CDI to Develop DraftKings's Horse Racing Product

DraftKings's horse racing product will be developed by CDI.

Churchill Downs Incorporated (CDI), a horse racing and gambling company, and DraftKings have agreed to a multi-year partnership to create DK Horse, a horse racing product for parimutuel wagering.

TwinSpires, a CDI B2B horse racing subsidiary, will create the white-label solution. To do this, the business will give DraftKings access to its cutting-edge deposit wagering system.

TwinSpires began as CDI's B2C online betting and casino platform, but in 2021, the company switched to become a B2B supplier in the face of fierce market competition. Following the conditions of the agreement, CDI will also grant access to parimutuel betting rights for content that the company owns or manages, including the Kentucky Oaks and Kentucky Derby. On behalf of the operator, CDI will also offer extra horse racing content.

Jason Robins, CEO and chairman of the board of DraftKings said, "We are excited to collaborate with Churchill Downs Incorporated, not only to give our existing customers an opportunity to engage with parimutuel horse wagering but also to acquire new customers efficiently during marquee horse racing moments,"

"Due to the structure of the agreement, we expect this new product offering to be immediately profitable."

According to DraftKings, DK Horse will debut in the "coming months."

Based on the current plan, the horse racing betting service would debut on a separate branded app, requiring current users to download and make deposits using a different account. The business stated that plans exist to eventually combine the offering with all of DraftKings' other offerings.

Before the 149th Kentucky Derby, which will take place in May 2023, DK Horse plans to launch in 21 states, pending all required regulatory clearances.

"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 to deliver a full end-to-end white label ADW solution that will introduce their significant base of sports betting customers to horse racing wagering."

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