Churchill Downs Abandons Online Sports Betting, stock up more than 10% on Earnings
iBET ETF Insights: During a conference call to report 4th quarter results, Churchill Downs officials said the company will discontinue its online sports betting and internet gaming operations. However, Churchill Downs will still offer retail, and brick-and-mortar sportsbooks. Churchill Downs CEO Bill Carstanjen said, “continued efforts in online sports betting and iGaming by the company didn’t make economic sense as he sees little chance of growth or return for shareholders in the highly competitive market.”
Churchill Downs (CHDN) reported Q4 adjusted net income of $1.27 per share, compared with $0.19 per share in the year-ago quarter. The stock rallied up more than 10% on earnings.