Churchill Downs sells share of United Tote subsidiary to New York Racing Association

August 12, 2022 1:52 PM
  • Rege Behe, CDC Gaming Reports
August 12, 2022 1:52 PM

Churchill Downs Incorporated Friday announced it has reached an agreement to sell 49% of its subsidiary United Tote Company to NYRA Content Management Solutions, a subsidiary of the New York Racing Association. As part of the agreement, United Tote’s pari-mutuel settlements business will be excluded and will remain with CDI.

Story continues below

The transaction is subject to usual and customary closing conditions, including applicable regulatory notices and approvals. It is expected to close by the end of 2022.

CDI and NYRA plan to work together to provide a comprehensive and efficient industry-leading pari-mutuel solution through United Tote that will expedite the expansion of horse racing onto sports wagering platforms. Pending appropriate regulatory approvals, NYRA will transition its pari-mutuel wager processing to United Tote in 2023 under a separate agreement.

Churchill Downs owns and operates the iconic Kentucky racetrack of the same name and also owns Turfway Park in Florence, Kentucky, the online horse racing wagering platform Twin Spires and other entertainment venues. Its flagship event is the Kentucky Derby.

The non-profit NYRA operates the thoroughbred horse racing tracks Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park in Elmont; and Saratoga Race Course in Saratoga Springs.

.