Churchill Downs has announced the cessation of sports betting at its venue in Kentucky, citing unprofitability due to the overwhelming popularity of mobile betting. Despite the legalization of sports wagering in March 2023 and a robust total handle of over $2.6 billion in its first year, Churchill's management has decided to redirect resources. Legislators are exploring further gambling expansions, such as live casinos, with specific regulations governing their operations, including voter involvement for new establishments. The Churchill Downs racetrack continues to thrive with horse betting, notably the significant record-breaking wagers placed on the Kentucky Derby.
With 98% of sports betting made on mobile forms such platforms such as FanDuel, there simply isn't a profitable path forward for us to sustain profitability as a retail operator.
Kentucky saw a total handle of more than $2.6 billion in 2024, the first full year of sports betting, according to state regulators.
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