Churchill to Enter N.J. Market; Betfair Considers Options

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Bill Carstanjen | CDI

In the wake of the Supreme Court’s Monday decision to strike down a federal law banning wagering on team sports, Churchill Downs Incorporated (CDI) has reached an agreement with Golden Nugget Atlantic City to enter the online gaming and sports betting markets in New Jersey, which is expected to be the first state to usher in the new era of sports betting. CDI expects to begin accepting wagers on both platforms through its partnership with Golden Nugget during the first quarter of 2019, it was announced Wednesday.

“We are looking forward to offering integrated iGaming and sports betting products in New Jersey,” said Bill Carstanjen, CEO of Churchill Downs. “We have the unique opportunity to leverage our knowledge and experience operating the largest legal online horse racing wagering business in the U.S. as we enter the iGaming and sports betting markets.”

In the realm of horse racing, Churchill Downs would be following New Jersey’s Monmouth Park in its entry into the sports betting market. Monmouth and the New Jersey Thoroughbred Horsemen’s Association spearheaded the initiative that ultimately resulted in the Supreme Court deciding that the prohibition of sports wagering under PASPA (Professional and Amateur Sports Protection Act of 1992) was unconstitutional.

The sports betting ruling has produced a number of shake-ups in the gaming industry, and Paddy Power Betfair–the parent company which operates TVG–confirmed that is also in discussions regarding a potential combination of the group’s U.S. business with the prominent fantasy sports platform FanDuel.

“Discussions are ongoing and there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction,” read a statement published Wednesday morning.

 

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