One of New Jersey’s top racetracks is now partnered with a leading sports betting platform.
Meadowlands Racetrack in East Rutherford will use International Gaming Technology to help take bets on sporting events. Already partnered with PaddyPower Betfair, one of the world’s most popular betting companies, the move cements Meadowlands as a go-to sports betting destination in a state that’s already taking millions of dollars in bets every day.
The affiliation with PaddyPower Betfair was a major boon for Meadowlands Racetrack. The IGT partnership makes it even stronger.
IGT is the largest B2B gaming company in the world. The London-based gaming provider reports more than $4.5 billion in revenue annually and as of 2015 had $15.11 billion in net assets.
Enrico Drag, an IGT Senior Vice President, said in a press release the partnership will create a “world-class betting experience.”
As sports betting in the U.S. continues to evolve, IGT is prepared to address the needs of its partners through proven solutions and technologies that can be deployed today to advance sports betting across land-based and mobile platforms."
Meanwhile PaddyPower BetFair is using FanDuel, a leading American daily fantasy football provider it acquired earlier this year, to help operate its sportsbook. These high-profile industry leaders will bolster a facility that has already positioned itself as a leading gaming center in New Jersey.
FanDuel CEO Matt King echoed that sentiment in a statement lauding the partnership.
"When we evaluated sports betting platform provider partners in the U.S., IGT was the ideal choice, based on the Company's proven history in the space and the quality, reliability and flexibility of the sports betting technology that it has deployed for customers around the world."
The deal allows Meadowlands to roll out self-service kiosks and retail experiences. This also sets up mobile wagering through the FanDuel brand using IGT technology.
Meadowlands is the fourth facility to take legal sports bets in New Jersey. More significantly, it’s only a few miles from New York City. With the Empire State struggling to get its own sports betting regulations enacted, Meadowlands can take advantage of New Yorkers looking to place a bet.
The facility already broke the million dollar mark in its inaugural weekend. Meadowlands took in more than $1 million between July 14 and 15, setting up what is sure to be millions more to follow in the coming weeks and months.
Gambling revenues are now just pouring into northern New Jersey.
Two Atlantic City casinos, as well as Monmouth Park Racetrack in Oceanport, combined for more than $16.4 million in revenue within the first few weeks of bet taking. At least six more Atlantic City casinos have filled plans to take sports bets and all could be up and running by the start of football season.
New Jersey’s more established online gaming market continues to grow as well. The state reported $233.6 million in revenue for June 2018, a 7.3 percent increase from June 2017. The preeminent gaming destination on the eastern seaboard for the better part of the 20th century, these development are helping fuel a gaming renascence in New Jersey that could motivate other states to follow suit with gambling expansion laws of their own.