DraftKings Ramping Up Operations In New Jersey Ahead Of SC Ruling
DraftKings has been "hiring staff for a new office it opened" in Hoboken, N.J., in anticipation of the Supreme Court's decision on the future of sports betting, which came down today, according to Kate King of the WALL STREET JOURNAL. DraftKings co-Founder & CEO Jason Robins said that the company has also "held discussions with officials at the New Jersey Division of Gaming Enforcement, which would need to approve the company’s license and gambling software." Robins: "We think we’ll be ready Day 1 and we think it will be a real big success." He added that he "believes the company could see 'hundreds of millions in revenue from sports betting in New Jersey." Meanwhile, state of New Jersey officials, casinos, racetracks and sports-betting operators have also been "making preparations" ahead of the Supreme Court's ruling. Monmouth Park Racetrack operator Dennis Drazin said that the facility could "start accepting wagers within two weeks of the Supreme Court’s ruling." Drazin hopes sports betting will "help the state’s struggling horse-racing industry survive." He predicts Monmouth Park’s "profits from sports gambling" could range from $25-50M annually. Meadowlands Racetrack operator Jeff Gural said that he has "taken a wait-and-see approach to sports betting." He believes that sports wagers could help plug a $3M "annual deficit his racetrack is operating with due to competition from higher purses in New York and Pennsylvania" (WALL STREET JOURNAL, 5/14).
NEED A BOOKIE? In N.Y., Josh Kosman noted a major league sports team exec "met with the owner of a bookmaker last week to pitch sponsorship opportunities." This means in-stadium advertising for bookmakers could be "coming down the road" (N.Y. POST, 5/14).