Churchill Downs Exploring Possibility of Selling TwinSpires

Churchill Downs Inc. is exploring the possibility of selling its TwinSpires Sportsbook, according to a report by Bloomberg.

TwinSpires Could Fetch High Price

TwinSpires is the official betting partner of the Kentucky Derby and other races. According to the report, Churchill Downs is working with an advisor to gauge potential interest in TwinSpires.

TwinSpires could receive $1.5 billion for a transaction, the report said. But the report also said no final decision to sell had been made and Churchill Downs could continue to own and operate the sports betting platform.

Churchill Downs declined to comment to Bloomberg. The company currently has a market value of $8.8 billion. TwinSpires takes bets on its mobile app in addition to retail sportsbook locations across the country.

TwinSpires Launches in New Jersey

Even with this report surfacing, TwinSpires continues to go live in new states. On Thursday, Churchill Downs announced it launched its online sports betting and internet casino products, joining some of the best online casino sites in the industry.

New Jersey is the eighth state to go live with the TwinSpires Sportsbook and the third to incorporate the TwinSpires online casino.

"As the official wagering partner of the Kentucky Derby, many sports fans in New Jersey will already be familiar with the TwinSpires brand and its long history with the greatest two minutes in sports," Sean Phinney, TwinSpires VP Marketing, said in a media release. "We are excited to leverage nearly 150 years of wagering history within the United States to offer New Jerseyans our state-of-the-art online sports betting and iGaming products, promotions and offers."

To celebrate its launch in New Jersey, TwinSpires is offering residents the opportunity to earn up to $1,000 in bonus bets. New players to online casinos in New Jersey will also be eligible for up to $500 in risk-free casino play over a 24-hour period.

In addition to New Jersey, the TwinSpires Sportsbook is also available in Arizona, Colorado, Indiana, Michigan, Mississippi, Pennsylvania and Tennessee.