Churchill Downs Incorporated (CDI) and FanDuel have joined forces in a groundbreaking multi-year agreement, which encompasses various aspects of the sports wagering and horse racing industries. The partnership will enable FanDuel customers to place pari-mutuel wagers on horse racing via FanDuel’s sports wagering and advance deposit wagering (ADW) platforms. Additionally, FanDuel will gain exclusive television rights to broadcast CDI-owned racing content, including renowned events like the Kentucky Derby. This collaboration promises a seamless wagering experience for sports enthusiasts and horse racing fans alike, further expanding the reach of horse racing content and fostering new audiences.
Key Elements of the Agreement:
The comprehensive agreement between CDI and FanDuel comprises several key elements:
Wagering Rights and Technology:
CDI will provide technology and services to facilitate pari-mutuel wagers on horse racing via FanDuel’s sports wagering and ADW platforms. This strategic move will allow FanDuel customers to enjoy horse racing betting alongside their sports wagers, creating a unified and convenient wagering experience.
Television and Media Rights:
As part of the partnership, FanDuel will receive certain television and media rights to broadcast CDI-owned racing content on its television network(s). This includes exclusive television rights to the racing content of all CDI thoroughbred racetracks, including the iconic Churchill Downs Racetrack, following the expiration of the existing non-Derby media rights deal in 2023.
Kentucky Derby Sponsorship:
The agreement grants FanDuel non-exclusive Kentucky Derby sponsorship rights within the sports wagering category, starting in 2023. This exciting sponsorship opportunity allows FanDuel to associate itself with one of the most prestigious horse racing events in the world, further solidifying its position in the sports wagering market.
The Impact on FanDuel’s Offerings:
FanDuel has recently launched its FanDuel TV and is set to integrate premium horse racing content into its market-leading sportsbook. This strategic move marks a significant turning point in FanDuel’s ability to offer its customers a seamless wagering experience with a single wallet. By incorporating CDI’s horse racing content, including the much-anticipated Kentucky Derby, FanDuel aims to attract new audiences to horse racing and bolster its offerings in the sports wagering space.
CDI’s Expertise and FanDuel’s Market Approach:
CDI’s CEO, Bill Carstanjen, expressed confidence in FanDuel’s market approach and emphasized that the collaboration will seamlessly deliver horse racing content and pari-mutuel wagering solutions to a substantial number of new fans. The partnership leverages FanDuel’s expansive customer base and CDI’s expertise and technology, paving the way for a fruitful collaboration that will benefit both companies and horse racing enthusiasts.
The multi-year partnership between Churchill Downs Incorporated and FanDuel marks an exciting development in the sports wagering and horse racing industries. By enabling FanDuel customers to place pari-mutuel wagers on horse racing via its platforms and gaining exclusive television rights to broadcast CDI-owned racing content, FanDuel is poised to revolutionize the wagering experience for sports enthusiasts. Moreover, the non-exclusive sponsorship of the Kentucky Derby further reinforces FanDuel’s commitment to elevating its market position and reaching new audiences. With a shared vision of expanding the horizons of horse racing and sports wagering, this strategic alliance promises to create new opportunities and foster a dynamic and engaging wagering ecosystem.