CDI, FanDuel Announce Multi-Year Content Agreement
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Mobile sports wagering
In a deal that will facilitate pari-mutuel wagering on Churchill Downs races on the FanDuel sports wagering platform, Churchill Downs Inc. announced a multi-year agreement with FanDuel Group Sept. 8.
The agreement that will facilitate pari-mutuel wagering on the popular sports wagering platform is just one aspect of the deal that also involves tote services, certain television and media rights, and a Kentucky Derby (G1) sports wagering sponsorship.
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 advance-deposit wagering platforms, led by TVG.com on the ADW side.
CDI also will authorize wagering on Churchill and other CDI-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). The former TVG racing channel was recently rebranded as FanDuel TV and TVG2 has been rebranded FanDuel Racing.
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 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 the New York Racing Association 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 also will receive exclusive television rights to the racing content of all CDI Thoroughbred racetracks, including Churchill Downs, once its existing non-Derby media rights deal expires in 2023. The agreement excludes certain specified racing content, including Kentucky Derby Week.
The field rounds the first turn during the 148th Kentucky Derby at Churchill Downs
As part of the agreement, FanDuel also will 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 sportsbook, we believe this is an inflection point in our ability to offer our customers a seamless wagering experience with a single wallet," said FanDuel CEO Amy Howe. "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."
"We look forward to working with FanDuel to deliver premium horse racing content to their expansive base of sports wagering customers," said CDI CEO Bill Carstanjen. "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."