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Churchill Downs To Open An NJ Sports Betting Online Casino Churchill Downs Incorporated (CDI) is about to launch a new NJ sportsbook and an online casino this year. During the report for the third-quarter Bill Carstanjen, the CEO of CDI, announced that the firm will enter the NJ sports betting market before the end of the year. Churchill Downs Inc (CDI) launched New Jersey’s newest online casino and sportsbook, BetAmerica, which, operates under Golden Nugget’s license. CDI first revealed its BetAmerica brand last year at two MS land-based casinos. But, that state doesn’t allow online gambling or sports betting yet.
Churchill Downs is betting big on New Jersey and Pennsylvania to bolster its gaming empire.
Discussing the two neighboring markets to investors last week, CEO Bill Carstanjen expressed his eagerness to expand.
“We will spend a modest amount on sports betting and iGaming markets in 2019 in New Jersey and Pennsylvania,” Carstanjen said during the company’s Q4 earnings call. He continued:
“We like states that we believe may ultimately grant access to sports and online casino gaming to their brick-and-mortar casino license holders. We have a deeply experienced online team, and an important objective for this team is to lead us beyond horse racing into sports betting and online casino wagering.”
The launch of PA online gambling is still months away, but that hasn’t stopped Carstanjen and company from jockeying for position to capitalize on the opportunity.
Churchill Downs investing in the future
Carstanjen indicated that the extent of Churchill Downs’ investment hinges on a few factors.
- Final regulatory approvals
- Sports seasonality
- Return on spend
The company does not have a casino in New Jersey, of course. But it has entered into a “skin” agreement with Golden Nugget to gain access into the NJ online gambling market.
“We’ve been surprised how well we started in New Jersey because we have not yet marketed in any material way,” Carstanjen said. “We’re still awaiting approval from Apple to put our iOS app in the Apple Store.”
Churchill Downs has partnered with BetAmerica for its sports betting and online casino operations.
Roadmap into active (and prospective) markets
Looking into the Pennsylvania market, Churchill Downs plans to open a BetAmerica sportsbook at Presque IsleDowns in Q2.
The company recently purchased the casino from Eldorado Resorts for $178.9 million. According to Carstanjen, the 1,275 square-foot sportsbook will feature 50 self-service betting kiosks and 50 televisions.
Churchill Down additionally views Illinois as a state with significant potential for expansion.
Midwest expansion in the cards, too
On Friday, the Illinois Gaming Board approved Churchill Downs to acquire 50.1 percent of Rivers Casino in Des Plaines. The company signed a $407 million agreement in October that could potentially increase its share of equity to 62 percent.
Carstanjen said that the Rivers acquisition was notable for two reasons:
- Future upside if gaming expansion is passed
- Investment in a premier gaming property in a premier location
Illinois has been flirting with a gaming expansion bill for years without much to show for it. But with new Democratic Gov. J.B. Pritzker and Democrats controlling both chambers, lawmakers might finally be able to get something passed.
The governor has included $217 million in sports betting revenue as part of his budget for the next fiscal year.
“If Illinois ultimately grants sports betting and iGaming rights to brick-and-mortar casino license holders,” Carstanjen said, “[Rivers] is in a casino market we have always valued.”
Churchill Downs generated net revenue of $219 million in Q4, up 22 percent from the prior quarter.
As horse racing grapples with the present circumstances, it reveals a glimpse of the future.
Online gamblers, like Garden State residents participating via 4NJBETS powered by TVG, are saving the sport. Betting handle, despite the absence of spectators, is dramatically exceeding what some tracks pay in purses.
This may enable them to survive.
In fact, some of the top racetracks in the US have quite a full slate of posts over the next few days including Santa Anita, Churchill Downs, and Gulfstream Park.
Churchill Downs: What’s driving the horse betting action
In a nutshell, the app has come to the rescue for NJ sports betting fans.
Churchill Downs, which returned over the weekend, reported impressive handle exceeding half a million dollars in practically every race.
And there were no bettors at the track (or at the closed AC casinos), indicating that wagers placed remotely made the business viable.
The key to this dynamic was the large size of fields. The horses scheduled to run in the original Churchill meet (which did not start on time because of the COVID-19 pandemic) have fewer days to do so and will ultimately swell the size of the fields. Some races had 18 entries for the opening day.
That has two benefits.
- More betting options ensure a higher handle.
- Large fields create exceptional betting values.
Churchill Downs returned with a flourish, sporting big fields and payouts that looked reasonably attainable.
The first race Saturday paid $5,859 for a $2 superfecta involving the 3-1, 2-1, 12-1, and 20-1 exact order of finish. The winning entry, 3-1 on the morning line, actually drifted up to 5-1 just before race time.
This paid extraordinarily well for favorites running in the first and second spots. In big fields, it’s hard to find the “right” longshots, but anyone who found the 20-1 and 12-1 shots here, and combined them with the favorites in a superfecta ticket, made a nice score.
Horse betting spotlight: Santa Anita
Santa Anita has been a signature track for horse racing.
The California track has held numerous prestigious races including both the Santa Anita Derby and Santa Anita Handicap.
It has also hosted the Breeders Cup, horse-racing’s multimillion-dollar signature fall weekend, a record 10 times.
Its second weekend back will be strong. There are two stakes races on Saturday. They are the Charles Whittingham and Daytona Stakes.
On Memorial Day, a special card includes three grades stakes. They are the Shoemaker Mile, the Gamely Stakes, and Monrovia Stakes.
The opening weekend featured several horses winning from the 4-1 to 6-1 odds range and a fair number of $1 trifectas paying more than $100. Bettors could take the favorites with confidence.
Here’s a hot tip: The “exotics” (exactas, trifectas, and superfectas) are always tantalizing.
But if you like a horse at 5-2 or higher, give it a high percentage of your bet on the win and place line. It is tempting to shoot for the big money, but few things frustrate a bettor more than picking the best horse in the race and not collecting because all the money went into the exotics.
Best horse bets at Gulfstream Park
A jackpot pool guarantees of $900,000 in the 20-cent Rainbow pick six will greet bettors when Gulfstream Park resumes Thursday. The bettor must select the winner of six straight races.
The Rainbow went unsolved Sunday when multiple tickets with all six winners were each worth $18.48
The carryover jackpot is only paid out when there is a single unique ticket sold with all six winners.
On days when there is no unique ticket, 70 percent of that day’s pool goes back to those bettors holding tickets with the most winners, while 30 percent is carried over to the jackpot pool.
Thursday’s Rainbow 6 spans Races 5-11 and includes three races scheduled for the grass which attracted 43 entries, an average of 14.3 horses per race.
Early-race magic: Not as remote as it looks
It happens at Gulfstream Park, seemingly every weekend, in the early races.
A longshot creates a huge payout.
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The second race Sunday paid $2,160 for a $1 superfecta. That payout implies that longshots lit up the board.
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But here’s what happened. A 24-1 shot did win the race. But the three favored horses — at 6-5, 3-1 and 5-1 — ran second, third, and fourth. This is a great payout for a race in which favorites took three of the first four spots.
You would not necessarily have needed an inkling on the 24-1 bomb to collect this ticket. Part-wheeling the 6-5 shot in the second position with the other favorites and a couple of longshots, including the 24-1 race-winner, would have brought this home. You have to get lucky that the longshot wins and the 6-5 favorite stays second.
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Sure, it’s hard to find the right longshot in a large field and yes, this is hindsight. But sometimes you can be half right (picking the favorite), half lucky (including the right longshot), and collect big.
Good luck this week.