Hawthorne Race Course

What Hawthorne Race Course does

Hawthorne Race Course is a fourth-generation, family-owned horse racing and pari-mutuel wagering operator headquartered on a 108-acre property in Stickney (Cicero), Illinois. Founded in 1891, it is the oldest sporting venue in Illinois and the only race course in the United States that hosts both Thoroughbred and Standardbred racing. The company's revenue is generated through on-track live racing, the largest off-track betting (OTB) bar network in Chicagoland with 12 locations, four Fanatics-operated retail sportsbooks (Villa Park, Crestwood, Prospect Heights, and on-track), the Club Hawthorne mobile wagering app, and an online wagering platform, with parimutuel takeout rates of 14-25% forming the core margin mechanism.

The underlying technology stack consists of a regulated parimutuel wagering system, a proprietary mobile application (Club Hawthorne), a consumer-facing online wagering platform, and integrated retail sportsbook terminals operated under a partnership with Fanatics. The Illinois Gaming Board approved a $400 million race track casino development in July 2020, which would have added a casino gaming vertical to the existing racing and OTB businesses, though execution of this buildout has not been completed and is intertwined with the company's current restructuring. The business model relies on a diversified wagering handle across live racing, simulcast, retail OTB, sportsbook, and digital channels serving Chicago-area consumers.

On February 27, 2026, Hawthorne filed for Chapter 11 bankruptcy protection, listing $50M-$100M in assets and $100M-$500M in liabilities, and engaged Hilco Global and Province LLC to market the company for sale as a going concern under a Section 363 process, with qualified bids due June 26, 2026. The company employs 101-250 people, and its current trajectory is shaped by the interaction between the legacy racing business, the stalled casino buildout, and the ongoing sale process that will determine the next owner and capital structure.

Name

Hawthorne Race Course

Legal name

Hawthorne Race Course Inc.

Website

https://hawthorneracecourse.com

Company type

Private

Founded year

1891

Operating status

Operating

Headcount range

101–250 employees

Short description

Hawthorne Race Course is a fourth-generation, family-owned horse racing operator in Stickney, Illinois, hosting both Thoroughbred and Standardbred racing alongside 12 OTB bars, four Fanatics sportsbooks, and the Club Hawthorne mobile wagering app, currently in Chapter 11 and being marketed for sale.

Ownership category

akta.pro rank

Product category

Horse Racing and Wagering Services

NAICS

Racetracks (711212), Gambling Industries (7132)

SIC

Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Racetrack & Race Meeting Operations (MPAEADAA)

akta.pro secondary industries

Off-Track Betting (OTB) & Simulcast Wagering (MPAEADAC), Racing Technology & Timing/Tracking Infrastructure (MPAEADAN)

Keywords

• Horse racing venue
• Off-track betting
• Mobile wagering
• Thoroughbred racing
• Horse racing wagering

Headquarters

HQ city

Cicero

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Horse Racing Wagering: Hawthorne generates revenue through takeout on horse racing wagers placed on live and simulcast races, including win-place-show, exotic wagers (exactas, trifectas, superfectas, pick-3, pick-4, pick-5, pick-6, High-5), and daily doubles.
2. Sports Betting: Revenue from sports wagering operations through 4 Fanatics Sportsbooks located in Villa Park, Crestwood, Prospect Heights, and at the track.
3. Off-Track Betting Bars: The largest network of off-track betting bars in Chicagoland (12 locations) featuring food, beverage, and entertainment alongside wagering.
4. Food and Beverage: Food and beverage sales at the racing venue and betting bars, including restaurant and bar services at Club Hawthorne locations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Hawthorne Race Course operates a 108-acre horse racing facility in Stickney, Illinois that hosts live Thoroughbred and Standardbred racing every Thursday and Sunday. It monetizes racing through on-track wagering, simulcast betting, the largest network of 12 off-track betting bars in Chicagoland, four Fanatics Sportsbooks, an online wagering portal (wager.clubhawthorne.com), and the proprietary Club Hawthorne mobile wagering app, generating revenue primarily via wagering takeout and food and beverage sales.

