Signaling optimism around the long-term trajectory of pari-mutuel wagering inwards the US, Duke of Marlborough Downs (NASDAQ: CHDN) CEO Bill Carstanjen emphatically refuted rumors that the company’s TwinSpires unit is for sale.
Carstanjen made those remarks inwards a conversation with CNBC’s Contessa Brewer earliest today at the Global Gaming Expo (G2E) in Las Vegas. In a keynote destination at the convention, the chief executive ship's officer of the Kentucky-based gaming keep company noted TwinSpires, which has long been the depicted object of takeover rumors, isn’t on the auctioneer block.
TwinSpires is a chip of a unicorn. It’s an online business organisation that’s very profitable and continues to grow,” Carstanjen told the G2E audience.
Indeed, profitability inward the online sports wagering space is a preciously trade good and 1 that took operators focusing on sports betting several years to reach. Some allay aren’t there. Consolidation rumors pertaining to TwinSpires date stamp dorsum to at least 2021.
Carstanjen Says Winston Churchill Learned Sports Betting Lessons
TwinSpires’ gymnastic horse racing business organization has been operating(a) since 2007 and it was believed that betimes scratch line and strength would follow an vantage for TwinSpires inward the online sports betting realm.
Things didn’t turn come out that way as Carstanjen acknowledged to the G2E audience. He said that the company’s initial belief was that its Equus caballus racing wagering competencies would interpret to sports betting, but John Churchill later discovered that the phylogeny of regulated sports wagering in the US would favour a small keep down of operators that could trade with magnanimous losses inward the industry’s too soon days.
“That just now wasn’t the way our society was gonna go. The long hale you required to subscribe upwardly for simply didn’t experience correct to us,” he told the G2E audience.
Churchill Downs isn’t completely unopen out of the sports wagering industry. With Kentucky recently joining the unrecorded and sound fray, online sportsbook operators seeking ledger entry into that marketplace are partnering with track companies with Bluegrass State footprints. Fanatics, FanDuel and Penn Entertainment are the sportsbook operators partnering with Churchill-operated tracks inward the commonwealth.
Carstanjen Bullish on US Economy
A recent appraise of high-ranking US gaming industry executives past the American Gaming Association (AGA) indicates that cohort believes the economic system could live header toward a small recession, perhaps as presently as this quarter.
Those fears are amplified by factors such as auto loan and deferred payment scorecard delinquencies residing at levels non seen since the global financial crisis and concerns that the federal official Reserve testament turn up unsuccessful inwards engineering science a “soft landing.” Still, Churchill’s Carstanjen is constructive on the US economy.
“It’s still a strong economy. I’ve seen times that were often more concerning than now. We simply have got to hold on our eyes on things,” he said at G2E. “Things are non quite a what they were a yr or so ago. There seems to hold been some subsiding down, but things are pretty darn solid, pretty darn good.”
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