Within a year of its debut, Churchill Downs Inc. decided to stop providing its online sportsbook and casino.
The TwinSpires app was released in several states throughout the US, including Indiana, Pennsylvania, and Colorado.
Since legal Kentucky sports betting won’t launch until at least 2023 after recent failures, TwinSpires won’t be a future option in the market.
The parent company that owns the famed racetrack in Louisville rolled out its combination of an online sportsbook and casino in April 2021. Technically speaking, the operator started its venture into the legal sports betting industry in 2017 when it acquired BetAmerica.
CEO William Carstanjen announced in late February that it would no longer accept sports and casino wagers.
Churchill Downs will continue to keep its horse betting app active, though. It’s also called TwinSpires and is available in 30 locations around the US, including in the Bluegrass State.
Churchill Downs’ retail sportsbooks remain
While Churchill is stopping its online sportsbooks and casino, its current retail sportsbooks remain in place. The company features eight retail books, spanning across six different states.
As some are finding out, the online casino and sports betting space is extremely difficult to find success in with so many other options. Churchill Downs decided it was no longer profitable to stay in the industry.
Carstanjen recently told Front Office Sports:
“We had high hopes for the potential to build a profitable business in this space. However, the online sports betting and online casino space is highly competitive, with an ever-increasing number of participants that the states have licensed.”
This is especially true for lesser-known brands positioned in some states that provide plenty of online apps.
Even though the company is now out, Churchill’s reports show its betting platforms didn’t necessarily impact its bottom line negatively. Its revenue from its Q4 earnings totaled around $87 million more than this time a year ago.
Churchill Downs’ net revenue for 2021 set a new record, as well, with nearly $1.6 billion.
While Kentucky won’t have legal sports betting until at least 2023, sports fans here now know at least one sportsbook won’t be an option to use when it does launch.