Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) and DraftKings
Inc. (Nasdaq: DKNG) (“DraftKings”) announced today a multi-year
agreement that will bring pari-mutuel wagering on horse racing to
DraftKings. CDI’s subsidiary, TwinSpires, will provide advance
deposit wagering (“ADW”) technology to DraftKings. TwinSpires is
the premier, market leading online horse racing wagering platform
in the U.S.
DraftKings will launch DK HORSE in the coming
months, which will allow DraftKings’ eligible customers to bet on
horse racing using a standalone branded app. The initial launch of
DK HORSE will require customers to sign up and deposit funds
separate from that of their one account, one wallet tethered to the
DraftKings Sportsbook, Casino and daily fantasy sports apps. Plans
to integrate DK HORSE into the DraftKings product suite will be
announced at a later date. DK HORSE is expected to be available
initially in 21 states, pending all necessary licensing and
regulatory approvals, and is scheduled to launch ahead of the 149th
running of the Kentucky Derby in May 2023.
“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.”
Under the agreement, CDI will provide DraftKings
pari-mutuel wagering rights to horse racing content owned or
controlled by CDI, including the Kentucky Oaks and Kentucky Derby.
CDI will also secure, on behalf of DraftKings, additional horse
racing content for use on DK Horse.
“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.”
An active member of the American Gaming
Association (“AGA”), DraftKings is committed to promoting the AGA’s
Have A Game Plan.® Bet Responsibly™ public service campaign, which
educates customers on responsible gaming best practices such as
establishing and adhering to a budget and only engaging with legal,
regulated operators. DraftKings is committed to creating inclusive
and responsible pathways for people to build, create, imagine and
innovate through the DraftKings S.E.R.V.E.S. program.
About Churchill Downs
Incorporated
Churchill Downs Incorporated (“CDI”, NASDAQ:
CHDN) has been creating extraordinary entertainment experiences for
nearly 150 years, beginning with the company’s most iconic and
enduring asset, the Kentucky Derby. Headquartered in Louisville,
Kentucky, CDI has expanded through the development of live and
historical racing entertainment venues, the growth of the
TwinSpires horse racing online wagering business and the operation
and development of regional casino gaming properties. More
information is available at www.churchilldownsincorporated.com.
About DraftKings
DraftKings Inc. is a digital sports
entertainment and gaming company created to fuel the competitive
spirit of sports fans with products that range across daily
fantasy, regulated gaming and digital media. Headquartered in
Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul
Liberman, DraftKings is the only U.S.-based vertically integrated
sports betting operator. DraftKings is a multi-channel provider of
sports betting and gaming technologies, powering sports and gaming
entertainment for operators in 17 countries. The company operates
iGaming in 5 states through its DraftKings brand, as well as
operating Golden Nugget Online Gaming, an award-winning iGaming
product and iconic gaming brand, in 3 states. DraftKings’
Sportsbook is live with mobile and/or retail betting operations in
the United States pursuant to regulations in 21 states and in
Ontario, Canada. DraftKings’ daily fantasy sports product is
available in 6 countries internationally with 15 distinct sports
categories. DraftKings is both an official daily fantasy and sports
betting partner of the NFL, NBA, MLB, NHL, PGA TOUR and UFC as well
as an official daily fantasy partner of NASCAR. Launched in August
2021, DraftKings Marketplace is a digital collectibles ecosystem
designed for mainstream accessibility that offers curated NFT drops
and supports secondary-market transactions. DraftKings also owns
Vegas Sports Information Network (VSiN), a multi-platform broadcast
and content company.
Churchill Downs Incorporated Forward-Looking
Statements
This news release contains various
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are typically identified by the
use of terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,”
“seek,” “should,” “will,” and similar words or similar expressions
(or negative versions of such words or expressions).
Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can
give no assurance that such expectations will prove to be correct.
Important factors, among others, that may materially affect actual
results or outcomes include the following: the impact of the novel
coronavirus (COVID-19) pandemic, including the emergence of variant
strains, and related economic matters on our results of operations,
financial conditions and prospects; the occurrence of extraordinary
events, such as terrorist attacks, public health threats, civil
unrest, and inclement weather; the effect of economic conditions on
our consumers' confidence and discretionary spending or our access
to credit; including the impact of inflation; additional or
increased taxes and fees; the impact of significant competition,
and the expectation the competition levels will increase; changes
in consumer preferences, attendance, wagering, and sponsorships;
loss of key or highly skilled personnel; lack of confidence in the
integrity of our core businesses or any deterioration in our
reputation; risks associated with equity investments, strategic
alliances and other third-party agreements; inability to respond to
rapid technological changes in a timely manner; concentration and
evolution of slot machine and HRM manufacturing and other
technology conditions that could impose additional costs; inability
to negotiate agreements with industry constituents, including
horsemen and other racetracks; inability to identify and / or
complete or fully realize the benefits of acquisitions,
divestitures, development of new venues or the expansion of
existing facilities on time, on budget, or as planned; general
risks related to real estate ownership and significant
expenditures, including fluctuations in market values and
environmental regulations; reliance on our technology services and
catastrophic events and system failures disrupting our operations;
online security risk, including cyber-security breaches, or loss or
misuse of our stored information as a result of a breach, including
customers’ personal information, could lead to government
enforcement actions or other litigation; personal injury litigation
related to injuries occurring at our racetracks; compliance with
the Foreign Corrupt Practices Act or applicable money-laundering
regulations; payment-related risks, such as risk associated with
fraudulent credit card and debit card use; work stoppages and labor
issues; risks related to pending or future legal proceedings and
other actions; highly regulated operations and changes in the
regulatory environment could adversely affect our business;
restrictions in our debt facilities limiting our flexibility to
operate our business; failure to comply with the financial ratios
and other covenants in our debt facilities and other indebtedness;
and increase in our insurance costs, or obtain similar insurance
coverage in the future, and inability to recover under our
insurance policies for damages sustained at our properties in the
event of inclement weather and casualty events.
We do not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
DraftKings Forward-Looking Statements
Certain statements made in this press release
are “forward looking statements” within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. When used in this press
release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
DraftKings’ control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see DraftKings’ filings with the
U.S. Securities and Exchange Commission. DraftKings does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
CDI Contact: Nick.Zangari@KyDerby.com |
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DraftKings Contact: media@draftkings.com |
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