Churchill Downs has taken another step towards its efforts to partner with sportsbooks in offering customers parimutuel wagering. On November 29, the parent company of the Kentucky Derby signed a multi-year deal to allow DraftKings customers access to an online version of traditional pari-mutuel betting. Dubbed DK Horse, the company will require advance deposit wagering technology provided by a Churchill Downs subsidiary Twin Spires.
The technology should have bettors ready to wager on the 149th Derby on May 6, using a standalone app, according to CDC Gaming Reports.
“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,” said DraftKings CEO and Chairman of the Board Jason Robins in a statement. “We expect this new product offering to be immediately profitable.”
Churchill Downs provides DraftKings parimutuel wagering rights to horse racing content owned or controlled by Churchill Downs. The company will also see that additional racing opportunities be ready for DK Horse to use.
At the outset, customers will require a separate account for funds, but eventually, it will all be part of the DraftKings account.
“We believe the depth and quality of our online offering through TwinSpires is unmatched in horse racing,” said Churchill Downs CEO Bill Carstanjen. “We are excited to deliver a full end-to-end white label advance-deposit wagering solution that will introduce their significant base of sports betting customers to horse racing wagering.”
DK Horse should be available in 21 states.
