Nevada bookmaker CG Technology and New Jersey’s Meadowlands Racetrack on Thursday announced a sports betting partnership.
CG Technology plans to offer online and mobile sports betting in New Jersey through the partnership. It “hopes to go live in time for the start of the next football season in the fall,” said a presser. CG Technology will not have a retail sportsbook.
“We are delighted to enter the New Jersey market and bring forth our decade-plus of experience catering to customers in the country’s biggest gambling market,” said Parikshat Khanna, CEO of CG Technology. “As an early mover in the Nevada sports wagering business, we always envisioned national expansion that would give American consumers more product options.”
The Meadowlands commented on the deal as well.
“We are excited to announce this partnership with CG Technology,” said Jeff Gural, Chairman and CEO of the New Meadowlands Racetrack LLC. “We are confident CGT, with its years of experience, will bring some new and inventive offerings that will appeal to the New Jersey online and mobile sports wagering market.”
CG Technology operates eight brick-and-mortar sportsbooks in Nevada, along with its app.
CG Technology joins FanDuel and PointsBet in partnership with the Meadowlands. FanDuel operates the brick-and-mortar sportsbook, as well as one of the top revenue producing online sportsbooks in the industry.
The Meadowlands generated $31,359,800 in sports betting revenue in 2018, after being in business only a handful of months. It was the top gambling facility statewide in terms of sports betting revenue last year, narrowly beating the operations from Atlantic City’s Resorts casino-hotel, which encompasses online books from both DraftKings and BetStars NJ.
The Meadowlands had nearly a third of the statewide sports betting revenue ($94,022,393) for 2018.
It’s good for the Meadowlands to have multiple skins, especially given that CG Technology last year was slapped with a $2 mm fine in Nevada over numerous regulatory violations. The New Jersey Division of Gaming Enforcement has the same power to impose fines or ban the sports betting operator from the state.
Nevada was considering revoking CG Technology’s license. The mishaps at the company were stunning.
The Silver State determined that CG Technology had accepted out-of-state wagers, bets on games that were already finished, as well as underpaying and overpaying some gamblers.
CG Technology’s entry into the Garden State will bring the number of mobile brands to a dozen. By law, sports betting licenses holders in New Jersey are only permitted to support three online sports betting sites, or skins, meaning CG Technology’s offering will be the last online book in the Meadowlands’ portfolio.
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