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CDI signs online sports betting and iGaming agreement with bet365 in Pennsylvania

Churchill Downs Incorporated’s (CDI) wholly-owned subsidiary Presque Isle Downs & Casino has entered into a multi-year agreement with a wholly-owned US subsidiary of bet365 for online sports betting and iGaming market access in the state of Pennsylvania.

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CDI noted that the deal, which is subject to necessary regulatory approvals, is consistent with the company’s strategy to exit the online sports and casino business, monetise the group’s online sports and iGaming market access rights, and remain focused on expanding its TwinSpires online horseracing wagering business.

“We are pleased to partner with a global leader in the online gaming industry,” said CDI CEO Bill Carstanjen. “Our relationship with bet365 enables us to maximise the value of our company’s sports betting and iGaming market access in Pennsylvania.”

In November 2022, ahead of Ohio’s sports betting launch, operator bet365 was offering customers $100 in free bets if they registered before 1 December 2023.

Speaking about the agreement with CDI, a bet365 Spokesperson commented: “Off the heels of our launch in Ohio, we are thrilled to announce our partnership with Churchill Downs Incorporated.

“Once live, the world’s favourite online sports betting brand will be available to sports fans in Pennsylvania, offering fantastic site features, including Bet Boosts, Same Game Parlay, Cash Out and Edit Bet, on top of our market-leading sign-up offer.”

Last week, bet365 posted revenue of £2.85bn ($3.38bn) for the financial year ended 27 March 2022. ​​The figure, which was mainly due to the success of the operator’s gaming operations, was a 3% increase from the prior-year period.

Sports gaming revenue declined by 2% year-on-year, with gaming revenue climbing by 25% year-on-year. As noted by bet365, the latter was margin-based, with the total amount wagered increasing and the number of active customers rising by 48%.

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