets 191.9% at CDI after online betting growth in Q3 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. Regions: US 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. Read the full story on iGB North America. 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. 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. 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. Finance The operator also saw growth from its Churchill Downs racetrack, with revenue rising 108.0% year-on-year to $68.0m. 29th October 2020 | By Robert Fletcher AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Subscribe to the iGaming newsletter 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.last_img read more

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