Churchill Downs (NASDAQ:CHDN), operator of the iconic Kentucky Derby race, announced today that it is entering both Colorado and Michigan with its BetAmerica online sports-betting and gaming platform.
The move brings BetAmerica to its fifth and sixth states, just as sports betting has gained added attention with recent news of a potential takeover in the sector.
Churchill Downs, known as the host track for the annual Kentucky Derby horse race, also operates regional brick-and-mortar casinos, as well as an online wagering segment. The online segment consists of TwinSpires.com -- the largest online horse-racing wagering platform in the U.S. -- and its online sports-betting and casino-gaming platform, BetAmerica.
BetAmerica competes against names such as MGM Entertainment's (NYSE:MGM) BetMGM, Flutter Entertainment's (OTC:PDYPY) FanDuel, and DraftKings (NASDAQ:DKNG), which are adding physical retail sportsbooks into regional casinos as well as sports stadiums.
Churchill Downs will add the BetAmerica sportsbook to Bronco Billy's Casino in Cripple Creek, Colorado, with plans to launch its online sportsbook and gaming platforms throughout Colorado as it gains regulatory approval. The company aims to follow the same plan in Michigan, beginning with its new retail location at Island Resort & Casino in Harris, Michigan.
BetAmerica sportsbooks are currently located in New Jersey, Pennsylvania, Indiana, and Mississippi. BetAmerica is also linked to the company's TwinSpires horse-racing platform. Combined, the two platforms made up 15% of the company's 2019 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).