Churchill Downs Incorporated (CDI) is joining forces with the New York Racing Association (NYRA) in a significant development for the horse racing sector. CDI is divesting a 49% ownership interest in its subsidiary, United Tote, to NYRA Content Management Solutions, an affiliated entity of NYRA. Rest assured, CDI will retain control of United Tote’s pari-mutuel betting operations.

For those unfamiliar, NYRA holds considerable influence – they oversee the three largest thoroughbred racetracks in New York State: Aqueduct Racetrack, Belmont Park, and Saratoga Race Course.

This collaboration aims to attract new enthusiasts by enhancing the accessibility of horse racing across various sports wagering platforms. To achieve this, NYRA will transition its pari-mutuel betting activities to United Tote in 2023.

Both CDI and NYRA express enthusiasm for this agreement, viewing it as a means to develop optimal wagering solutions for the horse racing industry.

The transaction is anticipated to conclude by late 2022, pending regulatory approvals. This action aligns with the remarks made by CDI’s CEO, Bill Carstanjen, during the previous month’s earnings call – they are committed to fostering growth and innovation within horse racing.

Had absolute certainty that equestrian competition deserves a place on wagering websites, believing its nationwide US availability is inevitable,” he stated.

A prominent player in the industry, Caesar’s Sportsbook, has partnered with NYRA Bets, the New York Racing Association’s designated platform. Their collaborative effort, a novel application named “Racebook,” debuted earlier this year and has been operational in Florida and Ohio since the beginning of June.