Fairmount Park Racetrack in Collinsville, Illinois, is being rebranded as FanDuel Sportsbook and Horse Racing, the two parties have said.
Online gaming, sports betting and fantasy sports operator FanDuel Group said it plans to make a “multi-million-dollar investment” in the venerable facility. The company promises a “full revitalization” of the venue, plus it will open a FanDuel Sportsbook retail location, pending licensing and regulatory approvals from the Illinois Gaming Board.
The agreement marks FanDuel Group’s first investment in a race track, but the company noted it has been involved in the sport for years via its subsidiary TVG, an online advance-deposit wagering platform and sports-oriented digital cable and satellite television network.
FanDuel said it has teamed up with William Stiritz and Associates to “revitalize” the 95-year-old track. Plans include “significant upgrades” to the facility. FanDuel Group and TVG said they jointly will fund the renewal and running of the $250,000 St. Louis Derby, which had been the track’s signature event but has not been conducted since 2006 due to financial constraints.
“We are delighted to partner with Fairmount Park to continue bringing high-quality horse racing and soon additional entertainment experiences via our sportsbook to the region,” Matt King, CEO of FanDuel Group, said in a statement. “Fairmount is an iconic state landmark which we plan to modernize.”
“Fairmount Park is excited to extend our partnership with FanDuel Group to now include their sports gaming platform,” said Melissa Helton, General Manager of Fairmount Park. “This partnership will allow the park to remain an important economic driver for the surrounding communities.”
Fairmount Park is one of three horse racing venues currently active in Illinois and the only one outside of the Chicago metro area. The track opened in 1925.