Fairmount Park Racetrack will no longer exist as it is being rebranded as FanDuel Sportsbook and Horse Racing after 95 years in Collinsville.
During his speech, Matt King, CEO of FanDuel Group, declared:
We are thrilled to join forces with Fairmount Park to provide top-quality horse racing and expand entertainment options with our casino. Our goal is to elevate Fairmount, a beloved state landmark, by introducing cutting-edge technology and exclusive entertainment choices from FanDuel.
FanDuel Sportsbook has been operating in Illinois since late August, in partnership with Par-A-Dice Casino located in East Peoria.
According to a statement from FanDuel, the company has confirmed its intention to transfer its sports betting license from Par-A-Dice to an Illinois horse track in the near future. A spokesperson for FanDuel reassured Play Illinois that the Par-A-Dice retail sportsbook will continue to operate as usual.
Nevertheless, Illinois law permits each entity to possess only one smart skin. Following the transfer, a different technician may work alongside Par-A-Dice to assist in the launch of BetMGM in the Illinois online market.
In October, Fairmount received preliminary approval from the Illinois Gaming Board to open a “racino” and was granted a sports betting license.
It has been reported that FanDuel has significant plans for the upcoming racino in downstate.
Fairmount Park is already in poor condition.
For several years, the Collinsville track has been on a downward trend, with declining revenue making it difficult to attract top horse owners and properly maintain the facility.
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Collinsville officials have eagerly awaited Illinois gaming legislation to permit Fairmount to introduce slots and sports betting. Their hopes have finally been fulfilled.
FanDuel and Fairmount are said to be making a significant financial investment in the home, although the specific dollar amount has not been disclosed.
FanDuel is considering partnering with William Stiritz and Associates to renovate the trail with exciting upgrades. They have owned the track since 2000.
Although this is the first track to be named after FanDuel, the company has a wealth of experience in the horse racing industry. FanDuel has established partnerships with horse tracks across the country and operates the horse race betting and TV service, TVG app.
The St. Louis Derby, which has not been held in Collinsville since 2006, may be coming back next year thanks to a new agreement. The agreement will help fund the event’s $250,000 purse.
Although the specific terms of the deal between FanDuel and William Stiritz and Associates are unclear, it seems evident that the company has obtained a substantial stake in the race based on the rebranding.
FanDuel has joined forces with a racetrack in Illinois, becoming the newest gaming company to do so. PointsBet also secured market access through a partnership with the Hawthorne Race Course in the Chicago area, with the racetrack maintaining its original name.
Melissa Helton, Fairmount Park’s general manager, expressed excitement about the expanded collaboration with the FanDuel Group, which will now include their sports gaming platform. She believes this partnership will further solidify the park’s role as an important economic contributor to the surrounding towns and villages.
In Illinois, FanDuel has gotten off to a good start.
In its first complete month of operation as a live sports betting operator in Illinois, FanDuel reported a handle of $78.6 million.
BetRivers Sports and DraftKings Sportsbook were leading the pack, with FanDuel following closely behind in third place. The margin between FanDuel and the fourth-ranked PointsBet was almost $70 million.
Nevertheless, FanDuel trailed DraftKings by approximately $20 million, securing the second spot. During the months of August and September, both companies made notable progress in comparison to BetRivers, sparking speculation about the possibility of surpassing them in the future.
Additionally, this agreement is expected to increase FanDuel’s presence in Illinois retail locations.
In September, Par-A-Dice Casino generated a retail handle of only $191,650, putting them in seventh place among the eight retail sportsbooks in Illinois, despite strong online performance.
Collinsville’s location about 20 hours away from St. Louis makes it an attractive destination for FanDuel. However, it will have to compete with DraftKings at Argosy Casino Alton and Casino Queen in East St. Louis for customers. Despite this, the area has a long history of interest in gambling.
On the other hand, the total retail sports betting handle for both games in September was $4.7 million. Additionally, FanDuel will be able to provide horse racing, unlike the other two games.
FanDuel and DraftKings are both gearing up for exciting developments in Illinois. DraftKings is planning to broaden its reach by opening a new retail sportsbook at Wrigley Field in partnership with the Chicago Cubs.
