Business
Churchill Downs Incorporated Enters into Multi-Year Agreement with FanDuel
Agreement Includes Wagering Rights to Horse Racing Content, Totalizator Services, Certain Television and Media Rights and a Kentucky Derby Sponsorship
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"Agreement Includes Wagering Rights to Horse Racing Content, Totalizator Services, Certain Television and Media Rights and a Kentucky Derby Sponsorship LOUISVILLE, Ky., Sept. 08, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) announced today a multi-year agreement (the “Agreement”) with FanDuel Group (“FanDuel”) 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 FanDuel’s customers to place pari-mutuel wagers on horse racing via FanDuel’s sports wagering and ADW platforms. CDI will also authorize wagering on CDI’s 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). In addition, the Agreement provides FanDuel non-exclusive Kentucky Derby sponsorship rights within the sports wagering category. Beginning in January 2023, FanDuel will pay for CDI technology and services provided by United Tote Company (“United Tote”) 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, Inc. in a transaction that is expected to close by the end of 2022. 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. “With the launch of FanDuel TV last week and the upcoming integration of premier racing content into our market-leading sports book, we believe this is an inflection point in our ability to offer o...