Churchill Downs Incorporated (CDI) is partnering with the New York Racing Association (NYRA) in a calculated effort to innovate and broaden the appeal of equestrian sports. CDI will divest a 49% interest in its subsidiary, United Tote, to NYRA Content Management Solutions, a branch of NYRA.
Although CDI will maintain controlling interest and governance of United Tote’s pari-mutuel gambling enterprise, this alliance indicates a mutual objective for the trajectory of horse racing. NYRA, a non-profit entity overseeing the esteemed Aqueduct Racetrack, Belmont Park, and Saratoga Race Course, will also be transitioning its pari-mutuel betting activities to United Tote in 2023.
Both groups aspire to enhance the accessibility of horse racing to a larger demographic by smoothly incorporating it into established sports wagering systems. This joint effort capitalizes on United Tote’s cutting-edge technology and NYRA’s prominent position within the horse racing realm.
This action corresponds with CDI CEO Bill Carstanjen’s recent pronouncements underscoring the company’s dedication to modernization and expansion within the horse racing sector. The transaction, anticipated to finalize by the conclusion of 2022, is contingent upon regulatory authorizations and standard closing prerequisites.
Had complete confidence that equestrian competitions belonged – and would ultimately be – showcased on wagering sites, granting access to every gambling patron throughout the nation,” he stressed.
Earlier this year, Caesar’s Sportsbook, partnering with the New York Racing Association’s authorized wagering system, NYRA Bets, unveiled a novel application called “Racebook.”
The application premiered in Florida and Ohio as June commenced.
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