FanDuel Group plans to make a multimillion-dollar investment in Fairmount Park Racetrack in Collinsville, Illinois.

Under the agreement, Fairmount Park Racetrack will be rebranded as FanDuel Sportsbook and Horse Racing.

In addition, the online gaming company plans a full revitalization of the venue, including the opening of a FanDuel Sportsbook retail location.

This partnership is consistent with FanDuel Group’s long history in the sport of horse racing via its subsidiary TVG, as well as sports-oriented digital cable and satellite television networks.

This agreement is FanDuel Group’s first investment in a race track.

FanDuel Group will work with William Stiritz and Associates to revitalize the iconic 95-year-old track, including significant upgrades to the facility and the establishment of a FanDuel Sportsbook retail location, pending continued licensing and regulatory approvals from the Illinois Gaming Board.

FanDuel Group and TVG also will fund the renewal and running of the $250,000 dollar St. Louis Derby, the track’s signature event, which has not been conducted since 2006 because of financial constraints.

“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, Chief Executive Officer of FanDuel Group.

“Fairmount Park is excited to extend our partnership with FanDuel Group to now include their sports gaming platform,” said Melissa Helton, General Manager of Fairmount Park.  “This partnership will allow the park to remain an important economic driver for the surrounding communities.”

The capital improvements, addition of a retail sportsbook and the new horse racing events are part of a modernization plan that will serve as a driver of economic growth for the region, providing new jobs in the entertainment and hospitality sector.