Summary: The New Jersey racetrack Monmouth Park is trying to offer sports betting by the start of the upcoming NFL season.
The state of New Jersey is the reason why sports betting is now a reality across the United States. Monmouth Park along with other stakeholders played a major role in helping sports betting to become legalized in New Jersey. For years, the state fought to be able to offer sports betting and back in May, the United States Supreme Court decided to strike down the Professional and Amateur Sports Protection Act which led to the ability for states to create their own sports betting regulations.
By June, Governor Phil Murphy had signed legislation allowing the activity to begin and the race track opened their William Hill branded venue fairly quickly. Monmouth Park has been a leader when it comes to sports betting and the brand wanted to be one of the first to launch online betting as well. The state had a 30 day hold on offering online wagering and now that the time period is up, Monmouth Park cannot seem to get their mobile product ready to launch.
Will They Be Ready by Football Season?
Once sports betting was a go in the state, operators rushed at the chance to get started. The main reason was that the NCAA and NFL football seasons would be starting soon and this is the busiest time for sports betting in the states. While Monmouth Park has a physical location, they still may not be ready online when the new football seasons begin.
The majority of wagers placed each year will come from football betting. For the racetrack to truly make a profit, they must have their online sportsbook up as quickly as possible. The park has to be approved by the New Jersey Division of Gaming Enforcement and according to CEO Dennis Drazin, this approval should be given soon.
According to the CEO, he spoke with the CEO of William Hill US, Joe Asher, who stated that they are very close to approval and the DGE is working as hard as they can to get the facility running online sports betting as quickly as possible. They are aware that the brand needs and wants to open by football season.
In anticipation of the sports betting action for the football season, Monmouth Park has already expanded their seating available as well as added more video monitors for sports fans.
Overall Sports Betting Numbers
Monmouth Park was the first to offer sports betting in New Jersey, accepting wagers starting on June 14th. During the opening month, the facility brought in just over $2.2m in revenues for just 17 days of operation. However, in July, the brand only saw $856,280 in revenues. This was a huge drop in revenues when comparing June to July.
Of course, when football season begins, it would help the track to see more activity. Fans of football as well as sports betting in general, are sure to visit the track to place their wagers. Monmouth Park feels they will have a better chance to see an increase in revenues if they can offer online wagering as well. Sports fans who cannot or don’t want to travel would still be able to place their wagers with the brand, just in online form.
Competition is certainly heating up in the state as operators continue to launch online and land-based services. If Monmouth Park does not act quickly, they could lose out on revenues as other operators snag up their traffic.