The rebranding timeline
Churchill Downs Incorporated announced on January 5 that it is renaming its BetAmerica sportsbooks and online gaming platforms TwinSpires as part of a “single brand strategy”. The current plan is to start the transition when the operator’s online casino and sportsbook go live in Michigan in the coming weeks, once they get the green light from regulators.
part of a “single brand strategy”
BetAmerica’s online and retail sportsbooks in Pennsylvania, New Jersey, Mississippi, Michigan, Indiana, and Colorado will also move over to the TwinSpires brand during the first six months of 2021.
This is not a completely new brand, as TwinSpires has been the face of Churchill Downs’s online pari-mutuel racing betting going back to 2007. It is one of the largest online horse racing wagering operations in the United States. While the rebranding exercise will not affect its offering, TwinSpires betting account holders will still need to register for a separate account if they want to place sports wagers and play casino games on the internet.
New technology partners
The TwinSpires online casino and sportsbook offerings will utilize a new technology platform from the Kambi Group and GAN Limited. The products currently use SBTech software under the BetAmerica brand. On the other hand, the horse racing betting operations will remain on the same in-house platform.
Churchill Downs Incorporated chief operating officer and president Bill Mudd spoke about the operator’s focus on building profitable sports betting and iGaming operations. He said: “The transition to TwinSpires not only generates marketing efficiencies, but also allows us to deliver a more complete overall experience to our growing online wagering customer base.”
Mudd also pointed to the success the TwinSpires brand has enjoyed over the past 13 years.
Financial performance
As well as its burgeoning sports betting and iGaming operations, Churchill Downs Incorporated owns the Churchill Downs racetrack that hosts the iconic Kentucky Derby every year. It is also the owner and operator of three pari-mutuel betting venues in Kentucky. Additionally, the company has interests in the land-based casino sector, with a presence across eight states.
BetAmerica’s online operations generated just $1.8m
In the third quarter of 2020, BetAmerica’s online operations generated just $1.8m in revenue for Churchill Downs Incorporated. The platforms were live in four states for most of the quarter. TwinSpires’ racing betting revenue rose almost 77% year-on-year, up to a record $124.1m for the period. A contributing factor to this increase was the rescheduling of the Kentucky Derby from May to September because of the COVID-19 pandemic.
Gaming revenue from Churchill Downs’ land-based casino operations fell 24.4% for the quarter, but earnings rose 5% to $75.4m.