Posted on: August 30, 2022, 11:43 a.m.
Last update on: August 30, 2022, 11:43 a.m.
TwinSpires, the Churchill Downs-branded online gaming platform, will end its sports betting and iGaming operations in Michigan next week.
According to the FAQ section of TwinSpires, it will stop taking sports and casino bets on September 6th. The site will remain online for a month to allow players to withdraw their funds.
Any account holder whose funds are still linked to the site after October 6 will receive a check sent to their current registered address.
At the end of February, the Louisville-based company announced that it would retire from the online sports betting and iGaming business at least for now. CEO Bill Carstanjen told investment analysts the company sees no “secure path” to profitability in online gaming, given how some companies in the industry are spending large sums to acquire customers. and market shares.
Churchill Downs has already ended its online sports betting in Colorado, Indiana, New Jersey and Tennessee. After Michigan, the only sites still in operation are Arizona and Pennsylvania.
The company debuted in sports betting in 2019 and initially launched this operation under the BetAmerica brand. It was the name of an advanced depository (ADW) horse racing betting site he bought two years later.
The withdrawal of online sports betting and iGaming will not impact TwinSpires racing operations.
Michigan market share
Last year, the company announced that it would consolidate all online games under its better-known TwinSpires brand. TwinSpires has long been a top racing ADW platform, but it failed to generate much buzz on the sports betting side – even after landing legendary NFL quarterback Brett Favre as a ‘ambassador.
TwinSpires’ performance at Michigan illustrated the struggle. According to data from the Michigan Gaming Control Board (MGCB), state-licensed sports betting brought in a combined handful of $2.53 billion. TwinSpires, which partnered with the Indian community of Hannahville, was worth just $6.6 million – the third lowest of any operator in the state.
On the online casino side, licensed operators reported $883.6 million in gross revenue this year. The $5.3 million for TwinSpires was the second lowest of any carrier.
The MGCB still lists TwinSpires as the “associate platform provider” for the Indian community of Hannahville, which operates the Island Resort and Casino in Harris, which is located on Michigan’s Upper Peninsula, about 90 miles north of Green Bay, WI. However, there are indications that the tribe has found their next partner.
SI Sportsbook will take over?
MIBets.com reported on Monday that SI Sportsbook, which is powered by the 888 Holdings platform, would take over as partner.
A check of the SI Sportsbook site on Tuesday showed Michigan was an option — currently, SI Sportsbook is only allowed in Colorado and Virginia. When the Michigan page opens, it displays the Island casino logo in the top left corner of the page.