One New Jersey racetrack is poised to reap millions from sports betting — if it becomes legal.
Monmouth Park is the only New Jersey racetrack or casino to commit to offering sports betting if the state prevails in federal court. The court fight involving the professional sports leagues and the NCAA already has lasted more than two years.
On Oct. 24, a judge issued a temporary order prohibiting Monmouth Park from offering sports betting. The parties will argue in court in three weeks over an extension of the judge’s prohibition.
Monmouth Park legal adviser Dennis Drazin (DRAY’-zin) says the track is losing about $3.5 million to $4 million per year. He estimates sports gambling would bring the track $1 billion in bets and $75 million in revenues annually.