Churchill Downs Incorporated Launches TwinSpires Acount-Wagering Service on May 2

Churchill Downs Incorporated (NASDAQ: CHDN) today announced that its new advance deposit wagering service, TwinSpires (www.twinspires.com), will launch on Wednesday, May 2, at 9 a.m. EDT, to accept wagers on the 2007 Spring Meet at Churchill Downs racetrack, and the 133rd renewals of the Grade I Kentucky Derby Presented by Yum! Brands on May 5 and the Kentucky Oaks (GI) on May 4.

Beginning May 2 at 9 a.m. EDT, customer can register for the new account-wagering service by visiting the TwinSpires Web site, www.twinspires.com, and clicking on the “Register Now” button on the home page. Registration is subject to applicable rules and restrictions. The TwinSpires Web site (www.twinspires.com) will activate at 9 a.m. EDT on May 2. Player Services Representatives will be available to assist customers beginning at 9 a.m. EDT / 6 a.m. EDT on May 2. Customers may contact the TwinSpires Player Services Center at 1-877-SPIRES-1 for assistance.

Customers may open a TwinSpires account with a minimum deposit of $50 and wager through their TwinSpires accounts online at www.twinspires.com or via telephone by dialing 1-877-SPIRES-1 (1-877-774-7371). After an initial $50 deposit to open a TwinSpires account, there is no minimum deposit amount. Customers may deposit funds into their TwinSpires accounts at any time via their phone, the TwinSpires Web site or postal mail. The TwinSpires team is working to set up deposit and withdrawal locations at all Churchill Downs-operated racetracks where customers can deposit or withdraw funds from their accounts in person. TwinSpires will update customers on the availability of on-track deposits and withdrawals when these are available.

TwinSpires charges no fees to register, wager or to maintain an account, and TwinSpires offers free live video streaming of races and free race replays to all wagering customers. In addition, TwinSpires Club members will now earn points on all wagers placed through www.twinspires.com or by telephone (1-877-SPIRES-1) in addition to the points they have historically earned on on-track and off-track wagers.

“Churchill Downs Incorporated is pleased to launch TwinSpires, our new account-wagering service, in time for racing fans across the country to wager on America’s premier horse race, the Kentucky Derby, as well as on races from Churchill Downs, Santa Anita, Gulfstream Park, Fair Grounds Race Course, Pimlico Race Course, Lone Star Park, Golden Gate Fields, Laurel Park and other popular racing venues,” said Vernon Niven, president of TwinSpires. “Our TwinSpires team has been hard at work these past months preparing our account-wagering platform to open for business. We have resolved the issues related to the registration process that delayed our initial launch by four days, and we look forward to giving our customers the best way online to place a bet on the ‘Run for the Roses’ May 5, as well as on thousands of competitive races around the country.”

“Thousands of customers have expressed interest in signing up for an TwinSpires account. TwinSpires offers customers a modern, convenient and secure way to place wagers on horse races from around the country, so they can still get in on the action if they can’t make it to a racetrack or simulcast-wagering center.

“Our primary goal for the first release of our wagering platform is to offer an easy to use and secure account-wagering service in time for this year’s Kentucky Derby, and we’ve accomplished that. But this is just the beginning. During the next few months, we plan to introduce new content, features and handicapping tools that will further distinguish TwinSpires from its competitors. We look forward to working closely with our customers as we continue to improve the site and add new offerings.”

Customers can visit the Frequently Asked Questions (FAQ) section of www.twinspires.com for additional information on how to register for a TwinSpires account, deposit funds into an account, view the list of racetracks they can wager on through TwinSpires accounts. Customers may contact the TwinSpires Player Services Center at 1-877-SPIRES-1 for assistance. Information about how to register for an account and deposit funds into a TwinSpires account is provided on pages 3-4 of this news release.

TwinSpires is currently authorized to accept wagers from the following states: Kentucky, Louisiana, Maryland, Montana, New Hampshire, North Dakota, Ohio, Oregon, South Dakota, Virginia, Washington and Wyoming. Customers are encouraged to visit www.twinspires.com regularly to view new additions to this list. TwinSpires customers in Florida may place wagers by phone only.

