Penn National Gaming reports that northern New Jersey might finally be getting its own NJ sportsbook. Penn National and Greenwood Gaming have lined up to get NJ online sports betting skins from Freehold Raceway.
In short, another establishment is about to enter NJ sports betting.
New Jersey’s most ancient racetrack, Freehold Raceway, will be the face for the state’s future retail and online NJ sportsbook and as co-owners, Penn National and Greenwood negotiated through December.
Freehold Raceway Becomes PNG And Greenwood’s First NJ Sportsbook
Starting in 2019, New Jersey residents might be able to find a retail sportsbook just a short drive away from Monmouth Park. Freehold will be the third racetrack to open doors to NJ sports betting.
If the sportsbook does launch, it will be a great strategic addition to Penn National’s list of operations. The company had the honors to launch the first PA sportsbook at Hollywood Casino days before Thanksgiving. Penn has also partnered with William Hill US in West Virginia.
Greenwood’s entrance into the PA sports betting market, on the other hand, was on hold until the Parx Sportsbook in Bensalem officially opened for business just a couple of weeks ago. Greenwood has Kambi Group in its corner, the company that powers DraftKings Sportsbook, SugarHouse Sportsbook and 888 Sportsbook in New Jersey.
PA Companies Moving Into NJ Sports Betting
Greenwood had already spilled the beans on its intentions to launch operations in NJ sports betting back in its November press release announcing the Parx-Kambi deal.
Penn and Greenwood won’t be the first PA gaming entities to make a move in New Jersey. Pennsylvania's SugarHouse Casino powers the mobile sports betting app SugarHouse Sportsbook, which began in August, and has reached the third spot in October revenue out of eight NJ sportsbooks.
NJ Sports Betting Could Turn Things Around For The Freehold Raceway
An active retail NJ sportsbook at the Freehold Raceway will most definitely mean increased revenue and traffic for the racetrack. As Chris McErlean, Penn National Vice President of Racing, said, sports betting could secure the future of the Freehold Raceway in a way that wasn’t available until now.
This could be especially true if the bill that Meadowlands and the Standardbred Breeders and Owners of New Jersey pushed passes, in which case the state would provide the racing industry $100 million in purse supplements for five years. That would mean at least $1.6 million of purse money for Freehold Raceway.