Las Vegas-based sportsbook operator CG Technology announced Thursday its first sports betting deal outside Nevada, signing an agreement with the Meadowlands Racetrack in New Jersey to operate online and mobile sports betting in a partnership arrangement.
The deal is subject to approval by New Jersey gaming regulators. CG Technology officials hope to have the product in place by the start of college and professional football in the fall.
Super Bowl 53 fans at the CG Technology sportsbook, The Cosmopolitan of Las Vegas
Meadowlands can offer up to three affiliated sites – commonly referred to as skins – through its license. One is skin is with FanDuel, which has operated the facility’s sportsbook since July. A second skin is with PointsBet, an Australian sports betting operator.
The New Jersey Division of Gaming Enforcement said 72 percent of all sports wagers in the state were made through mobile sports wagering. The state took more than $1.2 billion in sports wagers since legal betting began in June.
CG Technology operates sportsbooks at seven Las Vegas Strip and Las Vegas-area casinos: Venetian-Palazzo, Tropicana, Cosmopolitan of Las Vegas, M Resort, Palms, Hard Rock and Silverton. The company also offers mobile wagering in Nevada.
“We are delighted to enter the New Jersey market and bring forth our decade-plus of experience catering to customers in the country’s biggest gambling market,” CG Technology CEO Parikshat Khanna said in a statement. “As an early mover in the Nevada sports wagering business, we always envisioned national expansion that would give American consumers more product options.”
Meadowlands Racetrack is adjacent to MetLife Stadium, home to the New York Jets and New York Giants, and is the closest gambling facility to New York City.
“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.” Said New Meadowlands Racetrack Chairman and CEO Jeff Gural.
The deal comes as CG Technology – a subsidiary of the Cantor Fitzgerald investment house –attempts to move past a troubled regulatory past in Nevada. In November the company ended a disciplinary matter with the state paying $2 million – $1.75 million fine and a separate $250,000 payment to the Nevada Council on Problem Gambling – to settle a four-count complaint.
The fine marked the third time in five years CG Technology (formerly Cantor Gaming) paid a multi-million-dollar figure in Nevada. The company was fined $5.5 million in 2014 and $1.5 million in 2016, which led to the ouster of company CEO Lee Amaitis.
Khanna, an employee of CG Technology since 2010, became interim CEO following the departure of Amaitis and permanent CEO a year later.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
