N.J. Legalized Sports Betting. Will it Challenge Nevada? Help Horse Racing?

Exactly a year ago, Gov. Phil Murphy traveled to Monmouth Park racetrack in Oceanport and made history by placing the first legal sports bets in New Jersey.

He wagered $20 apiece on Germany winning the World Cup and the New Jersey Devils taking the Stanley Cup. Both bets were a bust.

But a year later, elected officials, industry leaders, and gaming experts say the Garden State’s years-long gamble to fight pro sports leagues — all the way to the U.S. Supreme Court — to legalize sports betting has paid off big time.

On a national level, New Jersey’s successful court case opened the door for sports betting to become legal across the country.

On a local level, leaders say, it has helped provide a jolt to the state’s casinos and horse-racing industries, created hundreds of new jobs, provided the state with a bit more in tax revenue, and given New Yorkers a new reason to cross the Hudson River.

“I would characterize New Jersey as a success story and model for the rest of the country,” said Daniel Wallach, founder of Wallach Legal LLC, the first law firm in the country with a focus on sports betting.

Murphy took it a …

Churchill Downs and Sports Betting

Churchill Downs Incorporated (CDI) (Nasdaq:CHDN) has announced an agreement with Golden Nugget Atlantic City (“Golden Nugget”) to enter into the New Jersey real money online gaming (iGaming) and sports betting markets, subject to sports wagering legislation and gaming license approvals. CDI is targeting the first quarter 2019 to begin accepting legal wagers for iGaming and sports betting in New Jersey.

“We are looking forward to offering integrated iGaming and sports betting products in New Jersey,” said Bill Carstanjen, CEO of Churchill Downs.  “We have the unique opportunity to leverage our knowledge and experience operating the largest legal online horse racing wagering business in the U.S. as we enter the iGaming and sports betting markets.”

“We welcome Churchill Downs, a respected U.S. gaming operator with online wagering experience, to New Jersey,” said Thomas Winter, senior vice president and general manager, Online Gaming, for Landry’s Golden Nugget. “The addition of their offering will allow Golden Nugget Atlantic City to cater to an even larger demographic of New Jersey online players.”

The Golden Nugget Atlantic City, located on Frank S. Farley Marina, is a premier resort destination, offering guests more than 740 rooms and suites.  The Golden Nugget has established strong brand recognition worldwide with locations in Las Vegas and Laughlin, Nevada; Biloxi, Mississippi; and Lake Charles, Louisiana.  Launched in November 2013, GoldenNuggetCasino.com is the number one U.S. online casino and was voted Operator of the Year three years in a row from 2015 to 2017 at the iGaming North America Awards.  Golden Nugget Atlantic City accounts for 35% of the New Jersey online gaming market.

Churchill winner's circleChurchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered in Louisville, Kentucky, is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby.  We are the largest legal online account wagering platform for horseracing in the U.S., through our ownership of TwinSpires.com and have announced our plans to enter the U.S. real money online gaming and sports betting markets.  We are also a leader in brick-and-mortar casino gaming with approximately 10,000 gaming positions in eight states.  Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Source: Press Release