FanDuel makes first racetrack investment with Illinois’ Fairmount Park17th November 2020 10:08 am GMT
Flutter Entertainment-owned FanDuel Group is poised to make a multi-million-dollar investment in Fairmount Park, which will see the Illinois racetrack rebranded as FanDuel Sportsbook and Horse Racing.
FanDuel will work with Fairmount Park owner William Stiritz and Associates to revitalize the iconic 95-year-old racetrack, including significant upgrades to the facility and creation of a FanDuel Sportsbook retail location, subject to licensing and regulatory approvals from the Illinois Gaming Board.
As part of the agreement, Flutter’s advance deposit wagering platform TVG will revive the $250,000 purse St. Louis Derby, the race track’s signature event which has not run since 2006 due to financial constraints.
“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,” said FanDuel Group CEO Matt King. “Fairmount is an iconic state landmark which we plan to modernize bringing innovative technology and entertainment offerings only FanDuel can deliver.”
Fairmount Park general manager Melissa Helton said: “Fairmount Park is excited to extend our partnership with FanDuel Group to now include their sports gaming platform. This partnership will allow the park to remain an important economic driver for the surrounding communities.”
Subject to approval by the Illinois Gaming Board, FanDuel will also transfer its sports betting license from Par-A-Dice Casino to FanDuel Sportsbook and Horse Racing.
Shares in Flutter Entertainment plc (LSE:FLTR) were trading 0.92 per cent lower at 12,880.00 pence per share in London Tuesday morning.