• Churchill Downs average gross margin for 2023 was 32.2%, a 6.8% increase from 2022.
• Churchill Downs average gross margin for 2022 was 30.15%, a 15.87% increase from 2021.
• Churchill Downs average gross margin for 2021 was 26.02%, a 41.03% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.