Churchill Downs Incorporated (CDI) has inked a deal to offload nearly half of its wholly owned subsidiary United Tote.
CDI has agreed to sell 49% of the company to NYRA Content Management Solutions, a subsidiary of the New York Racing Association (NYRA). However, Churchill Downs will retain control of the United Tote pari-mutuel settlements business.
NYRA is a not-for-profit organisation that operates the Empire State’s three largest thoroughbred horseracing tracks: Aqueduct Racetrack, Belmont Park and Saratoga Race Course.
Together, Churchill Downs and NYRA aim to “expedite the expansion of horseracing seamlessly onto sports wagering platforms” in a bid to reach new customers.