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Online Betting Important for Kentucky Churchhill Downs
Friday April 25 ,2014 : ONLINE OPERATIONS AN IMPORTANT GROWTH AREA FOR RACING COMPANY
Kentucky's Churchill Downs discusses its growing interest in the online channel.
At a press conference following the release of the company's latest quarterly results Thursday the management of Churchill Downs revealed that the online wagering channel was an important element in plans for the future growth of the business.
Chairman and CEO Bob Evans told the Courier-Journal newspaper that the medium has been identified as an important future growth area for the company if state-by-state and federal questions regarding its legality can be resolved.
"We believe that over time the Internet gaming market in the U.S. will develop into a significant opportunity for us and for others as well, of course," Evans said.
"We plan to be a significant player in that. We'll continue to make the investments at about the current rate, at least through the rest of this year, in building the technology platform, which I think we've got some real advantages in. And we've got a long-term view on this.
"We can't make states legalize Internet gaming any faster than they would otherwise. But as that occurs, we want to be a player."
Chief Financial Officer Bill Mudd said the company spent $1.1 million in each of the last two quarterly reporting periods on platform development.
Revenue from online gambling operations in Q1 was $46.1 million, up 7 percent, and revenue from racing operations was $30.6 million, up 10 percent.
Management reported that the company's account-wagering site, Twinspires.com, was up 8.8 percent in the quarter, at a time when the racing industry is struggling overall. Twinspires.com had handle of approximately $1 billion in 2013 - almost 10 percent of all handle in the United States, making the account-wagering company the online market leader.
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Amaya FY2016 Trading Update -
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LeoVegas To Sponsor Leicester Tigers -
The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.
Optima Information Services iShop -
Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.
CAGAYAN CHIEF MOVES TO REASSURE LICENSEES -
Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.
New Massachusetts Online Gambling Bill -
It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.
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