COLLINSVILLE — Fairmount Park, the 95-year-old horseracing track that has been waiting years for new revenue from casino gambling and sports wagering, is embarking on a new partnership that promises to build out sports betting, finally reinvest in the property — and change its name.

In the race to offer online sports betting under Illinois’ new wagering law, Fairmount Park is partnering with New York-based online sports wagering firm FanDuel Group and renaming itself FanDuel Sportsbook and Horse Racing.

“This is the first time we’ve put our brand on the overall track,” Matt King, CEO of FanDuel Group, said in an interview.

FanDuel, which operates wagering and casino gambling platforms including popular horse track wagering and television service TVG, has partnerships with other tracks and has worked with Fairmount for over a decade to offer track betting. But the company’s expanded partnership will add a retail sports book — for football, baseball and other non-track sports. Fairmount and FanDuel officials also said they plan a “multi-million dollar” investment in the property, but declined to disclose an exact figure.

“We’re investing broadly to revitalize the track itself,” King said.

Collinsville officials have said the track’s physical condition has degraded in recent years. The track, owned since 2000 by former Ralston Purina CEO and current Post Holdings Chairman Bill Stiritz’s William Stiritz and Associates, has long been banking on an expansion of Illinois gambling laws allowing slot machines and wagering on non-track sports in order to boost purses for horse owners and generate more revenue for maintenance.