After rubbing each other up the wrong way for years over broadcasting rights, Churchill Downs Incorporated (CDI) and FanDuel have put their differences aside by inking a multifaceted, multi-year sports betting agreement.
non-exclusive sponsorship rights for the Kentucky Derby
According to Thursday’s announcement, FanDuel will receive non-exclusive sponsorship rights for the Kentucky Derby, meaning Churchill’s racing content from the prestigious event and other races will become available on the FanDuel app.
The FanDuel Group and TVG senior vice president of TV, Kevin Grigsby, confirmed further details via Twitter:
Changes at a gallop
Along with the TV/media rights, and wagering rights to horse racing content, the multi-year deal also involves FanDuel’s advance deposit wagering (ADW) business, which will enable bettors to wager on Churchill horse races via the FanDuel app.
While the Derby rights are not exclusively FanDuel’s, its CEO Amy Howe said the firm was “especially pleased that we will be able to offer wagering on the most exciting two minutes in sports, the Kentucky Derby.”
An additional key aspect of the deal is that the recently-launched FanDuel TV will become the sole TV broadcaster of Churchill’s thoroughbred racing content, minus the Derby Week races.
New fans expected
Howe believes the Churchill deal is a game-changer. The CEO said the imminent integration of racing content into the sportsbook, coupled with FanDuel TV going live, is basically going to be a racing bettor’s dream come true.
Meanwhile, according to ex-BetMGM head of corporate development Chris Lynch, Flutter has “been all in on racing for years.” Lynch added that Thursday’s deal with Churchill:
“further cements TVGs leadership in the domestic racing industry.”
In an official press release, CDI CEO Bill Carstanjen shared Churchill’s confidence that, factoring in FanDuel’s large customer base, the new tie-up will reach “a significant number of new fans.”
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