Churchill Downs considering sale of TwinSpires
Bloomberg report suggested that the online wagering platform can attract $1.5 billion
The share prices of Churchill Downs Inc. surged by 6% as the company is considering to sell TwinSpires Racing, the official betting partner of the Kentucky Derby.
A Bloomberg report suggests that Churchill Downs, the Louisville racecourse, home of the Kentucky Derby, is closely working with a team of advisors to seek potential interest in the TwinSpires.
The people closely involved in the proposition quoted in the report suggested that the online wagering platform could attract $1.5bn (£1.1bn). However, no final decision has been taken by Churchill Downs.
Meanwhile, there has been no official comment from Churchill Downs on the potential sale of TwinSpires.
The company’s shares leapt to $236.26 following the reports of the possible sale of TwinSpires.
Meanwhile, on Thursday, TwinSpires launched its online sports betting and igaming products in New Jersey making it the eighth state in the US in which its sportsbook is available.
Earlier in October the company, which has a market value of $8.8bn, reported that TwinSpires Horse Racing contributed adjusted EBITDA of $31.2m in Q3 2021, a 56% spike compared to Q3 2019.