Investor Presentaiton

TwinSpires Horse Racing Horse Racing Industry Handle Growth Industry handle' grew significantly since 2019 and wagering has shifted online Other Horse Racing Wagering Annual Growth $ in billions U.S. Online Wagering² IH'22 Growth $ in billions +12% $12.2 -1% $11.0 $10.9 +24% +11% $5.1 $6.3 $5.7 $6.7 $6.7 61% $3.6 54% $3.0 57% $3.4 54% $4.4 59% 40% 2019 2020 2021 IH'20 IH'21 IH'22 U.S. Online Wagering U.S. Online Wagering VPY: +52% +0% VPY: +20% -6% | Total wagering represents wagering on U.S. Thoroughbred Horse Racing as reported by Equibase 2 All U.S. Online Wagering as reported by the Oregon Racing Commission, including Velocity 48 CHURCHILL DOWNS INCORPORATED

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