NJ sports betting is expanding once again, and this time the new site comes via a partnership with Meadowlands Racetrack.
Nevada-based CG Technology is the newest player to announce plans to launch an NJ mobile sportsbook. Those who frequent Las Vegas sportsbooks may recognize the name.
According to the press release, the start of the 2019 NFL season is the target launch date.
Parikshat Khanna, CEO of CG Technology, commented on joining a crowded NJ sports betting market:
“We are delighted to enter the New Jersey market and bring forth our decade-plus of experience catering to customers in the country’s biggest gambling market. As an early mover in the Nevada sports wagering business, we always envisioned national expansion that would give American consumers more product options.”
Jeff Gural, chairman and CEO of New Meadowlands Racetrack LLC, is equally as excited about the partnership:
“We are confident CGT, with its years of experience, will bring some new and inventive offerings that will appeal to the New Jersey online and mobile sports wagering market.”
The deal is subject to approval by the New Jersey Division of Gaming Enforcement.
Meadowlands expects big crowds for March Madness
Gural chatted with Play NJ on Tuesday about sports betting and how things are going. He is equally excited about the news that 14 betting kiosks are being installed at the on-property FanDuel Sportsbook.
The machines are being placed near the betting windows.
He noted that 50 percent of the horse racing bets are placed on the machines. Adding the sports betting machines will, of course, allow more customers to place wagers.
The plan is to have them ready to go by early March, just in time for the NCAA Tournament. And speaking of March Madness, Gural expects the multi-day event to be a huge draw.
“I think the biggest crowds we will get will be for March Madness, especially the first week when there are multiple games at the same time. Just being able to watch all the games at the same time, I think we’ll have a big advantage.”
Of course, it was just a couple of weeks ago when FanDuel Sportsbook at the Meadowlands accepted Super Bowl betting for the first time. Gural said Meadowlands was crowded on Super Bowl Sunday but he noted the other playoff games drew bigger crowds.
Many of the bets on the big game were placed a day earlier.
New York + FanDuel = success
The eight sportsbooks located inside of Atlantic City casinos have the advantage of being walking distance from slot machines and table games.
FanDuel’s retail sportsbook, on the other hand, gets the edge when it comes to location — 12.9 miles from New York City.
The Empire State has yet to kick off legal sports betting. It means New Yorkers looking to place legal sports bets are making the short trip to the Meadowlands or betting using the FanDuel app within New Jersey.
This includes the futures on the New York Yankees to win the 2019 World Series.
“I think we have the best location by far, especially without New York having sports betting,” Gural said.
Partnering with an established brand like FanDuel is another big draw. Prior to entering the NJ sports betting market last summer, the company built a national following via its daily fantasy sports offerings. The retail sportsbook opened its doors on July 14, and the mobile app launch followed on Sept. 1.
In terms of NJ sports betting revenue, the partnership resulted in solid financial returns. Based on December numbers released by the DGE (January’s will be announced on Wednesday), FanDuel enjoyed its best month to date with $5,532,837.
“I think FanDuel and DraftKings have a huge advantage from their fantasy days,” Gural said. “When you look at the market, FanDuel and DraftKings dominate the market.”
PointsBet, on the other hand, is still new to the market, having launched only in December. CG Technology will have to find its footing in a young but very robust market.
CG Technology and its Vegas connection
CG Technology operates the Tropicana, Venetian, and Cosmopolitan sportsbooks on the Las Vegas Strip. But the New Jersey offering will not include a retail location.
Reaching an agreement with the Nevada-based company will be the third and final online skin permitted under the Meadowlands’ license. While the deal remains a work in progress, Gural sees the company as a strong final piece. Its recent issues with the Nevada Gaming Control Board are not a concern.
“They really initiated the sports betting concept in Las Vegas with these luxurious sportsbooks and where you could bet on devices,” Gural said.
Plus, those regulars who place bets at the CGT-operated sportsbooks in Las Vegas, but reside in New York or New Jersey, will know the name. And brand recognition is everything in this new legal sports betting market.