BetAmerica to Enter Sports Betting and iGaming Market in Michigan
Churchill Downs Incorporated (CHDN) announced its launch of the BetAmerica sports betting and iGaming platform in Michigan through a partnership with the Hannahville Indian Community. This initiative includes a retail BetAmerica sportsbook at Island Resort & Casino and an online platform for bettors statewide, pending regulatory approval. Bill Mudd, COO, emphasized the innovative offerings available to Michigan sports fans. BetAmerica currently operates in New Jersey, Pennsylvania, Indiana, and Mississippi, aiming to enhance its market presence and customer engagement in Michigan.
- Launch of BetAmerica platform in Michigan could increase revenue.
- Partnership with Hannahville Indian Community enhances regional market presence.
- Access to both retail and online betting expands customer reach.
- Dependent on regulatory approvals which may delay launch.
LOUISVILLE, Ky., July 29, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today that it will launch its BetAmerica sports betting and iGaming platform in Michigan through a partnership with Hannahville Indian Community. Plans include the opening of a retail BetAmerica sportsbook at Island Resort & Casino in Harris, Michigan and BetAmerica online sportsbook and iGaming platform available throughout the state of Michigan, subject to gaming license and regulatory approvals.
“We are pleased to be able to offer sports fans throughout Michigan our innovative BetAmerica sportsbook and iGaming product,” said Bill Mudd, COO of CDI. “Guests of Island Resort & Casino as well as online players in the Michigan will be able to access sports betting, the best in online casino games and unique promotions through BetAmerica.”
“We are incredibly excited about our new partnership with BetAmerica,” said Kenneth Meshigaud, Hannahville Indian Community Tribal Chairperson for the Island Resort & Casino. “The BetAmerica sportsbook will expand upon our already compelling number of entertainment options, and provides another great reason for people to come and visit us up here on Michigan’s beautiful Upper Peninsula.”
Michigan residents will be able to visit BetAmerica.com to place online bets on their favorite professional teams as well as wager on collegiate sports and other major sporting events from around the world, subject to gaming license and regulatory approvals.
BetAmerica sportsbooks are currently available in New Jersey, Pennsylvania, Indiana and Mississippi. Additional information can be found at www.betamerica.com.
About Churchill Downs Incorporated
Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event - The Kentucky Derby. We own and operate Derby City Gaming, a historical racing machine facility in Louisville, Kentucky. We also own and operate the largest online horse racing wagering platform in the U.S., TwinSpires.com, and we operate sports betting and iGaming through our BetAmerica platform in multiple states. We are also a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines and video lottery terminals and 200 table games in eight states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
Certain statements made in this news release contain various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may affect actual results or outcomes include the following: the impact of the novel coronavirus (COVID-19) pandemic and related economic matters on our results of operations, financial conditions and prospects; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business or any deterioration in our reputation; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches; inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; increases in insurance costs and inability to obtain similar insurance coverage in the future; inability to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; costs and uncertainties relating to the development of new venues and expansion of existing facilities; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; payment-related risks, such as risk associated with fraudulent credit card and debit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; risks related to pending or future legal proceedings and other actions; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; work stoppages and labor issues; changes in consumer preferences, attendance, wagering and sponsorship with respect to Churchill Downs Racetrack and the Kentucky Derby; personal injury litigation related to injuries occurring at our racetracks; weather and other conditions affecting our ability to conduct live racing; the occurrence of extraordinary events, such as terrorist attacks and public health threats; changes in the regulatory environment of our racing operations; increased competition in the horse racing business; difficulty in attracting a sufficient number of horses and trainers for full field horse races; our inability to utilize and provide totalizator services; changes in regulatory environment of our online horse wagering business; A reduction in the number of people wagering on live horse races; increase in competition in our online horse racing wagering business; uncertainty and changes in the legal landscape relating to our online horse racing wagering business; continued legalization of online sports betting and iGaming in the United States and our ability to predict and capitalize on any such legalization; inability to expand our sports betting operations and effectively compete; failure to manage risks associated with sports betting; failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment with respect to our mobile and online wagering products; increased competition in our casino business; changes in regulatory environment of our casino business; concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; and inability to collect gaming receivables from the customers to whom we extend credit.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Investor Contact: Nick Zangari | Media Contact: Andrew Brown |
| (502) 394-1157 | (312) 882-9447 |
| Nick.Zangari@KyDerby.com | Andrew.Brown@BetAmerica.com |
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