Monmouth is seeking $3.4M to replace the bond they took out to sue the block on sports betting in N.J.GETTY IMAGES
New Jersey's Monmouth Park racetrack is "attempting to recover" more than $150M in revenue it "says it lost because it was 'wrongfully' blocked from taking sports bets" since '14, according to Andrew Maykuth of the PHILADELPHIA INQUIRER. The New Jersey Thoroughbred Horsemen's Association, which owns the racetrack, has "taken aim at the NCAA and professional sports leagues." Monmouth "wants the leagues to cough up" a $3.4M bond they took out in '14 when they "sued to block New Jersey's law legalizing sports betting." The leagues have until next Monday to "file a formal response to Monmouth Park's claim." In a letter to the judge hearing the matter, the leagues "called Monmouth's request for compensation 'meritless, if not frivolous.'" Monmouth said that while the major sports leagues were "fighting New Jersey's gambling law, calling it a threat to the integrity of their games, the leagues were building close relationships with the fantasy sports industry, which promotes fan contests on individual athletes' performance that critics liken to wagering." The NBA, NHL and MLB have "ownership stakes in either DraftKings or FanDuel." Cowboys Owner Jerry Jones and Patriots Owner Robert Kraft also "own stakes in DraftKings." Many teams, including the Eagles, Phillies and 76ers, have "formed partnerships with the fantasy sports schemes." Maykuth notes the $3.4M bond Monmouth wants to recover is "based upon a calculation that the racetrack would lose $850,000 a week by being prevented from opening a sportsbook" (PHILADELPHIA INQUIRER, 7/9).
