Key Takeaways
Paddy Power Betfair announced it has signed a deal to provide sports betting to the Meadowlands Racetrack in North New Jersey and Tioga Downs in New York State.
New York real-estate mogul Jeff Gural, owner of the Meadowlands and Tioga Downs racetracks. His new partnership with Betfair US could see FanDuel transition from a purely online DFS site to an online land-based retail betting brand. (Image: Mike Groll/Associated Press)Betfair US, the American arm of the British-Irish gambling giant, said late Thursday it had reached “long-term agreements for retail and online/mobile sports betting” with the venues, both of which are owned by New York real-estate developer Jeff Gural.
Betfair US recently announced that it would , gaining access to its customer-base of at least six million active and non-active DFS players.
FanDuel ‘Likely’ to Be Primary BrandBut Betfair US CEO Kip Levin told Legal Sports Report on Thursday that it was “more than likely” that the company would roll out sports betting in casinos and racetracks under the FanDuel moniker – transforming it from a DFS site into an online and land-based retail betting brand.
Betfair US already operates an online casino in New Jersey, under agreement with the Golden Nugget, and also owns the horseracing channel and online betting network, TVG Network, which is active in 35 states.
Meadowlands’ proximity to the New York metropolitan area it’s next door to the Met Life Stadium, home of the New York Giants and the New York Jets makes it well-positioned to cash in on legal sports betting. It is also the preferred destination of a proposed North Jersey casino, should state voters one day choose to expand gambling beyond the Atlantic City monopoly.
In a press release, Levin said he believed Meadowlands “has potential to be among the best, if not the best, sports betting venues in the US.”
“Combining these premier facilities with the global sports betting prowess of Paddy Power Betfair is a great match and will enable us to bring an unparalleled sports betting experience to customers in the northeast,” he added.
Tioga May Have to WaitWhile New Jersey, barring the signature of Governor Phil Murphy, has legalized sports betting, the, and with its legislative session due to close on June 20, it’s questionable whether sports betting legislation can be passed this year at all.
Tioga Downs was one of four venues to receive full-scale casino gaming licenses in upstate New York after state voters chose to legalize commercial gaming in 2013. However, revenues have fallen short of projections since it opened its casino-hotel in late 2016 and sports betting could be the shot in the arm it needs.
“Sports betting is a great opportunity for Meadowlands and Tioga Downs,” said Gural in an official statement. “We went through a diligent process and reviewed several options to provide customers with the best sports betting experience possible. In the end, Betfair’s world leading products and experience proved the best choice.
“We are eager to get started with our partners, with whom we have had a long relationship for racing with TVG, on this exciting venture,” he added.
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