![]() "Our approach is to to be in a position to partner with those long-term winners who are willing to spend the hundreds of millions of dollars to build out that business unprofitably in the in the near and midterm," he said.Ĭarstanjen said wagering on horse racing online has been great business for his company, with margins of around 30% historically. ![]() Other sportsbook companies are dealing with similar issues.Ĭhurchill Downs, which is behind the Twinspires racing app, is looking for potential partners for its iGaming content and customer database, Carstanjen said. Expenses too high, according to the CEO, especially the massive costs for the technical infrastructure and the costs to attract and retain players. Carstanjen said the company discovered online sports betting profit margins are unattractively small. So we switched strategies we we are focused on running our horse racing business," Carstanjen tells CNBC.įollowing a Supreme Court decision in 2018 that allowed states to legalize sports betting, Churchill Downs entered the crowded and competitive field. "We saw an environment for our company where we didn't see positive margins on the horizon. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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