DraftKings and CDI are working together to develop and launch a DraftKings-branded horse racing betting application. [Image: Shutterstock.com]
Work closely together
DraftKings has partnered with Churchill Downs Incorporated (CDI) to create and launch a horse racing betting app. CDI announced news of the multiyear partnership on Tuesday. Its subsidiary TwinSpires CDI will provide Advance Deposit Betting (ADW) technology to the US-focused gambling operator. TwinSpires is currently the leading online horse racing betting market in the United States.
CDI will also provide par betting rights to DraftKings in respect of all racing content owned or controlled by CDI, such as the Kentucky Derby. CDI will work on behalf of DraftKings to secure additional racing content.
Users will be able to place bets on horse racing through a standalone app
DraftKings plans to temporarily release DK HORSE at some point in the coming months. When the platform eventually launches, eligible DraftKings users will be able to place bets on horse races through a standalone app.
The current plan is for DK HORSE to initially be available in 21 states, provided they obtain all relevant approvals from regulators. according to Press releaseDK HORSE will be fully scheduled in time for the Kentucky Derby in May 2023.
Speaking about the agreement with CDI, Jason Robbins, CEO and Chairman of Draughtskings, said he’s excited “to not only give our existing customers the opportunity to interact with horsepower betting, but also to efficiently acquire new customers during their horse racing moments.”
Robbins added that DraftKings expects the new offering to be immediately profitable due to the structure of the agreement.
CDI CEO Bill Carstangen believes the quality of TwinSpires’ technology and offering is currently unparalleled. That’s why the company is excited to work with DraftKings and help “deliver a complete end-to-end ADW solution that will introduce a large sports betting customer base to horse racing betting.”
Other operators in the game
DraftKings certainly has an experienced partner on board. CDI has been a major part of the horse racing scene in the United States for nearly 150 years. Headquartered in Louisville, Kentucky, its most famous asset is the Kentucky Derby held every year at Churchill Downs Racetrack.
DraughtsKings is an online gambling company that offers massive sports betting, iGaming, and daily fantasy sports shows across the United States.
While this is DraftKings’ first significant foray into the horse racing business, other US-focused sportsbook operators have already dipped their toes into the arena. FanDuel already has a deal with CDI, which sees the two parties cooperating in a similar fashion to the new DraftKings deal; FanDuel Racing has been in operation for quite some time. BetMGM has a relationship with the New York Racing Association, while Caesars Racebook is in operation in several states.