Freehold Raceway in New Jersey is hoping to become the third horse racing track to offer sports betting as the state’s sports betting market continues to expand.  

The track, which is based in Monmouth County, holds a license for sports betting from the New Jersey Racing Commission and is actively looking for a partner to operate a sports book at the venue. The track doesn’t yet have a specific date to start offering sports betting, but is aiming to launch the new service in 2019, pending approval from the New Jersey Division of Gaming Enforcement. 

Freehold would become the third racetrack in the state to offer sports betting, after Meadowlands in East Rutherford and Monmouth Park in Oceanport. Two former racetrack venues in the state also have licenses to offer sports betting, but have yet to start doing so.  

Booming market 

The operators of Freehold are understandably keen to enter the booming New Jersey betting market. Since it was officially regulated in the middle of June, the state’s sports betting industry has generated $928 million in bets and if the current betting trends hold, sports betting in the state could be on course to become a $2 billion a year industry.  

Freehold will have some ground to make up on its two rivals, as Monmouth Park took its first bet in June and Meadowlands began taking sports bets in July. Between June and November, Monmouth earned $10.1 million in sports betting revenue, while Meadowlands is reported to have earned around $20 million, and those figures are likely to persuade other tracks to join the sports betting business.  

Image sourced from Shutterstock.

Published by Marcus Holland

Marcus Holland is a professional betting and financial trading writer. He has been published on various leading websites including The Street, Investing.com, Wagered.com, and Futures Mag. You can contact Marcus at marcus@bettingreporter.com.

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