In a robust show of confidence about the future prospects of pari-mutuel betting in the United States, Bill Carstanjen, the Chief Executive Officer of Churchill Downs, dismissed speculative chatter that TwinSpires, the company’s offshoot, was up for acquisition.
In a tete-a-tete with Contessa Brewer of CNBC at the Global Gaming Expo in Las Vegas, Carstanjen provided assurances regarding the speculations swirling around TwinSpires. The CEO indicated that the rumors are unfounded and assured that TwinSpires, despite the murmurings of a potential buyout, will not be put up for sale.
Heralded as somewhat of a rarity, TwinSpires is a thriving online business, as Carstanjen indicated, remarking about its impressive profitability and continued growth. Indeed, solid profit margins in the sphere of online sports betting have taken several years for operators to achieve, with some yet to reach this milestone. Gossip regarding the merger or acquisition of TwinSpires has been in circulation since at least 2021.
TwinSpires, Churchill’s horse racing business unit, has been operational since 2007. The company initially postulated that its strengths and longstanding reputation in horse racing wagering would provide a competitive advantage in the online sports betting market. Contrary to these expectations, however, Carstanjen conceded that the firm’s core competencies did not necessarily yield an edge in sports betting.
Churchill pinpointed some hard lessons about the evolution of regulated sports wagering in the US, noting that it seems to favor operators capable of weathering substantial losses during the industry’s nascent stages. Nonetheless, Churchill Downs maintains a nominal presence within the sports betting industry and has inked partnerships with online sportsbook operators Fanatics, FanDuel and Penn Entertainment.
While some sector executives, according to a recent survey by the American Gaming Association, are wary of an imminent economic dip, Carstanjen expressed an optimistic view. He scoffed at speculations regarding a looming recession, paintint a hopeful picture of the US economy amidst rising concerns about delinquency rates and the Federal Reserve’s potential inability to steady the financial ship.
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