Gambling operator Churchill Downs Incorporated (CDI) saw profits nearly triple in the third quarter of 2020, thanks in part to record online betting on the rescheduled Kentucky Derby.  

Figures released Wednesday show CDI generated revenue of $337.8m in the three months ending September 30, up 10.2% from the same period last year. But adjusted earnings shot up 38.5% to $121.9m while net income soared to $43.2m from $14.8m in Q3 2019.

Like many of its regional casino rivals, CDI has been furiously adding properties around the country over the past couple years, while also expanding its BetAmerica brand’s online casino and sports betting operations, making direct year-on-year comparisons something Stephen Hawking would find painful, and that’s before throwing COVID-19 into the mix.

The pandemic forced the postponement of the 2020 Kentucky Derby from May to September, which pushed CDI’s ‘Churchill Downs’ segment revenue to $68m, more than twice the $32.7m the segment reported in Q3 2019. Earnings more than quadrupled to $23.9m, thanks in part to a $3.8m boost from the historical racing operations at the Derby City Gaming venue.