Churchill Downs to enter iGaming, sports betting markets

Churchill Downs rolls the dice with Golden Nugget to enter NJ sports betting

U.S. horse racing and gaming giant Churchill Downs Inc. has inked a partnership with SBTech to to support its entry into USA real-money igaming and sports wagering markets, starting with NJ and Pennsylvania. We are also a leader in brick-and-mortar casino gaming with approximately 10,000 gaming positions in eight states.

The partnership is to initially target the states of New Jersey and Pennsylvania, with the iGaming and sports betting verticals already approved, in addition to allowing CDI to also enter MS for sports wagering, subject to the states issuing gaming licence approvals and finalising regulations.

Churchill Downs Inc., a racetrack owner that also owns the TwinSpires.com ADW, announced May 16 that it had entered into an agreement with Golden Nugget Atlantic City to offer online gaming in New Jersey, as well as sports betting. Boyd is working on the right side of a consolidation while Penn National is in buy range.

Golden Nugget Atlantic City is operated by private company Landy's.

Subject to the unfolding of the regulatory landscape and relevant licensing approvals, SBTech will provide Churchill with its powerful sports betting platform with unparalleled event coverage, in addition to SBTech's Chameleon360 iGaming platform with advanced player management services, high-end analytics, anti-money laundering and responsible gambling features, robust regulatory reporting and streamlined payments. MS is expected to be among the first states to offer sports betting in an effort to siphon business away from Florida and Louisiana, two neighboring states expected to lag behind in adopting the new laws needed to offer it. It will also play a key role in New Jersey.

What's more, Churchill Downs also signed a partnership with SBTech, a sports betting platform provider to allow its customers to place online bets in both MS and Pennsylvania.

Through the agreement, it's detailed that the integration will consist of the consumer website, mobile apps and back office systems. Monmouth and the New Jersey Thoroughbred Horsemen's Association spearheaded the initiative that ultimately resulted in the Supreme Court deciding that the prohibition of sports wagering under PASPA (Professional and Amateur Sports Protection Act of 1992) was unconstitutional. In Murphy v. NCAA, New Jersey appealed the law and the Supreme Court on Monday found in the state's favor.

Several other states are expected to legalize sports betting.

Meanwhile Irish betting giant Paddy Power Betfair is in talks to merge its USA unit with fantasy sports company FanDuel. The bookmaker is eyeing the American market amid regulatory tightening in the United Kingdom and Australia. A more recent company acquisition is Draft, the distant third place company to DraftKings and FanDuel in the DFS marketplace. But they scrapped the deal after the U.S. Federal Trade Commission objected on antitrust grounds. Arrowstreet Capital Limited Partnership now owns 140,798 shares of the company's stock valued at $32,764,000 after acquiring an additional 107,645 shares during the last quarter.

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