Multi-year agreement

Churchill Downs inks deal with FanDuel to provide pari-mutuel wagers on horse racing; TV and media rights

Bill Carstanjen (left), CEO of CDI; and Amy Howe, CEO of FanDuel.
Reading time 1:52 min

Gaming company and horse racing giant Churchill Downs Incorporated (CDI) announced Thursday a multi-year agreement with FanDuel Group involving multiple facets of FanDuel's sports wagering, advance deposit wagering (ADW), and television businesses.

Under the agreement, CDI will provide certain technology and services to enable customers of the sports betting giant to place pari-mutuel wagers on horse racing via FanDuel’s sports wagering and ADW platforms.

Additionally, CDI will authorize wagering on Churchill Downs' owned or controlled horse racing content via FanDuel’s platforms in the United States and grant FanDuel certain television and media rights to broadcast CDI-owned racing content on FanDuel’s television network(s).

Amy Howe, FanDuel's CEO

Amy Howe, CEO of FanDuel, said: "With the launch of FanDuel TV last week and the upcoming integration of premier racing content into our market-leading sportsbook, we believe this is an inflection point in our ability to offer our customers a seamless wagering experience with a single wallet."

Beginning in January 2023, FanDuel will pay for CDI technology and services provided by United Tote Company to facilitate pari-mutuel wagering on FanDuel’s platforms in the United States, including FanDuel Sportsbook and TVG. As previously announced, CDI has entered into an agreement to sell 49% of United Tote to New York Racing Association, in a transaction expected to close by the end of 2022.

"We are especially pleased that we will be able to offer wagering on the most exciting two minutes in sports, the Kentucky Derby, and that we will have exclusive broadcast rights to the Churchill Downs Incorporated family of tracks on FanDuel TV. We look forward to creating new audiences for horse racing," Howe added.

CDI will provide FanDuel wagering rights to horse racing content owned or controlled by CDI, including the Kentucky Derby, and will receive customary content fees when FanDuel accepts wagers on CDI-owned content.

FanDuel will also receive exclusive television rights to the racing content of all CDI thoroughbred racetracks, including Churchill Downs Racetrack, once its existing non-Derby media rights deal expires in 2023. The agreement excludes certain specified racing content, including Kentucky Derby Week.

As part of the agreement, FanDuel will also receive a non-exclusive sponsorship of the Kentucky Derby in the sports wagering category beginning in 2023 in exchange for an annual sponsorship fee.

Bill Carstanjen, Churchill Downs' CEO

Bill Carstanjen, CEO of CDI, commented: "We look forward to working with FanDuel to deliver premium horse racing content to their expansive base of sports wagering customers."

"We are confident that FanDuel’s market approach teamed with our expertise and technology will seamlessly deliver horse racing content and pari-mutuel wagering solutions to a significant number of new fans," he concluded.

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