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 …

2019 Kentucky Derby: New Jersey hopes rest with Vekoma, Tax

A year ago it was Firenze Fire that boasted local ownership, and this year it’s Vekoma and Tax that have ties to the Garden State.

Franklin Lakes resident Raymond Hill, III, who grew up attending Monmouth Park, who owns a piece of two starters in the Run for the Roses, part of partnerships in both Tax and Vekoma.

The versatile Vekoma, a son of Candy Ride who will be ridden by Javier Castellano, is coming off a 3 1/2 length win in the Grade 2 Blue Grass Stakes at Keeneland, having won three of four career starts for trainer George Weaver.

Hill owns Vekoma, a $130,000 yearling purchase, along with New Hampshire brothers Ted and Mike Gatsas.

Tax, ridden by Junior Alvarado and trained by Danny Gargan, ran second in the Grade 2 Wood Memorial at Aqueduct in his last start, finishing behind Tacitus, a closer who is expected to be one of the top choices in the Derby.

Monmouth Park waiting on multimillion-dollar subsidy for horse racing

New Jersey has brought in over $1 billion in revenue in sports betting since it was made legal last year.

Monmouth Park Racetrack in Oceanport alone made millions – but the owners say that they need more revenue to survive.

They are banking on a subsidy from the state to contribute to racing purses. The $20 million subsidy has been approved in the state Legislature. But now the horse racing industry is waiting for lawmakers to vote on it.

Monmouth Park officials say the subsidy is important for scheduling. A higher purse means better talent coming to race.

Officials say they are used to waiting. They are forced to make changes every year to benefit races, including the date of the Haskell Invitational – one of horse racing’s most well-known races.

$100M plan to subsidize New Jersey Horse racing gets closer

Former Gov. Chris Christie, a Republican, ended state support for the industry seven years ago, diverting the money to help struggling Atlantic City.

But under his Democratic successor, Phil Murphy, the state is advancing a $100 million plan to subsidize the racing industry.

A bill that passed the state Senate Monday by a 40-0 vote would appropriate $20 million a year for five years to help racing at Monmouth Park, Freehold Raceway and…

Sports betting ‘encouraging’ but don’t ignore Horse Racing, senator says

Sports betting ‘encouraging’ but don’t ignore horse racing, senator says

“It’s encouraging, but no one should assume that, ‘OK, we have sports betting now, we can ignore this industry going forward,'” O’Scanlon said.

He said that whether or not an individual person likes horse racing, there is no denying its importance to New Jersey. And there may be no more important single day than the annual Haskell Invitational, coming up on Sunday…”

 

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Source: Sports betting ‘encouraging’ but don’t ignore horse racing, senator says

NJ horse racing group sues major sports leagues over bet losses

The action filed by the New Jersey Thoroughbred Horsemen’s Association claims the leagues acted in bad faith when they sought a restraining order in 2014 to block Monmouth Park Racetrack from offering sports betting, because the pro leagues were actively promoting and endorsing businesses that made millions from fantasy sports games that rely on …

Source: NJ horse racing group sues major sports leagues over bet losses

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

NJ’s Christie to Attend Sports Betting Arguments at U.S. Supreme Court

A “cautiously optimistic” Gov. Chris Christie will be at the U.S. Supreme Court Monday to to lend moral support as New Jersey lawyers try to convince the justices to allow legal sports betting at Garden State racetracks and casinos. “I’m looking forward to being in court,” Christie told reporters at a public event in Newark Wednesday.… [Read more…]

New Jersey is the Only State where you can Wager on a Race horse in the middle of a race

horses racingExchange Wagering in New Jersey

While the average age of a horse racing bettor in the state is 61, the typical exchange bettor is 20 years younger.

HACKENSACK, N.J. — Keith Coppola bet on the 1 and 5 horses to win in a recent race that took place at Monmouth Park in Oceanport. The 7 horse wound up the winner — but it wasn’t a complete loss for Coppola. He wound up getting most of his $250 in original wagers back thanks to… [Read more…]

Trump administration asked to support N.J. sports betting appeal

Washington DCWASHINGTON — In his quest to legalize sports betting in New Jersey, Rep. Frank Pallone Jr. is seeking help from President Donald Trump’s administration. Pallone (D-6th Dist.) is asking Acting Solicitor General Jeff Wall in a letter to be sent Tuesday to request that the U.S. Supreme Court to hear New Jersey’s appeal of the latest… [Read more…]