Churchill Downs Incorporated is a diversified entertainment and gaming company that operates horse racing venues, online wagering platforms, and casino gaming properties across multiple states. The company generates revenue through commission-based wagering (pari-mutuel betting on live and historical races through physical venues and its TwinSpires online platform), casino gaming operations at regional properties, licensing technology like its Exacta determinant system to third-party operators, and ancillary services including venue admissions, hotel accommodations, food and beverage, and loyalty programs. Its customer base spans recreational bettors and gaming patrons at physical locations, online wagering customers, and business-to-business partners, with revenue influenced by racing calendars and the company's portfolio of properties across multiple states.