TwinSpires (www.twinspires.com) is the official advance deposit wagering service for Churchill Downs Incorporated (NASDAQ: CHDN) and its family of racetracks, as well for the Kentucky Derby and Kentucky Oaks. TwinSpires is a wholly owned subsidiary of Churchill Downs Incorporated and offers wagering on races from Churchill Downs, Santa Anita, Gulfstream Park, Fair Grounds Race Course, Pimlico Race Course, Lone Star Park, Golden Gate Fields, Laurel Park and other popular racing venues. TwinSpires is headquartered in Mountain View, Calif., and operates a wagering hub in Oregon.

Churchill Downs Incorporated (“Churchill Downs”), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. Churchill Downs’ four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders’ Cup World Championships. Churchill Downs also owns off-track betting facilities and has interests in various advance deposit wagering, television production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV™, that support the Company’s network of simulcasting and racing operations. Churchill Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

Have read and agree to abide by all of the Terms and Conditions set forth by www.twinspires.com.

Allow TwinSpires to use third party services to authenticate your account information. All information used to authenticate your account is kept confidential.

Agree to pay all charges posted to your TwinSpires account.

Allow TwinSpires to open an advance deposit wagering (“ADW”) account in your name and to manage funds on your behalf.

How do I deposit funds into my TwinSpires account?

Deposits can be made by phone, Web site or postal mail. (Customers will eventually be able to make deposits in person at any Churchill Downs-owned racetrack.) A minimum deposit of $50 is required to establish an account with TwinSpires. After the initial deposit, there is no minimum deposit amount.

By Phone: Credit card cash advance deposits will be processed by our Player Services Center over the phone. Credit card cash advance transactions will be limited to $1,000 per day; $3,000 per seven days; and $5,000 per 30 days. Funds deposited via credit card cash advance will be made available for use immediately.

By Web site: Deposits can be made at www.twinspires.com via direct deposit. The first direct deposit (e-check) is limited to $500. The funds from the first e-check deposit will be immediately available. Subsequent direct deposit transactions will not be accepted until the first direct deposit transaction has successfully cleared the banking system and www.twinspires.com has received the funds. This typically takes two to three business days. Once subsequent direct deposit transactions are allowed, funds will be made available immediately upon processing transaction. There is no monthly maximum on direct deposit transactions; however, there is a cumulative $5,000 daily limit unless a higher limit is approved by www.twinspires.com. Direct deposit transactions returned for any reason will result in a $25 charge to a player's account and may result in limits being placed on the amount of future direct deposit transfers. If the first direct deposit transfer does not clear the banking system, all funds in the account will be frozen and, if necessary collection procedures will begin.

By Mail: Personal checks are accepted via mail. Personal checks will be credited to a player's account as soon as the personal check, has cleared the banking system. This typically takes five to seven business days. Personal checks returned for any reason will result in a $25 charge to a player's account.

TwinSpires players may check account balances by logging into the official Web site, www.twinspires.com, or by calling the Player Services Center at 1-877-SPIRES-1 (1-877-774-7371).

How much I can deposit?

In order to open your account you must deposit at least $50. This is a requirement of the state of Oregon, where TwinSpires is licensed. After the initial deposit, there is no minimum deposit amount. There is no maximum amount allowed in your account. However, each deposit transaction may be limited by the method used to fund the account, as follows:

Credit Card (Cash Advance): Your first credit card cash advance transaction is limited to $250. Subsequent credit card cash advance transactions are limited to no more than $1,000 per day, $3,000 per seven-day period and $5,000 per 30-day period.

Direct Deposit (ACH): Your first direct deposit is limited to $500. Further direct deposits will be accepted only after your first deposit has cleared the banking system (usually two to three business days). Thereafter, direct deposits are limited to one (1) transaction per day and $5,000 per transaction.

Cash, personal check, and wire transfer transactions: Deposit amounts are not limited, but availability of funds may be subject to waiting periods.

All deposits are subject to federal, state and local regulatory reporting requirements.