Just weeks after acquiring daily fantasy sports site FanDuel, Paddy Power announced agreements to offer sports betting with Meadowlands Racetrack in New Jersey and Tioga Downs in New York. Betfair US, the Dublin-based company’s American subsidiary, will provide retail, online, and mobile sports betting at the tracks.
The FanDuel deal is expected to close in the third quarter of 2018, giving Betfair control of an enormous database of customer information.
Meadowlands, in particular, could happen quickly after the New Jersey Assembly overwhelmingly approved a sports betting bill on Thursday. New York continues work on legislation but its session ends June 20. Tioga Downs is one of four commercial casinos included in current New York gaming law, but new legislation is needed to level the state’s playing field.
Connection already existed between tracks, Betfair
Paddy Power also owns TVG, the online horse and greyhound racing business it purchased in 2009. TVG works with Meadowlands, perhaps giving Paddy Power an edge in landing the sports betting business with Betfair. Jeff Gural, Chairman of New Meadowlands Racetrack LLC and Tioga Downs LLC, explained via press release:
“Sports betting is a great opportunity for Meadowlands and Tioga Downs. We went through a diligent process and reviewed several options to provide customers with the best sports betting experience possible.
In the end, Betfair’s world leading products and experience proved the best choice. We are eager to get started with our partners, with whom we have had a long relationship for racing with TVG, on this exciting venture.”
Paddy Power a major sports betting business overseas
The company operates as Paddy Power and Betfair in the United Kingdom and Europe, as well as Sportsbet in Australia. It touts 5 million active customers and $15 billion in sports wagers processed in 2017.
“Meadowlands Racetrack has the potential to be among the best, if not the best, sports betting venues in the US,” said Kip Levin, CEO of Betfair US.
Meadowlands is in East Rutherford, New Jersey, part of a massive sports complex where the New York Giants, New York Jets, and New Jersey Devils play. It stands just a few miles from New York City, allowing access to a massive potential market.
Tioga Downs is located in Nichols, New York. It is in the central part of the state right near the Pennsylvania border. That could be important if Pennsylvania does not amend a challenging sports betting regulatory and tax structure.
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