New Jersey: sports betting finally arrives at Freehold Raceway

Freehold Raceway initially received a sports betting license from the New Jersey Racing Commission after the state won a seven-year battle to legalize sports wagering.

2020-03-05

United States

Reading time 1:30 min

The harness track, owned by Pennwood Racing, a partnership between Penn National Gaming and Greenwood Racing, provided the Freehold Borough with a basic plan for a sportsbook within the existing grandstand.

The Freehold Borough Council unanimously approved on Monday a resolution supporting an application by the Freehold Raceway track to seek a sports wagering license from the New Jersey Division of Gaming Enforcement.

"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."

Since Gov. Phil Murphy placed the first legal bet on a sporting event in the state on June 14, 2018, the state’s other two racetracks, the Meadowlands and Monmouth Park, have combined to rake 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 had combined gross revenue of $299.4 million in 2019, Asbury Park Press reports.

"It‘s good to see," said state Sen. Vin Gopal, D-Monmouth, who sponsored the sports betting legislation. "They have something that is pretty valuable that only a handful of people in the state have and that is that sports betting license so I am glad they are utilizing and hopefully it helps the area and brings people in.

"It has an incredible impact on the local economy, and on these two racetracks in Monmouth County and their employees."

"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."

Freehold Raceway initially received a sports betting license from the New Jersey Racing Commission after the state won a seven-year battle to legalize sports wagering. The U.S. Supreme Court ruled that the 1992 Professional and Amateur Sports Protection Act, which prohibited sports betting in a but a few jurisdictions, was unconstitutional.