FOX Sports, a unit of Fox Corporation, and the New York Racing Association (NYRA) have announced an expanded partnership agreement that establishes FOX Sports as the official wagering partner of NYRA Bets and the leading media provider for elite thoroughbred racing through the next decade.
The prior FOX Sports/NYRA media rights agreement provided a FOX Sports subsidiary with an option to acquire a 25% stake in NYRA Bets, LLC (NYRA Bets), a leading Advance Deposit Wagering (ADW) platform launched in 2016 and available to customers in 30 states across the country. The FOX Sports subsidiary will exercise this option by the summer of 2021, pending final regulatory approval.
The newly announced agreement provides a FOX Sports subsidiary with a future opportunity to increase its equity interest in NYRA Bets.
As an unprecedented year interrupted live sports around the world, horse racing operated safely and continuously. NYRA Bets achieved record growth in 2020, as new fans engaged with horse racing by watching an unparalleled amount of coverage across FOX Sports’ family of networks. Driven by a dramatic expansion in this live television coverage, NYRA Bets generated $225 million in wagering handle in 2020, a more than 100% increase compared to 2019.
“The remarkably rapid expansion of NYRA Bets, and the digital ADW wagering marketplace, make this an ideal opportunity for FOX Sports to deepen and broaden its investment in both premier media rights and the high-growth sports wagering industry. With our investment options in NYRA Bets, FOX is now uniquely positioned as the only media company with strategic stakes in digital bet-taking businesses in horse racing, sports betting, poker and casino gaming. We’re confident that our television partnership with NYRA will fuel continued growth for NYRA Bets in the years ahead,” Michael Mulvihill, FOX Sports’ Executive Vice President, Head of Strategy and Analytics, said.
Dave O’Rourke, President and CEO, NYRA, underscored the importance of its partnership with FOX Sports to the sport in New York as well as across the country.
“FOX Sports has shown an unwavering commitment to the sport of horse racing over the past five years. The strength of our partnership with FOX Sports, and the continued expansion of our high-quality telecasts, has proven to be hugely beneficial for the New York racing community and the sport as a whole,” Dave O’Rourke said.