The purchase is in exchange for Churchill Downs’ 25% equity interest in Saratoga.

Churchill Downs and its affiliates will have exclusive rights to operate online sports betting on behalf of Saratoga Harness Racing at the two other casinos owned by Saratoga Holdings; Saratoga Casino Hotel in Saratoga Springs, New York and Saratoga Casino Black Hawk in Black Hawk, Colorado.

The deal will last for 15 years after the liquidation process has finished, subject to payment of “commercially reasonable” royalties to Saratoga Harness Racing.

The announcement comes four months after Churchill Downs agreed a partnership with SBTech for sports betting and online gaming across the US.