Churchill Downs Incorporated today announced that it has entered into an agreement to sell a 49% stake in United Tote Company, a subsidiary of CDI, to NYRA Content Management Solutions, a subsidiary of the New York Racing Association.
NYRA is a nonprofit corporation that operates the three largest Thoroughbred racetracks in the state of New York—Aqueduct race track in South Ozone Park, Queens; Belmont Park in Elmont; and Racecourse Saratoga in Saratoga Springs.
The transaction is subject to normal and customary closing conditions, including applicable regulatory notices and approvals, and is expected to close by the end of 2022. As part of the agreement, the operation is expected to close by the end of 2022. United Tote pari-mutuel settlement business will be excluded and will remain with CDI.
CDI and NYRA intend to work together to create and deliver an industry-leading comprehensive and efficient pari-mutuel solution through United Tote that will drive the continued expansion of horse racing across staking platforms. sports to reach new customers. Pending proper regulatory approvals, the NYRA will move its pari-mutuel betting processing to United Tote in 2023 under a separate arrangement.
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