Through the CDI Deal, DraftKings adds horse racing betting

Churchill Downs Inc. announced a deal that will bring mutual betting on its horse racing content to a second major online/mobile sports betting platform.

On November 29, Churchill Downs Inc. and DraftKings have announced a multi-year agreement whereby CDI’s deposit betting subsidiary TwinSpires will provide DraftKings with deposit betting technology.

Tuesday’s announcement follows the disclosure in September of an agreement in which CDI announced that its owned or controlled racing content will be available through FanDuel’s U.S. platforms, including sports betting and ADW

FanDuel and DraftKings are both major players in the fast-growing US sports betting market. Each offers popular daily fantasy and sports betting websites and mobile platforms.

Under Tuesday’s agreement, in the coming months, DraftKings will launch “DK Horse,” which will allow eligible DraftKings customers to bet on horse racing using an independently branded app. The initial launch of DK Horse will require customers to register and deposit funds separate from those of a single account, a wallet linked to the DraftKings Sportsbook, Casino and daily fantasy sports apps, but plans call for DK Horse to be integrated into the Product Suite DraftKings.

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DK Horse is expected to be available initially in 21 states, pending all necessary licensing and regulatory approvals, and is scheduled to launch prior to the 149th running of the Kentucky Derby Presented by Woodford Reserve (G1) on May 6.

“We are delighted to partner with Churchill Downs Incorporated, not only to provide our existing customers with the opportunity to engage in mutual horse betting, but also to effectively acquire new customers during prime horse racing moments,” he said DraftKings CEO and President Jason Robins. . “Due to the structure of the agreement, we expect this new product offering to be immediately profitable.”

Under the agreement, CDI will provide DraftKings with pari-mutuel betting rights to horse racing content owned or controlled by CDI, including the Longines Kentucky Oaks (G1) and the 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,” said CDI CEO Bill Carstanjen. “We are excited to establish this relationship with DraftKings and offer a complete white label ADW solution that will introduce the significant sports betting customer base to horse racing betting.”

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