Churchill Downs Explores Sale of TwinSpires Wagering Platform
According to a Bloomberg article, Churchill Downs Inc. is contemplating the divestiture of its horse racing wagering platform, TwinSpires. This prospective transaction carries significant weight as TwinSpires holds a prominent position within the sector, serving as the Kentucky Derby’s official betting associate.
Although Churchill Downs has not issued a formal statement, insiders indicate that the company has engaged advisors to identify a purchaser. The acquisition cost could reach $1.5 billion, but no definitive agreements have been made.
Market participants have responded favorably to the reports, propelling Churchill Down’s share price upward. This surge in valuation is unsurprising considering TwinSpires’ robust financial results. In the third quarter of 2021, their earnings experienced a remarkable 56% increase compared to the same period in 2019, while the aggregate sum wagered on their platform surged by nearly one-third.
