Churchill Downs Explores Sale of TwinSpires Racing Division

Financial news source Bloomberg has revealed that Churchill Downs Inc. is contemplating divesting its TwinSpires Racing division, citing confidential informants. A prominent name in online equine wagering and a collaborator on prestigious events such as the Kentucky Derby, TwinSpires’ potential sale caused a surge in its parent company’s share value.

Although Churchill Downs has refrained from making a statement, unnamed sources indicate that the Louisville-headquartered enterprise has engaged advisors to solicit bids for the platform. A prospective transaction could realize approximately $1.5 billion, although sources emphasize that no definitive resolution has been reached and TwinSpires remains under the control of Churchill Downs presently.

This development propelled the $8.8 billion corporation’s stock to $236.26. The possibility of a sale follows a period of robust results for TwinSpires, with a 56% rise in adjusted EBITDA in the third quarter of 2021 compared to the corresponding period in 2019. The platform also experienced a 31% increase in betting volume between the third quarter of 2019 and the third quarter of 2021, as disclosed by Churchill Downs in late October.