TwinSpires is shutting down its online sports betting and casino platforms. This includes the company’s Michigan sportsbook and online casino site, although it will retain its horse betting offerings. The announcement and subsequent shutdown opens up the opportunity for a new Michigan online casino to join the market. No word yet on which operators will vie for the license, but the Michigan online gambling space is highly competitive. It’s likely a few operators will be gunning for the license to operate in the state.
The news broke in a tweet from Horse Racing Nation:
🚨 CDI CEO Bill Carstanjen says company is exiting online sports & casino wagering. “We will exit the [business to consumer] online wagering space. This isn’t the result we wanted, but it is the prudent next step. We remain excited about @Twinspires horse racing.” pic.twitter.com/vxzvmHDCsX
— Horse Racing Nation (@HR_Nation) February 24, 2024
TwinSpires Tumultuous Online Gambling Journey
TwinSpires online casino began its life as BetAmerica, though the company pivoted to the TwinSpires brand in January of 2021. Across online sports betting and online casino gaming, the company launched in multiple states besides Michigan: New Jersey, Pennsylvania, Indiana, Colorado, Arizona, and Tennessee.
All of these operations will be shut down as TwinSpires steps back to focus on its online horse race betting business.
Multiple factors could’ve contributed to TwinSpires’ downfall. Most likely, the competitive marketplace made the business operations untenable long term. It’s hard for a newcomer to compete with the likes of DraftKings, Caesars, FanDuel, and BetMGM, and the massive ad spends that accompany those industry juggernauts when they enter a market.
New Michigan Online Casino On The Way?
There’s already a new Michigan online casino slated for launch this year. Soaring Eagle Casino is expected to join the fray sometime in 2024, though a specific launch date is unclear.
But Soaring Eagle already has its license, so the exit of TwinSpires from the market means a new Michigan online casino could join the competitive and thriving market. Check back at MichiganSharp for more as we learn about the possible contenders for Michigan’s vacant license.
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