Churchill Downs Gears Up for Regulated Gambling
Churchill Downs is gearing up for regulated US gambling in a big way by hiring 50 new employees and sinking big bucks into other improvements.
The company, which also manages Twinspires Affiliates and the Luckity social gaming site, is flush with cash from increased revenues and a generous tax break from the State of Kentucky.
According to recent reports in EGR Magazine, Twinspires.com (the company’s legal online horse betting operation) rang up $183 million (USD) in revenues last year. Churchill Downs is using $4 million of that extra cash, along with $1 million from the Kentucky Economic Development Finance Authority.
Most of the improvement money will be focused on developing new software infrastructure that can handle the anticipated surge in business that’s anticipated with the arrival of regulated online gambling in the United States.
Online poker is not currently legal in the Commonwealth of Kentucky, though online horse race betting is legal.
While there aren’t any online poker bills currently circulating in the Kentucky statehouse don’t be surprised to them come up in the future. Like many US States, Kentucky is desperate for revenues and always on the lookout for new sources of cash.
Combine that with the success of Churchill Downs (as well as the company’s interest in moving deeper into the online poker space) and the outlook could be positive.
For affiliates, Twinspires offers a rare, legal, pipeline to American players. Twinspires Affiliates is based on a tiered CPA payment plan and CAP readers sign up through the CAP Network.
Tags: US Online Gambling News