Churchill Downs CEO Bill Carstanjen expressed confidence that prediction markets do not pose a significant threat to traditional pari-mutuel betting on horse racing, particularly the Kentucky Derby. He highlighted the limited overlap between prediction markets and horse race wagering, noting that platforms like Polymarket and Kalshi have shown minimal engagement with horse racing events. Carstanjen also emphasized the legal protections under the federal Interstate Horseracing Act, which grants Churchill Downs intellectual property and wagering rights, effectively requiring approval for any wagering activity on their races.

Financially, Churchill Downs remains robust, reporting record revenues and profits for the second quarter of 2025, alongside announcing a $500 million stock buyback program. Carstanjen’s remarks suggest that the company views its legal and business position as strong, with little concern about competition from emerging prediction markets, which have so far avoided significant involvement in horse racing betting. This stance reflects a broader industry confidence in maintaining the dominance of traditional horse race wagering despite the rise of new betting platforms.