LOUISVILLE, Ky. — Louisville's most iconic horseracing organization has joined forces with a sports betting company known for their fantasy sports contests.
Churchill Downs has partnered with DraftKings to build a new sports betting app: "DK Horse", according to a CDI press release.
The multi-year agreement will reportedly bring pari-mutuel wagering, also known as "pool betting", on horse racing to DraftKings.
Jason Robins, CEO and Chairman of the Board of DraftKings, said he expects the app to be immediately profitable.
“We are excited to collaborate with Churchill Downs Incorporated, not only to give our existing customers an opportunity to engage with pari-mutuel horse wagering, but also to acquire new customers efficiently during marquee horse racing moments,” Robins said.
Churchill's betting platform, "TwinSpires", will provide the advance deposit wagering technology to develop the new app.
Bill Carstanjen, CEO of CDI, said he believes the quality of TwinSpires is unmatched in horse racing.
“We are excited to establish this relationship with DraftKings and to deliver a full end-to-end white label ADW solution that will introduce their significant base of sports betting customers to horse racing wagering,” Carstanjen said.
Users will first have to sign up in the app and deposit money seperately, but there are plans down the road to incorporate it into the DraftKings product.
As well as supporting horse racing wagers, Churchill has said they will also secure additional racing content for use on the DK Horse app.
Under the agreement, Churchill Downs will also allow wagering rights to both The Kentucky Oaks and Derby, according to the release.
DK Horse is expected to be available initially in 21 states and is scheduled to launch ahead of the 149th running of the Kentucky Derby in May 2023.
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