TwinSpires Shutting Down Michigan Operations on September 6

Operator has yet to announce plans to shut down in AZ & PA. Meanwhile, the tribal casino TwinSpires MI was partnering with has yet to announce a replacement
TwinSpires Shutting Down Michigan Operations on September 6
August 26, 2022

TwinSpires announced Thursday that it would shut down its online casino and sports betting operations in Michigan by early September.

In a statement posted to its website, the operator said deposits would be disabled on August 30. The operator will take down all online casino games on September 6, and no sports wagers will be accepted beyond that date, either.

TwinSpires MI customers have until October 6 to withdraw funds from their accounts. Any funds remaining in accounts past October 6 will be returned to customers via check within 30 days.

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Michigan is Latest State to Lose TwinSpires

Currently, TwinSpires is still active in Arizona, Michigan, and Pennsylvania. The platform is live with online casino gaming and sports betting in Michigan and Pennsylvania and accepts sports wagers in Arizona.

TwinSpires’ parent, Churchill Downs Incorporated (CDI), announced in late February that it planned to exit the online casino and sports betting markets in the US to focus exclusively on horse racing.

CDI executives clarified earlier this month that, while it still plans to exit those markets, it still wants to be active in sports betting by providing horse racing content to other sportsbooks. To date, CDI has not announced any such partnerships.

The parent company also plans to retain some of its more profitable TwinSpires retail sportsbooks. An investor presentation from June indicates that it intends to keep retail books in Louisiana, Maryland, Mississippi, and Pennsylvania.

Since April, CDI has shut down TwinSpires’ online sportsbooks in Colorado, Indiana, New Jersey, and Tennessee. The company also scuttled plans to launch an online sportsbook in Louisiana.

In Michigan, TwinSpires Casino MI operates under the land-based casino license of Island Resort & Casino. The facility is a tribal casino owned and operated by the Hannahville Indian Community.

The tribe has not announced a new partnership for sports betting with another operator and has declined to answer queries about the matter. A potential partner would need to become licensed through the Michigan Gaming Control Board (MGCB).

Potential replacements for TwinSpires Sportsbook MI include Bally Bet, bet365, Betfred, Betway, Fanatics, Fubo Sportsbook, Hard Rock Sportsbook, MaximBet, PlayUp, SI Sportsbook, and Unibet.

The tribal casino could also partner with an operator for its branded sportsbook.

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Casino Revenue and Handle Have Plummeted

TwinSpires MI has been fading for months. It is currently the smallest online casino in terms of revenue and the smallest sportsbook in terms of handle.

According to MGCB data, TwinSpires Casino MI grossed $399k in July, its lowest point since launching in January 2021 ($61k). Revenue has declined for three consecutive months and is down 81.7% from a peak in March 2021 ($2.2 million).

Handle is also down. TwinSpires Sportsbook MI handled $368k in sports wagers in July — a figure that, just like its online casino, was only worse in the launch month of January 2021 ($328k).

March 2021 was also the operator’s best month for sports betting — it took nearly $3.2 million in wagers that month. Handle has declined 88.4% since then.

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