Churchill Downs has entered into an agreement with NYRA Content Management Solutions to sell 49 per cent of United Tote.
Subject to the usual and customary closing conditions, including applicable regulatory notices and approvals, the transaction between CDI and the New York Racing Association subsidiary is expected to close by the end of this year.
Moreover, as part of the agreement, the United Tote pari-mutuel settlements business will be excluded and will remain with Churchill Downs.
Both CDI and NYRA have stated that the duo intend to work together to create and provide a “comprehensive and efficient industry-leading pari-mutuel solution” through United Tote that is said to expedite the expansion of horse racing onto sports wagering platforms to reach new customers.
Pending the appropriate regulatory approvals, NYRA will transition its pari-mutuel wager processing to United Tote in 2023 under a separate agreement.
NYRA is a not-for-profit corporation that operates three Thoroughbred horse racing tracks in the state of New York – Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park in Elmont; and Saratoga Race Course in Saratoga Springs.
This comes a few weeks after CDI revealed its five point plan to form a strategic focus to ”transform” Churchill Downs over the next five-years, placing horse racing at its centre.
