DraftKings is getting into the racing game with a new product called DK HORSE. The advance-deposit wagering (ADW) app will be the result of a partnership with Churchill Downs subsidiary TwinSpires.
TwinSpires, the ADW brand for Churchill Downs and the leader in the horse betting app space, will provide the technology and platform for DK HORSE. Initially, the app will be separate from the DraftKings Sportsbook, Casino, and DFS sites with a separate wallet as well. However, the plan in the long term is to integrate the technology into a single platform.
“We are excited to collaborate with Churchill Downs Incorporated, not only to give our existing customers an opportunity to engage with pari-mutuel horse wagering, but also to acquire new customers efficiently during marquee horse racing moments,” said Jason Robins, CEO and Chairman of the Board of DraftKings. “Due to the structure of the agreement, we expect this new product offering to be immediately profitable.”
Per the release, DK HORSE will initially be available in 21 states. The app should launch before the running of the Kentucky Derby next May.
“We believe the depth and quality of our online offering through TwinSpires is unmatched in horse racing,” said Bill Carstanjen, CEO of CDI. “We are excited to establish this relationship with DraftKings and to deliver a full end-to-end white label ADW solution that will introduce their significant base of sports betting customers to horse racing wagering.”
Churchill Downs previously operated a sportsbook bearing the TwinSpires brand, but shuttered the project earlier this year.
This is not the first time a sportsbook has ventured into the ADW space. FanDuel and TVG, both part of Flutter, began working together. Similarly to the DK HORSE and TwinSpires partnership, FanDuel Racing is a sister site of TVG’s popular ADW platform. Additionally, the horse racing network formerly known as TVG rebranded to FanDuel TV shortly before the start of the NFL season.