Churchill Downs Incorporated (CDI) is joining forces with the New York Racing Association (NYRA) to broaden the scope of equestrian sports within the realm of sports wagering.
CDI will divest a 49% ownership interest in its subsidiary, United Tote, to NYRA Content Management Solutions, a subsidiary of NYRA. Nevertheless, CDI will maintain control of United Tote’s pari-mutuel betting operations.
NYRA is a not-for-profit entity that manages the three most prominent thoroughbred racetracks in New York State: Aqueduct Racetrack, Belmont Park, and Saratoga Race Course.
Under the terms of the arrangement, NYRA will migrate its pari-mutuel betting activities to United Tote in 2023. Both entities contend that this collaboration will establish a comprehensive and streamlined wagering system that will attract a larger demographic.
The transaction is anticipated to be finalized by the close of 2022, contingent upon regulatory authorizations. This action is consistent with remarks made by CDI Chief Executive Officer Bill Carstanjen during the company’s second-quarter earnings conference last month, where he emphasized the company’s commitment to investigating novel avenues for expansion within the sports gambling sector.
He stated that they hold a strong conviction that wagering on equine contests has a rightful place, and will ultimately secure, a presence on platforms dedicated to sports betting, thereby granting access to every betting enthusiast across the United States.
Earlier this year, Caesars Sportsbook collaborated with NYRA Bets, the official wagering platform of the New York Racing Association, to introduce a novel application known as “Racebook.”
The app became operational in the early days of June in the states of Florida and Ohio.
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