CDI signed with a Sports Betting Site!
Churchill Downs, Inc. said on Monday that its wholly-owned subsidiary, Presque Isle Downs & Casino, had signed a multi-year agreement with bet365. The deal is for online sports betting and iGaming market access in Pennsylvania.
Bill Carstanjen, the chief executive officer of Churchill Downs, stated, “We are happy to collaborate with a global leader in the online gaming business.” Our partnership with bet365 maximizes the value of our sports betting and iGaming market access in Pennsylvania.
The arrangement with bet365 is consistent with Churchill Downs’ strategy to exit the online sports and casino industry. Monetize the company’s online sports and iGaming market access rights, and continue to expand the TwinSpires. An online horse racing wagering business, according to a news release.
The transaction is contingent on obtaining the required regulatory clearances. It expands bet365’s position in the United States. While being the world’s largest sports betting provider, with about $4 billion in yearly revenue, its presence in the United States still needs to grow.
bet365 operates in Ohio, New Jersey, and Colorado and is licensed for iGaming and sports betting in Ontario, Canada. In November, the operator inked a contract with Raynham Park. The contract is for the rights to a Massachusetts sports betting license, pending regulatory clearances.
A spokeswoman for bet365 stated, “On the heels of our launch in Ohio, we are delighted to announce our relationship with Churchill Downs, Inc. The world’s most popular online sports betting brand will be accessible to Pennsylvania sports lovers. Has excellent site features such as Bet Boosts, Same Game Parlay, Cash Out, and Edit Ben. A massive addition to our industry-leading sign-up incentive.
Given its standing as an essential US sports betting and gaming market, Pennsylvania represents an appealing prospect for bet365. It is the sixth most populous and most extensive state that permits internet gambling.
Pennsylvania, along with Arizona, is one of the final states in which CDI offers online gambling through its TwinSpires brand. The company declared in February that it would depart the sports betting and online casino industries. They no longer see a profitable route. However, the business still intends to continue operating retail sportsbooks.
CDI is primarily concerned with its dominant position in the Historical Horse Racing market. To support its HHR operations, Churchill Downs announced in December that it had entered into a final agreement. Buying all outstanding equity shares of Exacta Systems. Total cash consideration of $250 million.
This news, with CDI signed with a sports betting site, is expected to offer CDI the ability to generate synergies linked to the company’s recent business acquisition. The Colonial Downs Racetrack and Rosie’s Gaming Emporium HRM facilities in Virginia. A subject to specific working capital and other purchase price adjustments.