Churchill Downs Incorporated (CDI) has announced it will be selling 49% of its subsidiary United Tote to the New York Racing Association (NYRA). The NYRA is an NPO that operates the three largest thoroughbred horseracing tracks in New York State.
These racetracks are: Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park in Elmont and Saratoga Race Course in Saratoga Springs. CDI and NYRA will work together to create a comprehensive and efficient pari-mutuel solution, using United Tote, for New York bettors.
This solution will expedite the expansion of in-house horserace betting to online sports wagering platforms to entice new customers. The deal is still pending regulatory approval and is expected to be finalized in 2023, when NYRA will fully transition its pari-mutuel wager processing to United Tote.
NYRA currently holds franchise rights to conduct all thoroughbred racing at New York’s three iconic racetracks. These tracks are considered to be a lynchpin of New York State’s racing industry, which is responsible for 19,000 jobs and produces more than $3bn in annual revenue.
United Tote is a leading supplier of totalisator systems, services and equipment that also provides technology services to process wagers and payouts. Its integration into NYRA is expected to modernize the betting efficiency at these racetracks.
CDI, meanwhile, is an racing, online wagering and gaming entertainment company best known for its flagship event, the Kentucky Derby. It owns and operates TwinSpires, one of the most profitable online wagering platforms for horseracing in the US, along with eight retail sportsbooks.
