FanDuel has confirmed plans to launch a destination retail sportsbook in the Illinois sports betting market.
The current US sports betting market leader said today it will make a multi-million-dollar investment in Fairmount Park Racetrack in Collinsville, IL.
Under the agreement, Fairmount will rebrand to FanDuel Sportsbook and Horse Racing. The track will be fitted out with a sportsbook, as part of a “full revitalization” of the property.
Following the FanDuel Meadowlands model
FanDuel’s CEO weighed in on the company’s next move in Illinois:
“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,” said Matt King, FanDuel Group CEO. “Fairmount is an iconic state landmark which we plan to modernize bringing innovative technology and entertainment offerings only FanDuel can deliver.”
The agreement is FanDuel Group’s first investment in a racetrack. But the company has had great success with sportsbooks at other tracks. The Meadowlands in New Jersey is the largest retail book in the state.
FanDuel switching IL licenses
Fairmount said the investment would help it remain “an important economic driver for the surrounding unities.”
The deal between the two has been well trailed. Last month, the Illinois Gaming Board found Fairmount preliminarily suitable for a gaming license and granted it a master sports wagering license under the FanDuel brand.
FanDuel currently runs its IL betting app via the Par- A-Dice license. But that will switch over in the near future. And Fairmount is better located for retail bettors, as the track sits about 15 minutes drive east of St Louis.
Future of remote registration is unclear
It’s still unclear just how important location will be in IL sports betting.
On Friday, Gov. J.B. Pritzker extended the suspension of in-person sign-ups for at least another month.
That’s great news for IL sports bettors. However, its unclear how long that will last. DraftKings said last week its financial projections for 2021 assumed no remote registration.
IL sportsbooks took $305 million in bets in September, with 93% taken online. Revenues were $11.5 million.