Churchill Downs Ditching Sports Betting, Closing TwinSpires Sportsbook

Churchill Downs is exiting the online sports betting industry. The firm revealed on Thursday that it will be shutting down its digital platform, TwinSpires Sportsbook.

The sportsbook currently facing challenges may be leaving Indiana, but its brand will be maintained by Churchill for online horse race betting. Additionally, Churchill is set to remain a fixture in the Hoosier State for the foreseeable future with its newly established casino.

TwinSpires struggles

Churchill has never ranked among the top players in the sports betting market in Indiana.

The original name of the sportsbook was BetAmerica.

The company began accepting bets in the state in December 2019, becoming the fourth online betting app to do so in Indiana.

Even though BetAmerica had early access to the market, it never succeeded in establishing a strong presence among Hoosier gamblers. It constantly found itself struggling for popularity, often ranking at the bottom.

However, Churchill’s issues weren’t limited to Indiana. BetAmerica was also facing difficulties in its other markets across the nation.

This resulted in a major rebranding. BetAmerica was renamed TwinSpires, providing Churchill with the much-needed second opportunity among sports bettors.

However, the company also struggled to fully capitalize on that change.

TwinSpires was one of the least popular online sportsbooks in Indiana as of January 2022. The company only managed to handle bets worth $1.6 million throughout the month.

When compared to some of the leading competitors, it’s easy to understand why TwinSpires has decided to shut down.

For instance, DraftKings received almost $160 million in bets during January. Even the sportsbooks that are mid-tier usually manage between $10 million and $20 million in a month.

Churchill Downs Indiana Casino

Churchill is exiting the sports betting market, but it will not completely abandon Indiana.

A brand-new casino is being built in Terre Haute, Indiana by the company.

“Queen of Terre Haute” will not commence business operations until 2023. However, once operational, it will generate the revenue from Indiana that Churchill has long desired. Casinos are significantly more profitable than any sportsbook.

Since wagering started in 2019, Rising Star Casino, which partners with TwinSpires for retail, has only generated $3 million in sports betting revenue.

Even though Rising Star is the poorest performer in Indiana in terms of traditional casino games, it was still able to generate over $2.2 million in adjusted gross revenue last month.

To put it another way, Rising Star earns more revenue from traditional gaming in two months than they do from sports betting in over two years.

The Queen of Terre Haute, due to its superior location, is expected to perform better than the Rising Star once it commences operations.

Certain casinos in Indiana generate more than $20 million in monthly revenue, so these figures will undoubtedly surpass the total lifetime earnings of TwinSpires for Churchill.

It is probably a wise decision for Churchill to transition away from the sports betting industry, given their lack of results. Nevertheless, with the opening of Queen of Terre Haute, they will continue to play a significant role in Indiana’s gaming scene.