Churchill Downs Inc. has reached an agreement that will bring pari-mutuel wagering on its horse racing content to a second major online/mobile sports betting platform.
On Nov. 29, Churchill Downs Inc. and DraftKings announced a multi-year agreement that will see CDI’s advance-deposit-wagering subsidiary, TwinSpires, provide advance-deposit-wagering technology to DraftKings.
Tuesday’s announcement follows the unveiling of a deal in September in which CDI announced that its owned or controlled racing content would be available through FanDuel’s U.S. platforms — including its sportsbook and its ADW TVG.com.
FanDuel and DraftKings are both major players in the fast-growing United States sports betting market. Each offers popular sports betting and daily fantasy websites and mobile platforms.
Under Tuesday’s agreement, in the coming months DraftKings will launch “DK Horse,” which will allow DraftKings’ eligible customers to bet on horse racing using a standalone branded app. The initial launch of DK Horse will require customers to sign up and deposit funds separate from that of their one account, one wallet tethered to the DraftKings Sportsbook, Casino, and daily fantasy sports apps, but plans call for DK Horse to be integrated into the DraftKings product suite.
DK Horse is expected to be available initially in 21 states, pending all necessary licensing and regulatory approvals, and is scheduled to launch ahead of the 149th running of the Kentucky Derby presented by Woodford Reserve on May 6.
“We are excited to collaborate with Churchill Downs Incorporated, not only to give our existing customers an opportunity to engage with pari-mutuel horse wagering, but also to acquire new customers efficiently during marquee horse racing moments,” said DraftKings CEO and chairman Jason Robins. “Due to the structure of the agreement, we expect this new product offering to be immediately profitable.”
Per the agreement, CDI will provide DraftKings pari-mutuel wagering rights to horse racing content owned or controlled by CDI, including the Longines Kentucky Oaks and Kentucky Derby Presented by Woodford Reserve. CDI will also secure, on behalf of DraftKings, additional horse racing content for use on DK Horse.
“We believe the depth and quality of our online offering through TwinSpires is unmatched in horse racing,” CDI CEO Bill Carstanjen said. “We are excited to establish this relationship with DraftKings and to deliver a full end-to-end white label ADW solution that will introduce their significant base of sports betting customers to horse racing wagering.”