New Jersey led the charge to repeal PASPA 1992 and was happy to see the Supreme Court rule in its favour in May 2018. The garden state wasted no time in legalizing sports betting and gaming operators who launched sports betting services have done rather well in the last few months.
Freehold Raceway wants to be the third racetrack in the state to offer sports betting.
Located off Route 9 in western Monmouth Country, the racetrack has already acquired a sports betting license from the New Jersey Racing Commission.
It is now looking for a company to operate its sportsbook. The launch date is set for 2019, though the track still needs additional permission from the New Jersey Division of Gaming Enforcement (NJDGE).
In a statement, Chris McErlean, a Penn National Gaming VP, said
It’s a good market, and Freehold’s location and demographics bode well for us. We are anxious to get in the game.
Penn National co-owns the Freehold Raceway with Greenwood Racing. However, if it wants to catch up to the other racetracks in the state, they’re going to have to work hard. Monmouth Park, located in Oceanport, was the first to open its doors to sports betting in the state, with the Meadowlands following close behind. There are two other racetracks in the state but they have not indicated any interest in sports betting.
The New Jersey sports betting market has heated up quite fast. Since it started, New Jersey has generated $928 million worth of sports bets. If the trend holds up, the result would be that sports betting can become a $2 billion a year industry. However, sportsbooks will only get a portion of this. The state’s regulations only allow them to get five to eight percent of the total wagers.
Freehold will need time to get things in order though. The track needs to renovate an area and turn it into a temporary sports betting area. It will also need to start construction on making a permanent area for its sports betting section.
Once Freehold sets up its sports betting operation, it will result in increased competition between, especially with Monmouth racetrack. They are just 17 miles from each other and will be looking to attract the same customer base. Monmouth has already earned $10.1 million from sports betting and Freehold will try and cut into that. However, Monmouth is happy to welcome the additional competition which bodes well for the state.
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