Churchill Downs Incorporated has completed the sale of Big Fish Games to Aristocrat Technologies for US$990m.

CDI is the Kentucky-based operator of casino properties in eight US states and owner of the world-famous Kentucky Derby. Through, CDI is also the largest legal online horseracing betting platform in the US.

Big Fish Games is the Seattle-based developer of social games for desktop and mobile devices, the acquisition of which sees Aristocrat, a leading manufacturer of gaming machines, extend its reach into the online gaming sector.

In a statement, CDI said that proceeds from the transaction will be used for “general corporate purposes, which may include investments to support organic growth and acquisitions, debt reduction and share repurchases.”

Board of directors at CDI has approved up to $500m of share repurchases from the proceeds of the sale.