Meadowlands Creates Deal for Online Sports Betting
Summary: The Meadowlands Racetrack has signed a deal with CG Technology to operate their third and final online sports betting license in New Jersey.
Meadowlands Racetrack has been quite busy as of late, trying to finish a deal involving their third sports betting license for online game play in New Jersey. The company has now announced that CG Technology will be operating the online and mobile platforms for the company in the state with the gaming license secured by the Meadowlands. With the law in New Jersey, each license holder has the ability to partner with as many as three companies to provide online and mobile wagering.
In the past, Meadowlands chose FanDuel Sportsbook to power their mobile options as well as their land-based venue at the race track. The second skin of the company went to PointsBet, a brand located in Australia. Now, the company has decided to work with CG Technology, with the two set to launch a product this year.
CG Technology has struggled to gain entry into New Jersey as they faced serous issues in their home state of Nevada. The Nevada Gaming Commission had handed down violations against the brand based on infractions involving mobile betting from locations outside of Nevada. The infractions involved wagers being accepted on events that had already concluded as well.
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In 2014 and 2016, the company had paid $7 million total for fines from the past. For the most recent charges, CG was able to settle with the Gaming Control Board of Nevada for $250,000. However, the Commission did not approve of this settlement because the company had several repeat offenses.
Eventually, the Commission agreed to a deal where CG Technology would pay $1.75 million and then donate $250,000 to the Council on Problem Gambling in the state. They also have changed out their core technology in order to provide better services.
So now, the company has been able to complete their deal with the Meadowlands to expand their service options. Speaking on the new deal, CEO and Chairman of Meadowlands, Jeff Gural said: “We are excited to announce this partnership with CG Technology. 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.”
More Sports Betting for New Jersey
The state of New Jersey is already thriving when it comes to sports betting. The new sports betting option by CG Technology will only add to the overall gaming offerings of the state. Players are sure to enjoy the new online site, but when the brand will actually launch is anyone’s guess.
Sports betting, both online and land-based, is in the infancy stages in New Jersey. This year, the state will continue to see new sites added like the one by CG Technology as well as land-based offerings. Many existing operators have launched land-based options but have yet to go mobile. This year, we will see the sports betting industry continue to grow and mature, giving insight as to just how much in revenues the state can create from player wagers.
We will continue to monitor the new partnership between CG Technology and the Meadowlands, providing information as to when the new site will be operational as information is provided.