Churchill Downs, the race track and gambling company based in Louisville released its fourth quarter results today and showed that it is shifting away from horseracing and there online gambling site Is leading the way.
Though results for the quarter were a net loss but it was sufficiently smaller than the same quarter year to date. Net earnings were down for the year by 3% and earnings from racing operations were flat for the year. The growth came from TwinSpires.com, Churchills online advance-deposit wagering platform.
The online business grew 23% and the gaming grew a remarkable 56% and put together the two gambling sectors top the revenue generated by Churchills racing segment.
Churchill president and CEO Robert L. Evans praised the online and gambling growth but conceded the racing end of the business still had its problems,
“We still face a number of challenges as we work to improve the results of our racing operations, including nationwide declines in handle and intense competition for racehorses with tracks that are able to subsidize their purses with alternative gaming revenues.”
If you look at Eastern Asia as a whole, you'll see that gambling is growing as a whole. However, China is no longer leading the way here thanks to new policies that have come on the back of discoveries of corruption and other factors. The basic idea is that they have strong regulations now that prevent a lot of the high stakes gambling that was going on, and this gambling has moved to other markets.
Where Did The Players Go?
The Isle of Man is known for being one of the most reputable jurisdictions for online gambling in the world. It's where some of the biggest names have been based in the entire industry, and it's well-respected by everyone involved in the industry in any way. A recent report has shown that they have been growing quite a bit in this industry over the past year, and they generate a ton of revenues and jobs from it.
Competition With Insurance
Something that regulators are really starting to understand more and more each year is that online gambling is going to grow according to the demand for it, not how much politicians cross their fingers and hope that it will either grow or go away. That's exactly what the Dutch government is finding out right now.
Regulator Kansspelautoriteit has found that there is going to be a year-on-year growth of about 7.