Churchill Downs Mulls Sale of TwinSpires Racing Brand
Considering its options
Churchill Downs is taking into consideration selling its TwinSpires Racing brand. As reported by Bloomberg on Thursday, anonymous sources close to the matter have disclosed news of a feasible sale of the Kentucky Derby’s official betting companion. Churchill Downs’ share cost enhanced six% following publication of the news.
A sale of the brand could create as much as $1.5bn
The Louisville-based company has reportedly employed an advisor to solicit attainable interest in TwinSpires Racing. A sale of the brand could create as much as $1.5bn, but Churchill Downs has not however made an official decision whether it will sell or not.
It seems that any possible sale would just include the horse racing side of the TwinSpires brand, excluding its sports betting and on-line casino operations. The firm declined to offer an official comment on the matter.
A wide-ranging offering
For several years, TwinSpires has focused on pari-mutuel horse racing betting, with its online platform accessible in a extended list of states. Churchill Downs has described TwinSpires Racing as the “premier on the internet horse racing wagering platform in the United States.”
began providing sports betting via the BetAmerica brand
TwinSpires also now has sportsbooks and on-line casinos operational around the nation. Churchill Downs initially began providing sports betting by means of the BetAmerica brand and kept the focus of TwinSpires on horse racing. Even so, the business announced in January that it would rebrand BetAmerica to TwinSpires.
There are now on the web TwinSpires sportsbooks obtainable in Arizona, Colorado, Indiana, Michigan, New Jersey, Pennsylvania, and Tennessee, with retail sportsbooks in Colorado, Indiana, Mississippi, Pennsylvania, and Arizona. TwinSpires also has on the web casinos up and operating in Michigan, New Jersey, and Pennsylvania.
Positive current final results
TwinSpires Racing handle rose 31% in the third quarter when compared to the identical period in 2019, with active users up 23% from two years preceding. Churchill Downs compared the outcomes to 2019 figures simply because the Kentucky Derby took place in the third quarter in 2020 due to the COVID-19 pandemic, rather than its usual second-quarter date.
Throughout the earnings call announcing these final results, Churchill Downs chief operating officer and president Bill Mudd gave no indication that the organization is considering selling the Twinspires brand. Mudd confirmed that the fourth quarter will be a extremely stable period. Business CEO Bill Carstanjen also noted that the business planned to make improvements to the horse racing wagering platform going forward.