DraftKings and Churchill Downs Inc. collaborate to create and introduce DK HORSE

Churchill Downs Incorporated, an American casino operator, and DraftKings Inc., a notable operator of sports betting, have announced a long-term agreement for the provision of horse racing wagering technology services. The arrangement is for the foreseeable future.

Technology based on ADW:

DraftKings will receive advanced deposit wagering, often known as ADW technology, from the CDI vertical known as TwinSpires. TwinSpires is the market leading online horse racing wagering platform in the United States. After signing the agreement with CDI, DraftKings will, within a few months, introduce the standalone brand app known as DK HORSE. This app will allow DraftKings' users to place bets on horse racing through a single branded app. The agreement was signed by DraftKings.

DK HORSE standalone app:

Customers will be required to sign up for accounts and make deposits using the DK HORSE app exclusively in order to participate in the initial launch of the DK HORSE platform. A single wallet that is linked to the DraftKings Sportsbook, casino, and daily fantasy sports apps will be used for the signup and funding process. This will be done independently from the existing user account.

Kentucky debut:

As soon as all of the relevant permits are achieved, it is anticipated that DK HORSE will be made available in 21 states not long after the introduction of the product. Taking all of these steps into consideration, DraftKings is planning to launch the application just a few days before the 149th running of the Kentucky Derby in May of 2023.

DraftKings' Chief Executive Officer and Chairman of the Board, Jason Robins, made the following statement regarding the company's collaboration with Churchill Downs Incorporated: "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."

Gains that can be seen right away:

The inclusion of DK HORSE in the Kings' portfolio is something that will be discussed between the two firms at a later point. On the other hand, it is reasonable to expect that the Kentucky Derby will serve as the practice run for future consideration.

The agreement will be carried out over a lengthy period of time, and there will be sufficient room for the inclusion of honorable addenda and modifications that will work to the advantage of both sides. Regarding this matter, Robins has a positive outlook, saying, "Due to the form of the deal, we anticipate that this new product offering will be instantly profitable."

Partnership with consumers for the long term:

Pari-mutuel betting rights to CDI's horse racing material, including the Kentucky Oaks and Kentucky Derby, will be transferred to DraftKings in accordance with the terms of the agreement between the two parties. Additionally, CDI will work on behalf of DraftKings to acquire additional horse racing footage that may be used on the DK Horse platform.

CDI's Chief Executive Officer, Bill Carstanjen, is confident in the following statement: "We feel the depth and quality of our online offering through TwinSpires is unsurpassed in the horse racing industry."

Carstanjen further acknowledged that "we are thrilled to build this collaboration with DraftKings and to deliver a full end-to-end white label ADW solution"