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Churchill Downs Inc. is ceasing its larger online sports betting, iGaming operation, and casino business, CEO William Carstanjen said.
The move ends the company’s foray into online betting, which it began in 2017 when it purchased BetAmerica.
“We had high hopes for the potential to build a profitable business in this space,” Carstanjen said. “However, the online sports betting and online casino space is highly competitive, with an ever-increasing number of participants that the states have licensed.”
The company will keep its horse-racing-specific sports betting program, TwinSpires, up and running, as well as sportsbooks in casinos.
By The Numbers
The decision doesn’t reflect an overall financial shortfall, according to the company.
- Churchill Downs reported revenue was up $86.6 million from the same period last year in Wednesday’s Q4 earnings report.
- The company announced a record $1.597 billion in net revenue in 2021.
Despite the pivot, Churchill Downs still plans to spend $2.49 billion to purchase casinos in New York, Iowa, and Virginia.
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