Churchill Downs enters into agreement with bet365 in Pennsylvania
Its subsidiary Presque Isle Downs & Casino will have access to the Pennsylvanian sports betting and iGaming markets.
Churchill Downs Incorporated (CDI) has announced that its wholly owned subsidiary Presque Isle Downs & Casino will be entering into a multi-year agreement with a subsidiary of bet365. This will give CDI access to Pennsylvania’s online sports betting and iGaming markets, subject to regulatory approvals.
CDI CEO Bill Carstanjen commented: “We are pleased to partner with a global leader in the online gaming industry. Our relationship with bet365 enables us to maximize the value of our company’s sports betting and iGaming market access in Pennsylvania.”
This agreement is consistent with CDI’s strategy to exit the online sports and casino business and monetize its online sports and iGaming market access rights. This will give it the funds to focus on growing the TwinSpires online horseracing business.
CDI first announced it would be winding down these sides of its operations last February. Carstanjen noted that the US online sports betting was oversaturated and too growth-focused, commenting that this came at the cost of short-term profitability or “potentially even long-term profitability,”
A spokesperson for bet365 commented: “Off the heels of our launch in Ohio, we are thrilled to announce our partnership with Churchill Downs Incorporated.
“Once live, the world’s favorite online sports betting brand will be available to sports fans in Pennsylvania, offering fantastic site features, including Bet Boosts, Same Game Parlay, Cash Out and Edit Bet, on top of our market-leading sign-up offer.”
CDI has an extensive 150-year history, which began with the company’s iconic asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues and the growth of its online TwinSpires horseracing wagering platform.
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