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Update: September 8, 2022 at 1:38 pm
Edited press release
Churchill Downs Incorporated has entered into a multi-year agreement with FanDuel Corporation relating to various aspects of FanDuel’s sports betting, deposit betting and television business.
Under the Agreement, CDI will provide certain technologies and services to enable FanDuel customers to place pari-mutuel bets on horse racing through FanDuel’s ADW and sports betting platforms. CDI will also allow betting on CDI-owned or controlled horse racing content through FanDuel’s platforms in the United States and grant FanDuel certain television and media rights to broadcast equestrian content created by CDI. CDI owns FanDuel’s television network(s). In addition, the Agreement provides non-exclusive sponsorship of FanDuel’s Kentucky Derby in the sports betting category.
Beginning January 2023, FanDuel will pay for CDI technology and services provided by the United Tote Company to facilitate pari-mutuel staking on FanDuel’s US platforms, including both FanDuel Sportsbook and TVG. As previously announced, CDI has entered into an agreement to sell a 49% stake in United Tote to the New York Racing Association (NYRA) in a transaction expected to close in late 2022.
CDI will provide betting rights to FanDuel on CDI-owned or controlled horse racing content, including the Kentucky Derby, and will receive regular content fees when FanDuel accepts bets on CDI-owned content. possess. FanDuel will also receive exclusive TV rights to the racing content of all CDI Thoroughbred tracks, including Churchill Downs, after its existing non-Derby media rights deal expires in 2023. The agreement excludes certain racing events, including Kentucky Derby Week.
As part of the Agreement, FanDuel will also receive non-exclusive sponsorship of the Kentucky Derby in the sports betting category beginning in 2023 in exchange for an annual sponsorship fee.