When New Jersey launched the first sportsbooks after the 2018 ruling by the Supreme Court permitting each state to develop sports betting, the Meadowlands and Monmouth Park went all in. But Freehold Raceway got left at the starting gate.
That situation looks like it might be resolved. The track seems ready to build a sportsbook with an application to the state Division of Gaming Enforcement seeking a license, according to the Asbury Park Press.
The track, owned by Pennwood Racing—a partnership between Penn National Gaming and Greenwood Racing—has provided Freehold Borough with a basic plan for a sportsbook within the existing grandstand.
“What we have is a very preliminary two-page document that states their plan is to do some renovations within the envelope of the existing structure,” said Freehold Borough Administrator Steve Gallo. “They’re not adding anything new. It’s not going to trigger any major land use application or anything like that, and this is their first step towards getting a license from the DGE.”
Meadowlands and Monmouth Park have brought in $250 million in gross revenue, with $42 million of that number generated at Monmouth Park. There is a 1.25 percent local tax on revenues, with .75 percent going to the municipality and .50 percent going to the county.
New Jersey racetracks and casinos together reported gross revenue of $299.4 million in 2019.
“It‘s good to see,” said state Senator Vin Gopal, a Monmouth Democrat, who sponsored the sports betting legislation in New Jersey. “They have something that is pretty valuable…so I am glad they are utilizing it and hopefully it helps the area and brings people in.”
An official for Penn National Gaming declined to comment for this story.
“They finally seem like they want to move forward,” Gallo said. “It would certainly be a shot in the arm for the facility and a new experience for the region, so we are inclined to be supportive of the move.”
Pennwood purchased the track in 1999 for $46 million. Sports betting would provide another source of revenue to go with the races.
Still unanswered is who will partner with the track for sports betting?
Penn National, which operates in 19 states, signed a deal last year with DraftKings, PointsBet, theScore and The Stars Group to be its online sports betting partners in various states. In New Jersey, DraftKings has already partnered with Resorts Casino in Atlantic City.
Monmouth Park’s selected William Hill, while the Meadowlands went with FanDuel.
