Internet betting is clearly good for horseracing

Thursday, May 10,2012 : ONLINE BETTING ON THE PONIES UP AT CHURCHILL DOWNS
 
Internet betting is clearly good for horseracing
 
Online betting has again made a useful contribution to the Churchill Downs horse racing business, with the latest posted Q1 results showcasing online division gross revenues up 20 percent compared with last year, with TwinSpires.com reporting an increase of 15.2 percent in handle as a result of a rise in new punters.
 
Net revenues rose 5 percent to $138.2 million over the quarter, and online EBITDA was up 38 compared with the same period last year.
 
The contribution of the online business did not go unacknowledged by chairman Robert Evans, who said:  “Historically, the seasonal nature of our racing operations resulted in losses for the quarter but the diversification of our business model into our gaming and online businesses more than offset first quarter losses from racing.”