Flutter Entertainment’s FanDuel Group has announced plans to make a multi-million-dollar investment in Fairmount Park Racetrack in Collinsville, Illinois.
The financial terms of the arrangement were not disclosed, but the property will be rebranded as FanDuel Sportsbook and Horse Racing.
The operator would also undertake a major revamp of the venue and open a retail sportsbook at the location.
The agreement will see FanDuel’s sports betting license in Illinois transferred from the Boyd Gaming-owned Par-A-Dice Casino to the racing venue.
The operator went live with its online and mobile sportsbook in the state in September through its partnership Boyd.
“We are delighted to partner with Fairmount Park to continue bringing high quality horse racing and soon additional entertainment experiences via our sportsbook to the region,” FanDuel chief executive Matt King said.
“Fairmount is an iconic state landmark which we plan to modernize bringing innovative technology and entertainment offerings only FanDuel can deliver.”
Opened in 1925, Fairmount Park is one of only three racing venues in Illinois, offering thoroughbred flat racing on a one-mile dirt oval. It is approved to host 35 live racing days in 2021 along with daily simulcast wagering on tracks across the US.
The agreement will see FanDuel work with its subsidiary TVG, an online advance deposit wagering platform (ADW) and sports-oriented digital cable and satellite television network.
FanDuel and TVG will jointly fund the renewal and running of the $250,000 St. Louis Derby, the racetrack’s signature event that has not take place since 2006 due to financial constraints.
FanDuel will also partner William Stiritz and Associates to revitalise the racing venue and construct its new retail sportsbook at the facility.
“Fairmount Park is excited to extend our partnership with FanDuel Group to now include their sports gaming platform,” Fairmount Park general manager Melissa Helton said. “This partnership will allow the park to remain an important economic driver for the surrounding communities.”
In September, FanDuel’s sportsbook at the Par-A-Dice casino attracted bets worth $76.2m, though the operator posted a loss for the month.