Churchill Downs is currently exploring deals, including a plan to sell the TwinSpires brand. The sportsbook is the official partner of the Kentucky Derby. Also, it is now available in eight states after it launched in New Jersey.
As indicated by reports, individuals acquainted with the matter said the Kentucky-based organization is “working with a counsel” to request expected interest in the betting platform. After the news, the business’ shares rose to an intraday high of $236.26.
TwinSpires could get about $1.5 billion in any exchange. In any case, individuals advised that no conclusion had been made and that Churchill Downs could keep on possessing the stage. Agents for the organization have not remarked on the reports up until now. Also, they didn’t share the secrets to becoming a bookie.
Plans to Sell the TwinSpires Brand
Driven by CEO Bill Carstanjen, Churchill Downs has a market worth of $8.8 billion. Its TwinSpires application permits bettors to put bets on the web, while the sportsbook likewise counts with retail stores the nation over.
In late October, Churchill Downs announced TwinSpires’ adjusted EBITDA of $31.2 million in the third quarter, up 56 percent from a similar quarter in 2019. The sportsbook’s handle for the quarter became 31 percent versus 2019.
TwinSpires zeroed in for a long time on pari-mutuel horse racing wagering, with Churchill Downs depicting it as the “chief web-based horse racing betting stage” in the US. It currently additionally considers wagering in other games. On the other hand, PPH providers offer the best bookie pay per head features, including a sportsbook, online casino games, and a racebook on a single platform.
TwinSpires offers online sportsbook tasks in Arizona, Indiana, Colorado, Michigan, Pennsylvania, New Jersey, and Tennessee. Besides, it provides retail sports wagering in Colorado, Mississippi, Indiana, Arizona, and Pennsylvania. Additionally, the brand has an online casino in Michigan, New Jersey, and Pennsylvania.
Buying the TwinSpires brand is a shortcut on how to become a bookie. Sports fans know the brand, which is the first step in attracting new players.