DRF Bets, the account-wagering operation launched by Daily Racing Form in 2011, has been sold to 1/ST Technology, a subsidiary of 1/ST Racing and Gaming, and all customers of the operation will be immediately transitioned to 1/ST’s XpressBet account-wagering operation on Tuesday, the two companies announced.
DRF and 1/ST officials said the transition should be seamless and that customers of DRF Bets will not lose any benefits accrued under their accounts. Log-in credentials for XpressBet will be the same as those used on DRF Bets, the companies said. XpressBet has provided all of the back-end services for DRF Bets since its launch and is currently being rebranded as 1/ST BET PRO.
Scott Butera, chief executive officer of Affinity Interactive, said in an interview that the sale will allow DRF to move forward on its data and broadcasting business by removing a hurdle to deal-making and allowing the company to focus on “what we do best.”
“This is really a watershed, transformational moment for DRF,” Butera said. “In shifting away from the direct wagering business, we open the door to work with not only our valuable retail customers but also tracks, ADWs, sportsbooks, and numerous other industry players. We’ll be able to invest more of our time and capital in e-commerce and data products. It creates an opportunity to advance our platform well beyond where we are today.”
Butera declined to provide a revenue figure for DRF Bets.
“The structure of the sale and opportunities it creates will drive significant growth in DRF’s cash flow,” Butera said.
Daily Racing Form’s main business is the distribution of handicapping data products, including its flagship publication, which contains news and past-performance information.
Many racetracks and other racing companies operate their own account-wagering platforms, and DRF Bets represented a point of competition between the company and the distributors of its data products.
“We don’t want to be competing with other tracks and ADWs and sportsbooks, we want to be their partners,” Butera said. “We want to help them and provide our data and our products to their customer base, and this removes one big hurdle, because it’s hard to sell something to an ADW when we operate our own ADW.”
Butera said that current customers of DRF Bets would receive an e-mail Tuesday outlining the transition, which he said would be “secure and seamless” without losing any benefits accrued under DRF Bets. The customers will be transitioned into 1/ST BET PRO.
“The experience will be entirely the same,” Butera said. “They will be rewarded and get the same exact same treatment that they get today.”
XpressBet is one of the largest account-wagering operations in the United States. Keith Johnson, president of 1/ST Technology, said that company is “committed to continuing to provide the consistent superior service and user experience DRF customers have come to expect.”
“We look forward to welcoming DRF Bets customers and expanding our product offerings to horseplayers across the country and around the globe,” Johnson said.
:: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.