Betfair to Power Meadowlands Racetrack with Sports Betting

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Online gambling company and popular sports betting exchange Betfair announced last week that it struck long-term deals to be the provider of a range of sports betting and mobile applications for the Meadowlands Racetrack in New Jersey, and Tioga Downs in New York.

Betfair US is a subsidiary of Paddy Power Betfair PLC, one of the world's largest publicly traded sports betting companies with more than five million active customers.

"We could not be more excited to partner with Jeff Gural and his partners for sports betting in New Jersey and New York," said Kip Levin, CEO of Betfair US, according to a company press release.

Meadowlands Racetrack is located inside of the Meadowlands Sports Complex in East Rutherford, approximately 10 miles from the famed Times Square in New York City. As the gaming legislation being adopted in each state is intrastate (meaning inside the state), gaming tourism is expected to provide a substantial boost in revenue as the model has worked for many years in Las Vegas. In addition, state residents may be tempted to ante up with local establishments for the comfort of being able to collect cash in person. It remains to be seen how competitive local sportsbooks will be with their offers compared to what's available at online sportsbooks, where bettors have access to a larger variety of companies, not just those confined to their state borders.

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