TwinSpires, the Churchill Downs-branded online gaming platform, will end its online sports betting and casino in Michigan on September 6. The site will remain online for one month to allow players to withdraw their funds. Account holders who have not arranged to pull out their funds will receive a check at the address on file.
TwinSpires’ website read: “In late February, the Louisville-based company announced they would be pulling out of the online sports betting and iGaming business for at least the time being. Chief Executive Officer Bill Carstanjen told investment analysts the company did not see a “secure path” to profitability in the online gaming realm, considering how some companies in the business were spending significant amounts of money to acquire customers and market share.”
Churchill Downs, which launched its sports betting platform in 2019, already ended its online sportsbooks in Colorado, Indiana, New Jersey and Tennessee. Once it’s out of Michigan, TwinSpires only will be operating in Arizona and Pennsylvania. The pullout in online sports betting and casino gaming will not affect TwinSpires’ horse racing website and app, officials said.
Despite signing legendary National Football League quarterback Brett Favre as an ambassador, TwinSpires has continued to struggle. For example, according to Michigan Gaming Control Board data, the state’s licensed sportsbooks reported a combined handle of $2.53 billion, with TwinSpires accounting for just $6.6 million, the third lowest of any Michigan operator.
On the online casino side, this year licensed operators reported $883.6 million in gross receipt, with TwinSpires reporting $5.3 million, the second lowest of any operator.
TwinSpires ranks 10th out of 15 operators in all-time Michigan online sportsbook handle with slightly more than $27 million. It ranked last in each of the past three months following the announcement its app would close.
In the list of Michigan’s online casinos, TwinSpires has fallen to 13th in revenue at $15.3 million. The past six months it ranked among the bottom two, including less than $400,000 in revenue in July.
The state gaming board partnered with the Hannahville Indian Community, operators of the Island Resort and Casino in Harris. Observers said the SI Sportsbook, powered by 888 Holdings, would replace TwinSpires as Hannahville’s online partner.
