Deal will provide sports betting products to two new markets
Paddy Power Betfair, a subsidiary of Paddy Power Betfair, has signed two long-term sports betting deals that will provide a full repertoire of sports betting products to new markets: New York and New Jersey.
The agreements will provide both online/mobile sports betting as well as retail sports betting content to Meadowlands Racetrack and Tioga Downs.
The news follows a period of US-focused investment and deals by Paddy Power Betfair who recently announced an agreement to combine its US business with US daily fantasy sports operator FanDuel.
Commenting on the new agreements was Kip Levin, CEO of Betfair US, said: “We could not be more excited to partner with Jeff Gural and his partners for sports betting in New Jersey and New York. Meadowlands Racetrack has the potential to be among the best, if not the best, sports betting venues in the US. Combining these premier facilities with the global sports betting prowess of Paddy Power Betfair is a great match and will enable us to bring an unparalleled sports betting experience to customers in the northeast.”
Jeff Gural, Chairman of New Meadowlands Racetrack LLC and Tioga Downs LLC, added: “Sports betting is a great opportunity for Meadowlands and Tioga Downs. We went through a diligent process and reviewed several options to provide customers with the best sports betting experience possible. In the end, Betfair’s world-leading products and experience proved the best choice. We are eager to get started with our partners, with whom we have had a long relationship for racing with TVG, on this exciting venture.”
Both the New York and New Jersey deal is pending legislative and regulatory approval before they can come into effect.