Racetrack Chairman says sports betting not enough to save finances

Posted: Updated:
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.

  • Top StoriesTop StoriesMore>>

  • Police: 9 wounded in shooting at Trenton bar

    Police: 9 wounded in shooting at Trenton bar

    Saturday, May 25 2019 9:05 AM EDT2019-05-25 13:05:55 GMT
    New Jersey police say nine people were wounded in a shooting at a Trenton bar Saturday.
    New Jersey police say nine people were wounded in a shooting at a Trenton bar Saturday.
  • New Jersey health officials warn of Legionnaires' disease, measles

    New Jersey health officials warn of Legionnaires' disease, measles

    Saturday, May 25 2019 8:23 AM EDT2019-05-25 12:23:10 GMT
    New Jersey health officials are warning residents of Legionnaires' disease and measles cases around the state.
    New Jersey health officials are warning residents of Legionnaires' disease and measles cases around the state.
  • Weekend Workout: Medicine ball throw & twist

    Weekend Workout: Medicine ball throw & twist

    Saturday, May 25 2019 5:40 AM EDT2019-05-25 09:40:09 GMT
    This week's workout comes from trainer Jamie at Lifestyle Fitness. This medicine ball throw and twist is great for your core and obliques.
    This week's workout comes from trainer Jamie at Lifestyle Fitness. This medicine ball throw and twist is great for your core and obliques.
  • New Jersey SlideshowsGalleriesMore>>

  • Live-action 'Aladdin' film flies into theaters

    Live-action 'Aladdin' film flies into theaters

    The live-action Aladdin film flew into theaters Friday.
    The live-action Aladdin film flew into theaters Friday.
  • 2019 Fleet Week New York

    2019 Fleet Week New York

    Fleet Week New York started May 22. This year marks the 31st annual event that features a week filled of activities, themed events and live demonstrations.Fleet Week New York started May 22. This year marks the 31st annual event that features a week filled of activities, themed events and live demonstrations.
    Fleet Week New York started May 22. This year marks the 31st annual event that features a week filled of activities, themed events and live demonstrations.Fleet Week New York started May 22. This year marks the 31st annual event that features a week filled of activities, themed events and live demonstrations.
    Fleet Week New York started May 22. This year marks the 31st annual event that features a week filled of activities, themed events and live demonstrations.
    Fleet Week New York started May 22. This year marks the 31st annual event that features a week filled of activities, themed events and live demonstrations.
  • 2019 PGA Championship Photos

    2019 PGA Championship Photos

    Are you attending the PGA Championship?  News 12 wants to see your photos!
    Are you attending the PGA Championship?  News 12 wants to see your photos!
sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."