FOX Sports will expand its partnership with New York Racing Association (NYRA) by acquiring a 25% stake in the company. The deal will take effect by summer 2021 as long as regulators approve the move.
This will make FOX Sports the official wagering partner of NYRA Bets, which is an advance deposit wagering (ADW) horse race betting platform. FOX will also offer television coverage for elite thoroughbred racing until at least 2030.
“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,” said Michael Mulvihill, FOX Sports Executive Vice President, Head of Strategy and Analytics. “We’re confident that our television partnership with NYRA will fuel continued growth for NYRA Bets in the years ahead.”
Deal Comes In Wake Of Rapid Growth of NYRA
Due to COVID-19 shutdowns, live sports coverage was more limited in 2020 than any other time in modern history. The lack of options drove some sports fans to new forms of competition, including horse racing. This led many to the live racing coverage on FOX Sports channels at an unprecedented volume.
Due to the increased interest, NYRA Bets handled a record $225 million in bets. That’s up by over 100% in comparison to the amount of betting handled in 2019 and represents an all-time high since the company first launched in 2016.
In light of those figures, Michael Mulvihill commented, “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.”
President and CEO of NYRA Dave O’Rourke added, “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.”
Horse Race Betting At NYRA Bets
NYRA Bets is one of the most popular horse race betting platforms in the US. The site offers bets on races taking place both domestically and internationally. Anyone 18 and over in one of the 30 states where NYRA Bets is available can sign up, deposit, and place bets.
New members at NYRA Bets can receive free betting credits equal to their first deposit up to $200. To qualify, create an account, deposit up to $200, then bet twice the deposit amount. Terms and conditions apply. Visit NYRABets.com to learn more.
FOX Sports Betting Products
FOX Bet, owned by parent companies FOX Corporation and Flutter Entertainment, offers legal online sports betting in the states of Colorado, Michigan, New Jersey, and Pennsylvania, and will soon be available in Indiana as well.
The company operates in partnership with PokerStars in Michigan and New Jersey to offer an all-in-one online betting experience. Whether on the FOX Bet or PokerStars site, bettors in the state can bet on sports and play casino games and multiplayer poker using the same account.
At least for now, FOX Bet will not offer horse race betting in the sportsbook. The separate racebook is available on NYRA Bets via the website or iOS and Android apps in 30 states including New York.