The new strategy to pivot to a business-to-business operating model for the platform was publicized by Churchill Downs’s CEO William Carstanjen in their Q2 investor report. CDI made this decision as a result of a commitment to exit the online betting and gaming sector due to the failure of those verticals.
Carstanjen stated in the report that the company intends to be a leader in the distribution of horse racing content, citing their expertise in mutual betting as a unique selling point. Furthermore, he added that they have the technical expertise and access to the technologies to facilitate a mutual betting pool.
In addition, the report also mentioned that making equestrian racing content more accessible by helping distribute it among other operators will help raise profits from the Kentucky Derby, which is held each year at the corporation’s track.
To sum it up, after exiting the online gambling market CDI will turn its horse racing platform into a B2B offering, sharing their expertise in pool-betting with it.