Churchill Downs Stops Accepting Retail Sports Bets at Racetrack
Churchill Downs has announced that it will no longer accept retail sports wagers at the racetrack.
LISTEN TO THIS ARTICLE:The track stopped in-person betting on Sunday, February 10, immediately after the Super Bowl. However, horse racing betting will continue to be offered at the location.
Churchill Downs attributes its decision to discontinue retail sports betting to underwhelming demand and low profitability.
The company noted that 98% of sports betting happens on mobile apps like FanDuel and DraftKings, making retail betting no longer viable.
Bettors who have placed bets before the end of retail sports betting will have a few more weeks to cash their winning tickets.
While Churchill Downs ceases in-person sports betting, its subsidiary Derby City Gaming will continue to offer the service at its two Louisville locations.
According to a Derby City Gaming spokesperson, the shift to digital betting isn’t a concern for the company, as the social aspect of in-person betting will always attract a loyal customer base. The company also noted that the in-person betting model has proven to be financially stable.
Digital is becoming much more popular, and we welcome that. Because it just creates more demand for sports betting in general. The retail sports betting is really focusing on the experiential part of it. That's what differentiates us from digital competitors.
Furthermore, Chaplygoya revealed that Derby City Gaming's downtown Louisville and Poplar Level locations collectively handled 3,200 bets on Super Bowl Sunday.
More Business News
The US Mobile Sports Betting Landscape
The decision by Churchill Downs to halt retail sports betting acknowledges the growing popularity of digital sports betting in the US and its impact on retail betting. The move is a testament to the changing preferences of bettors, who are increasingly opting for the convenience, flexibility, and accessibility offered by online betting platforms.
However, as digital platforms continue to gain popularity amongst bettors, so does the battle for market share amongst online betting operators intensifies. For a long time, the US mobile sports betting industry has been dominated by industry giants FanDuel and DraftKings, leaving smaller or new companies struggling to cope.
The intense competition, coupled with regulatory hurdles and marketing expenses, have forced some operators to reevaluate their position in the market, with some ultimately deciding to exit the US altogether.
RELATED TOPICS: Business
Latest News
Most Read
Thailand Politicians Move to Block Casino Bill Through Government No-Confidence Vote
Feb 06, 2025Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Churchill Downs Stops Accepting Retail Sports Bets at Racetrack