Fox Sports has agreed a deal to become the official wagering partner and the official media rights partner of the New York Racing Association (NYRA), while it is also set to acquire a stake in the association’s betting business, NYRA bets.
The previous deal gave a Fox Sports subsidiary the option of acquiring a 25% stake in NYRA Bets, an Advance Deposit Wagering (ADW) platform available in 30 states. Fox Sports will exercise this option and acquire the 25% stake by summer 2021 pending regulatory approval.
Since the companies’ first collaboration in 2016, the NYRA Bets wagering handle has grown from $7.2m to $225m in 2020.
The media rights deal extension will see Fox Sports air at least 700 hours of coverage annually from Belmont Park and Saratoga Race Course. It also gives the network exclusive broadcast rights at Belmont Park and Saratoga Race Course through 2030.
Despite the influence of the novel coronavirus (COVID-19) pandemic, NYRA Bets saw record growth in 2020 as Fox Sports aired consistent coverage across its family of networks.
NYRA will serve as the production arm for all racing events during the partnership agreement.
“NYRA is delighted to extend our relationship with FOX Sports,” said Tony Allevato, president of NYRA Bets.
“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.”
The deal does not include the Belmont Stakes Racing Festival and the Belmont Stakes.