TwinSpires Racing is the official betting partner of the Kentucky Derby, among other races. Shares in the company rose upon the news.

The Louisville-based group is currently working with an adviser in a bid to solicit interest in the wagering platform, according to those sharing the news, who have requested anonymity as the information isn’t yet public. A representative from Churchill Downs declined to comment on the story to Bloomberg.

The unit could reportedly sell for $1.5bn, but those sharing the news emphasised that no final decision has been made and that Churchill Downs remains in charge of the platform.

The company has a market value of $8.8bn, with its shares rising to $236.26 after news broke that it was considering the sale of TwinSpires.

As reported by Churchill Downs in late October, TwinSpires Horse Racing delivered Adjusted EBITDA of $31.2m in the third quarter of 2021. That was a 56% increase compared to the third quarter of 2019.

TwinSpires Horse Racing handle meanwhile grew 31% from the third quarter of 2019 to the third quarter of 2021.