Dollars and Sense examines industry business trends
While other companies have made a bigger initial splash in sports wagering, Churchill Downs Inc. has taken a more patient approach aimed at long-term success, making 2021 a key year.
Under a strategy it believes will save on marketing costs compared with other companies in the emerging sports wagering market, CDI plans to leverage the success of its advance-deposit wagering platform, TwinSpires.com, to attract sports bettors. There has never been a better time for that approach as TwinSpires enjoyed massive growth in 2020 as the pandemic forced horseplayers from on-track and simulcast outlets to the mobile and Internet platforms offered by their ADWs.
To close out 2020, TwinSpires.com saw three straight quarters of double-digit percentage growth in handle. In the fourth quarter, compared with the fourth quarter of 2019, handle increased 45% and the number of active players spiked by 50%. It’s a trend that Churchill Downs Inc. CEO Bill Carstanjen noted has continued into 2021.
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