The New Jersey Division of Gaming Enforcement (DGE) announced on Tuesday that it has given Australian gaming operator PointsBet the go-ahead to commence “soft play” online sports betting, partnered with Meadowland Racetrack. They announced their sports-betting tie-up in July.
The existing sports betting law in New Jersey allows state racetracks and casinos of Atlantic City to offer three betting “skins” individually and there’s already a functioning land-based and online betting deal between the Meadowlands and Paddy Power Betfair’s US-facing FanDuel brand.
PointsBet offers the traditional fixed-odds sports betting alongside its trademark Points Betting offering, that weds traditional point spread wagering with spread betting, i.e. usually associated with financial markets. It has increasingly come under regulatory scrutiny in Europe in the last few years because of some outsized losses suffered by customers.
PointsBet’s own betting product allows those betting to take more risk in order to gain greater rewards (or perhaps, losses) depending on the proximity of the prediction and the final outcome.
New Jersey’s sports betting numbers fell surprisingly low in October with betting handle hitting a record $260.7m and a revenue drop to $11.7m – less than the midway figure for September. DGE, which is, all ready to announce New Jersey’s sports betting numbers for November on Wednesday has its hopes pinned on the state to bounce back from October’s disastrously low figures.
Pennsylvania Casinos Want to Cash in on Betting Profits Too
Applications for five casinos have been approved so far by the Pennsylvania Gaming Control Board (PGCB) allowing them to add sports betting to the services they offer. However, only one out of these five – Penn National Gaming Hollywood Casino at Penn National Racecourse has begun taking wagers.
Presque Isles Dawn and Casino, acquired by Churchill Downs Inc, earlier this spring had sent in its sports betting application to the PGCB for approval towards the end of last week, according to GoErie.com. The property has requested to be able to offer wagers offline at its venue as well as through online and mobile channels.
The Mount Airy Casino Resort is yet another enterprise which has sought permission from PGCB to be able to offer sports betting. It is yet to be seen if it’s granted the requisite permissions.
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