Revamp and rebrand
The FanDuel Group recently announced plans to invest millions in the Fairmount Park Racetrack in Illinois. The property will be fully revamped, with a new retail sportsbook location added plus significant upgrades to the facility. With the change, Fairmount Park will be rebranded as FanDuel Sportsbook and Horse Racing.
The partnership agreement with Fairmount is the first investment for the FanDuel Group involving a race track. The company does have experience in the industry via its subsidiary TVG, an online horse and greyhound betting business.
Big changes via the FanDuel Group
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The FanDuel Group partnered with William Stiritz and Associates to make major changes to the 95-year-old racetrack. A new FanDuel Sportsbook will open at the track once the Illinois Gaming Board provides licensing and regulatory approval to the company.
The FanDuel Group will work with TVG to renew the St. Louis Derby, the signature event of the track, which has not been held since 2006 because of financial issues.
partnered with an “iconic state landmark”
FanDuel Group CEO Matt King commented on the plans, stating the company is delighted to have partnered with an “iconic state landmark” to bring high quality horse racing and more entertainment through its sportsbook to the area.
Economic growth for the region
The new retail sportsbook, along with new racing events and capital improvements, is part of the plan to modernize the facility. The goal is to see the track and sportsbook become a driving force for economic growth in the area.
Fanduel Illinois Sportsbook
The facility is expected to provide new jobs for locals in both hospitality and entertainment.
Fairmount Park general manager Melissa Helton pointed out that with the FanDuel partnership, the park will continue to help the economy of the surrounding communities.
More partnership deals for FanDuel
The deal with Fairmount Park is not the only partnership the FanDuel Group has made in November. When the month began, the company announced a deal with Evolution, a top-rated software company, to feature Evolution’s live casino products at FanDuel’s online casinos.
FanDuel has also signed its first NBA partnership, agreeing to terms with the Memphis Grizzlies earlier this month. The company can now use the teams’s logos and marks across its daily fantasy and sports betting channels.
FanDuel will present the Grizzlies’ television broadcast of home and away games, with integrations provided to enhance the viewing experience of fans.
Fairmount Park Racetrack will be no more. The 95-year-old Collinsville horse track will rebrand to become FanDuel Sportsbook and Horse Racing once it’s open for business.
Matt King, the CEO of FanDuel Group, said in a statement:
“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. Fairmount is an iconic state landmark which we plan to modernize bringing innovative technology and entertainment offerings only FanDuel can deliver.”
FanDuel Sportsbook has been operating in Illinois since late August when it partnered with Par-A-Dice Casino in East Peoria.
According to FanDuel, it will transfer its sports betting license from Par-A-Dice to the horse track “in the near future.” A FanDuel spokesperson confirmed to PlayIllinois that it would continue to operate the Par-A-Dice retail sportsbook.
However, Illinois law only allows for one mobile skin per entity. Once the transfer is complete, another operator can partner with Par-A-Dice to enter the Illinois online market, likely opening the door for BetMGM.
In October, the Illinois Gaming Board (IGB) deemed Fairmount preliminarily suitable to open a “racino,” and granted the park a sports betting license.
Apparently, FanDuel has big plans for the future downstate racino.
Fairmount Park currently in rough shape
Fanduel Sportsbook Horse Racing
The Collinsville track has been trending downward for years. The revenue hasn’t been there to attract top horse owners and adequately maintain the facility.
Purse sizes are among the lowest in the country.
Collinsville officials have long been hoping for Illinois gaming legislation to allow Fairmount to offer slots and sports betting. Now, that’s a reality.
According to the release, FanDuel and Fairmount will invest millions of dollars into the property, though the exact amount is unclear.
William Stiritz and Associates has owned the track since 2000, and FanDuel says it will work with the group to revitalize the track with significant upgrades.
FanDuel is experienced in the horse racing space, even if this will be the first track to carry its name. It has several partnerships with horse tracks across the country and operates TVG, the horse race betting and TV service.
As part of the deal, the St. Louis Derby will also return next season. It hasn’t been run in Collinsville since 2006, and the agreement will help fund the event’s $250,000 purse.
Exact terms between FanDuel and William Stiritz and Associates are unknown, but based on the rebrand, one would have to think that FanDuel has acquired a significant stake in the track.
FanDuel is the second Illinois sports betting operator to partner with a race track. PointsBet partnered with Hawthorne Race Course near Chicago to secure market access, but the Hawthorne name will remain on the horse track.
“Fairmount Park is excited to extend our partnership with FanDuel Group to now include their sports gaming platform,” said MelissaHelton, the general manager of Fairmount Park. “This partnership will allow the park to remain an important economic driver for the surrounding communities.”
Horse Racing Nation
FanDuel off to a solid start in Illinois
In FanDuel’s first full month as a live Illinois sports betting operator, it recorded $78.6 millionin handle.
That was third behind BetRivers and DraftKings. However, the gap between FanDuel and fourth place PointsBet was almost $70 million.
Meanwhile, FanDuel was only about $20 million behind second place DraftKings. That duo gained serious ground on BetRivers from August to September, and it’s fair to wonder whether both will overtake BetRivers at some point.
This deal should also help increase FanDuel’s retail presence in Illinois.
Despite quality online numbers, Par-A-Dice Casino recorded just $191,650 in retail handle in September. That was seventh out of Illinois’ eight retail sportsbooks.
Does Fanduel Sportsbook Have Horse Racing
Collinsville is located about 20 minutes from downtown St. Louis, which is part of what makes it enticing for FanDuel. It will have to compete with DraftKings at Casino Queen in East St. Louis and Argosy Casino Alton for foot traffic, but there’s proven betting interest in the area.
Those two casinos combined for $4.7 million in retail sports betting handle in September, by comparison. And FanDuel will also be able to offer horse racing, unlike those two casinos.
Exciting times are ahead for both FanDuel and DraftKings in Illinois. The latter will eventually add another retail sportsbook in tandem with the Chicago Cubs at Wrigley Field.