Churchill Downs Inc. is shutting down its online sports and casino business, TwinSpires, and will concentrate on horse betting.
CEO Bill Carstanjen made the announcement Thursday during a conference call with investors.
“We will exit the (business-to-consumer) online wagering space,” Carstanjen said. “This isn’t the result we wanted, but it is the prudent next step.”
Gaming Today reported Thursday that TwinSpires will not shutter immediately but “will begin winding down over the next six months.”
Churchill Downs listed a loss of $31.9 million on sports wagering in its 2021 earnings report. The company also owns the legendary horse racing track of the same name in Louisville, Ky., which hosts the Kentucky Derby, and Carstanjen said the focus will shift to horses.
“We remain excited about TwinSpires horse racing,” Carstanjen said. “Pre-COVID, we were about 40 percent of the horse racing market. That jumped to 60 percent in 2020 and then in 2021 saw a steady state of 50 percent market share, so this is a very successful business.”
TwinSpires reportedly was for sale in late 2021. The betting arm opened three years ago as BetAmerica and was rebranded in early 2021.
TwinSpires operates legal online sports wagering in Arizona, Colorado, Indiana, Michigan, New Jersey, Pennsylvania and Tennessee.
–Field Level Media