Product overview

Hawthorne Race Course operates as a unified horse racing and wagering platform offering live Thoroughbred and Harness racing at its 108-acre Stickney, Illinois facility, supplemented by Illinois' largest network of 12 off-track betting bars. The product portfolio includes live racing events, the Club Hawthorne Mobile Wagering App for remote betting, 4 Fanatics Sportsbooks locations for sports betting, and the Club Hawthorne loyalty rewards program. The company also provides expert handicapping analysis through multiple handicappers and operates a comprehensive online wagering platform supporting various bet types. A $400 million race track casino development was approved in 2020 but remains in planning stages amid the company's Chapter 11 bankruptcy proceedings filed in February 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Club Hawthorne: The company's loyalty/membership program and mobile wagering app brand for betting on horse racing
• Fanatics Sportsbooks

Products and services

• Live Horse Racing

Quantifiable outcome

• Only race course in the nation to host both Thoroughbred and Standardbred racing
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Illinois Gaming BoardcoreStrategic or Co-development Partner · 30 July 2020Illinois Gaming Board approved Hawthorne to move forward with a $400 million development of the State's first race track casino. The board also oversees sports wagering licensing.
• Fanatics SportsbookscoreChannel Partner/ Reseller/ Distributor4 Fanatics Sportsbooks operate at Villa Park, Crestwood, Prospect Heights, and at the Hawthorne track, providing sports betting services at physical locations.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Flutter Entertainment (FanDuel): Owns FanDuel, the largest U.S. online sportsbook and iGaming operator, and is increasingly integrating retail and online wagering. Comparable as a competing omni-channel wagering platform whose digital economics and live-betting capabilities represent both a threat to and a potential acquirer/partner for Hawthorne's mobile/OTB wagering stack.
• DraftKings: Leading U.S. online sportsbook and iGaming operator with growing retail (DraftKings Sportsbook at Casino Queen, retail sportsbooks) and a 2024 JACK Entertainment acquisition extending into racino operations. Comparable as a digital-first competitor and potential strategic acquirer evaluating regional wagering assets like Hawthorne.
• Churchill Downs Incorporated: Operates a national portfolio of pari-mutuel racetracks (Churchill Downs, Arlington Million properties, Calder, Fair Grounds, Turfway) plus HRM, Derby City Gaming, and Exacta/horse racing data systems. Directly comparable as a multi-track Thoroughbred/Standardbred operator leveraging digital wagering and historical racing machines, the same playbook being pursued at Hawthorne.
• Caesars Entertainment: Operates racetrack-casino complexes (e.g., Horseshoe Indianapolis, Horseshoe Baltimore) and the Caesars Sportsbook digital platform, integrating racing, sports betting, and casino. Comparable as a strategic acquirer profile for Hawthorne given the multi-state gaming license infrastructure and digital wallet that could absorb Club Hawthorne's wagering platform.
• Penn Entertainment: Operates racetrack-casino properties (e.g., Hollywood Casino at Penn National, The Meadows, Plainridge Park, Sam Houston, Zia Park) and an integrated racing and sports betting (ESPN BET) platform. Closely comparable business model pairing live horse racing with casino and sportsbook verticals, exemplified by Plainridge Park which is the closest geographic/structural analog to Hawthorne's planned racino.

Direct peers

• Plainridge Park Casino: A Massachusetts Standardbred racetrack with on-site slots/gaming under Penn Entertainment — specifically the smallest, regional U.S. racino profile. Highly comparable as a single-site Thoroughbred/Standardbred racino with simulcast and F&B, providing a benchmark operating model for the Hawthorne casino conversion.
• The New York Racing Association (NYRA) / Saratoga: Operates Thoroughbred racing at Belmont Park, Aqueduct, and Saratoga, plus NYRA Bets, a national ADW (advance deposit wagering) online pari-mutuel platform. Directly comparable as a non-profit/governmental racing operator with a flagship venue plus digital wagering rails — the regulatory and operational analog for a non-casino view of Hawthorne.
• Horseshoe Indianapolis (Caesars): Indiana racetrack integrated with a Caesars casino and sportsbook, hosting live Thoroughbred and Harness racing with on-site and simulcast wagering. Closest direct analog to Hawthorne's planned racino model — a single property combining horse racing, OTB, sportsbook, and casino under one operator.

Emerging players

• Fanatics Betting & Gaming: Rapidly-scaling U.S. online sportsbook and retail sportsbook operator, already inside Hawthorne's premises via 4 co-located Fanatics Sportsbooks. Comparable both as a direct competitor in retail sports wagering and as an existing channel partner / potential acquirer or long-term landlord at the Hawthorne site.

Regional players

• 1/ST Racing (Stronach Group): Operates U.S. racetracks such as Pimlico, Gulfstream Park, Santa Anita, and Laurel Park under the 1/ST brand with racing, simulcast, and emerging sportsbook partnerships. Comparable as a multi-track pari-mutuel operator managing aging horse-racing assets, providing relevant benchmarking for capital allocation, content rights, and simulcast distribution strategies at Hawthorne.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ClubHawthorne
• Facebookfacebook.com/ClubHawthorne
• LinkedInlinkedin.com/company/hawthorn-race-course

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hawthorne Race Course