Churchill Downs reportedly considering sale of TwinSpires

The deal could be worth as much as $1.5bn.

12/03/21

Churchill Downs Inc. is said to be exploring options including a sale of TwinSpires Racing.

US.- TwinSpires Racing, the official betting partner of the Kentucky Derby, could change hands. Citing an anonymous source, Bloomberg has reported that Churchill Downs Inc is working with an adviser in a bid to solicit interest in the online wagering platform There’s been no official response from the company but it’s suggested that the unit could sell for $1.5bn.

The Louisville, Kentucky-based company led by Bill Carstanjen has a market value of $8.8bn. Its shares rose to $236.26 after news broke that it was considering a sale.

In October, Churchill Downs reported that TwinSpires Horse Racing delivered adjusted EBITDA of $31.2m in Q3. That was a 56 per cent increase compared to the third quarter of 2019. TwinSpires Horse Racing handle grew 31 per cent from Q3 of 2019 to Q3 of 2021.

Earlier this year, Churchill Downs replaced its BetAmerica sports betting and igaming brand with TwinSpires. The change meant that TwinSpires became the brand under which all Churchill Downs online gambling products operate.

The gambling operator said the brand’s history and recognition were the main drivers of the decision to move to a single brand strategy for its online wagering segment. The use of the TwinSpires brand was also a bid to introduce those who bet on horses to other gambling products.

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