Jeff Gural says sports betting not enough to save finances

[Rabbi Of Racing]

Posted: Jun 13, 2018 6:38 PM EDT
Updated: Jun 13, 2018 7:53 PM EDT   EAST RUTHERFORD -
The chairman of the Meadowlands Racetrack says that he is not sure if sports gambling will solve all of the track’s financial problems, but he says that it is a start.

“I feel like the guy who was on death row whose lawyer walked in and said, ‘The Supreme Court just vacated your sentence,’” says Jeff Gural.

Gural says that the racetrack has been losing millions of dollars a year. He says that he hopes that the recently lifted ban on sports wagering will help with the finances, especially if New York fails to pass a similar law. He says that this would make the Meadowlands the exclusive spot around New York City and northern New Jersey for sports gambling.

But Gural does say that he fears that next year will only be good for betting on professional sport games. He says that there is not enough prize money to attract horses for live competition.

Last year, Pennsylvania poured more than $200 million in tax dollars into horse racing. Then former Gov. Chris Christi stopped subsidizing the industry.

Gural says that he wants some of that revenue back, some $30 million a year.

“Is it OK to basically take harness racing and make the Meadowlands a minor league racetrack?” Gural asks.

The Meadowlands currently hosts the million-dollar Hambletonian race and the track will also benefit from a new sponsorship deal. Pending government approval of a merger between online gambling company Betfair and fantasy sports company FanDuel, the Meadowlands Racetrack will get a new sports wagering lounge, the FanDuel Sportsbook at Victory bar.

Gural says that he also hopes to work with his NFL neighbors, the New York Giants and Jets.

"This is going to make sports unbelievably more popular. We’ve just increased the value of every team, even though they stupidly opposed it,” he says.

Gural says that the Meadowlands should be ready to take sports bets by next month. Online gambling should be ready by football season, he says.

[slivercharm]

Comparing himself to a death row inmate lol except death room inmates don't cry for what they did nobody made Jeffie buy the track to lose millions what a doofus somebody send him a box of tampons please

[hoosierboy]

Comparing himself to a death row inmate lol except death room inmates don't cry for what they did nobody made Jeffie buy the track to lose millions what a doofus somebody send him a box of tampons please

Agreeo

[The Exporter]

Sports betting will have a negative impact on racing handle, furthering the decline of harness racing at The New Meadowlands.

[viking55]

Sports betting will have a negative impact on racing handle, furthering the decline of harness racing at The New Meadowlands.

Then gural can moan about how much MORE money he's losing. 

[MR.DALRAE]

QUIT BEGGING AND PUT SOME MORE MONEY UP,,,,OR LOCK THE DOORS,,,,,,YPOU ARE MAKING THE FORMER MECCA  A COMPLETE JOKE

[Powerful Patricks Ghost]

“Is it OK to basically take harness racing and make the Meadowlands a minor league racetrack?” Gural asks.

It already happened so ask and answered. Gural never cared about saving harness. If the prospect of slots and full blown casino never existed at the Meadowlands complex, Gural would have never stepped in.

[bigbettor]

Sports betting will have a negative impact on racing handle, furthering the decline of harness racing at The New Meadowlands.

no it won't ...especially if the big m is the only place to bet games near nyc for awhile. the path train will be full of folks on weekends coming over to play the games. people staying to sweat their action will bet some of their wads on harness.


big question is...if sports only nets about 4%-5% hold then how much will any group (betfair, William hill, etc.) be willing to shift profits toward purses?


there's your questionable impact right there friend.

[Hush Limbaugh II]

The Supreme Court gave Goooofffrrrraaaaa llllllll INC what he wanted, Sports Betting. Before it is even implemented, he is  

   

[Atthetrack7]

 Will there be odds on the camel and ostrich races this weekend?  I got some inside info on one into go.


One of the few days you can call someone a camel jockey and not be called a racist

[slivercharm]

Will there be odds on the camel and ostrich races this weekend?  I got some inside info on one into go.

Gonna take bets by corn cob eating contest for sure

How many garbage cans can dileo empty in an hour

[The Exporter]

no it won't ...especially if the big m is the only place to bet games near nyc for awhile. the path train will be full of folks on weekends coming over to play the games. people staying to sweat their action will bet some of their wads on harness.


big question is...if sports only nets about 4%-5% hold then how much will any group (betfair, William hill, etc.) be willing to shift profits toward purses?


there's your questionable impact right there friend.

Path trains full of people going to the Meadowlands to bet sports... Nice vision but, somewhat pollyanna. The vig is 8.5%. I guess they wanted to be less than the Bookmaker @ 10%. They needed a reason to go to a government book, as opposed to the off the books bookie who always pays and gives you a week to pay never sends the you a W-2G form.
 As for horsemen sharing in the gross profit or even the net of these proceeds, forgetaboutit!!!
 As the state comes on-line, the on line rate goes to 12% I believe. Horsemen getting a piece of that...? Not likely.