On September 6, Twinspires Sportsbook And Casino Will Stop Accepting Bets From Michigan

On August 25, TwinSpires, owned by Churchill Downs Inc., informed its customers through email that its Michigan-based online casino and sportsbook would close on September 6. 

The date had been decided on in February, and TwinSpires would vacate the location on all online gaming brands.

Closing Was Already Scheduled

According to Bill Carstanjen, CEO of Churchill Downs Inc., on the company's quarterly earnings conference call, the closure was announced in February.

Progressive jackpots were later reported to be discontinued as of July 31.

At this time, just the TwinSpires horse racing website and the app will remain operational.

In Michigan, TwinSpires has had a difficult time expanding its market share. With slightly over $27 million, it is the tenth-largest operator of online sportsbooks in Michigan overall. 

It's hardly surprising that it was the last one of 15 operators in the previous three months, given the news that the app would shortly shut down.

Carstanjen cited the competitive online sports betting and casino market, with limited opportunities for profitability, as the reason for the decision. He said the four CDI-owned casino spaces with retail sports betting – Harlow's Casino in Greenville, Mississippi; Presque Isle Downs Casino in Erie, Pennsylvania; Ocean Downs Casino in Berlin, Maryland; and Rivers Casino in Des Plaines, Illinois - are profitable.

"We had high hopes for the potential to build a profitable business in this space. We have profitable sports betting at four of our casinos. However, the online sports betting and online casino space are highly competitive, with an increasing number of participants that states have licensed," Carstanjen said on the conference call.

"Many are seeking market share in every state with little regard for short-term, or potentially even long-term, profitability. As we do not see a path in which this business model offers predictable and acceptable margins for at least several years, we have decided to exit the B2C and iGaming online sports betting space within the next six months."

How Does It Work For Those Who Have Money In The App?

Representatives of TwinSpires informed consumers via email that from September 6, neither sports betting nor casino games would be accessible on the website. August 30 marks the deactivation of deposits. Customers can make withdrawals from their accounts until October 6.

The Cash Out option will remain available on your eligible open bets if you have any open bets. Once the tournament has concluded, all open bets will be resolved, and as usual, gamers will receive a check within 30 days of settlement.

Additionally, it is possible to cancel bets. By dialing 877-774-7371, the player services department can be contacted to cancel any bets that will be cashed after September 6, 2022.