European bookmakers have their finger on the pulse of new opportunities with the New Jersey sports betting bill having come into effect. Betfair US, the local subsidiary of Paddy Power Betfair, has just announced a partnership with Meadowlands Racetrack and Tioga Downs.
This comes after Paddy Power purchased a controlling stake in FanDuel just a few weeks ago. FanDuel CEO, Matt King characterized this move as “leading the charge into the US sports betting market”.
Kip Levin, CEO of Betfair US has been quoted as saying that Meadowlands Racetrack has the potential to be the best sports betting venue in the US, and that the partnership will enable them to “bring an unparalleled sports betting experience to customers in the northeast”.
The Betfair-Meadowlands partnership has been an organic development as Paddy Power already owned TVG which operates with Meadowlands, offering online horse and greyhound racing.
So is this new development in the partnership purely about sports betting, or is there more to it?
Meadowlands, an already well known and very successful venture, is in East Rutherford just a few miles outside of New York City and is located next to the MetLife Stadium which is home to the NFL’s New York Giants and Jets. Combine this with Paddy Power’s 5 million active users and $15 billion of wagers in the last financial year, and one is looking at a potential power-house partnership. Together, they might well become one of the top – if not the elite destination - for sports betting.
Jeff Gural, Chairman of Meadowlands and Tioga, said that after a detailed and investigative process they had found Betfair’s products and experience to be the best choice in the market for development and projected expansion. Not only will Meadowlands benefit from positive brand association in the form of Betfair, but they bring with them an attractive customer database from the FanDuel purchase which will hugely benefit Meadowlands.
The deal is due to come into effect in the third quarter of the year, although with Governor Murphy having signed off legislation on the 11th June for sports betting in NJ, the partnership could go live at any time if they are able to conclude matters sooner.
Betfair, have at other times, been quoted as saying that they might well have a land-based sportsbook operating at Meadowlands by mid-July.
Either way, Betfair has assured gamers that they will be up and operational to offer sports betting in time for the NFL.
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