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Julie Moraine March 26, 2021 3 min read
FOX Sports Becomes Official Wagering Partner of NYRA Bets
FOX Sports and the New York Racing Association (NYRA) expanded their partnership agreement to designate the unit of Fox Corporation as the official wagering partner of NYRA Bets and the leading media provider for thoroughbred racing.
“NYRA is delighted to extend our relationship with FOX Sports.”Tony Allevato, President, NYRA Bets
Television and Exclusivity Rights
The newly signed agreement extended television rights through 2030 for FOX Sports and expanded on its exclusivity rights for daily racing at Belmont Park and Saratoga Race Course, but does not include the Belmont Stakes Racing Festival and the Belmont Stakes.
“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, President and CEO, NYRA
The deal would allow FOX Sports to air 700 hours of horse racing coverage from Belmont Park and Saratoga Race Course annually, while NYRA will serve as the production arm for the events.
“We’re confident that our television partnership with NYRA will fuel continued growth for NYRA Bets in the years ahead.”Michael Mulvihill, EVP, Head of Strategy & Analytics, FOX Sports
NYRA Bets Equity Stake
The newly announced agreement also extended the equity option for a FOX Sports subsidiary provided in the previous deal, under the terms of which it could acquire a 25% stake in the leading Advance Deposit Wagering (ADW) platform launched in 2016 NYRA Bets.
“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.”Michael Mulvihill, EVP, Head of Strategy & Analytics, FOX Sports
Being relatively unaffected by the disruptions to global sports, horse racing attracted new fans via the coverage from the FOX Sports family of networks and allowed NYRA Bets to achieve record growth in 2020. The ADW platform posted $225 million in wagering handle, more than double the amount generated in 2019.
“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.”Michael Mulvihill, EVP, Head of Strategy & Analytics, FOX Sports
FOX Sports noted the subsidiary would exercise the option for the ADW platform with presence across 30 US states by the summer of 2021, pending regulatory approval. The new deal has provisions for the stake in NYRA Bets to be increased in the future.
“We look forward to continuing to work closely with the FOX Sports team over the next decade to grow NYRA Bets while continuing to present the very best in horse racing coverage to more sports fans than ever before.”Tony Allevato, President, NYRA Bets
The decade-long agreement with NYRA followed in the footsteps of recently signed deal extension with the National Football League (NFL) to extend the media rights for the parent company Fox Corporation with the league until 2033.