Churchill Downs is already the site of the most prestigious horse race in the world, the Kentucky Derby. Now the parent company that owns the famed horse track, Churchill Downs Inc., is preparing to enter a market that is suddenly saturated with participants.
Churchill Downs announced this week that they have gained approval from the Kentucky Economic Development Finance Authority on $1 million in tax benefits by hiring 50 new employees. The exact job description of these new employees was not revealed, but many believe they know what Churchill Downs is preparing for.
“Online gambling is coming to the US in a big way,” said analyst Steven Ryan. “Whether the federal government regulates the industry, or whether regulation comes through the Kentucky Legislature, Internet gambling will be in Kentucky sooner rather than later, and Churchill Downs wants to be ready when that happens.”
The company did announce that the new employees would be dealing with a technology based job. The figures regarding how much these employees will make were estimated at $165,000 annually. Churchill Downs did acknowledge that they were related to online gambling.