Posted: Dec. 18, 2018
Monmouth Park has struck a deal with a sports media company that plans to launch mobile sports betting in New Jersey.
Subject to approvals from the New Jersey Racing Commission and state Division of Gambling Enforcement, theScore, which currently offers news, scores and fantasy information through its online and mobile platforms, hopes to venture into sports betting by mid-2019, according to a release. The company said it would be the first media entity to do so.
Monmouth, operated by Darby Development on behalf of the New Jersey Thoroughbred Horsemen’s Association, began sports betting in June in partnership with William Hill, which provides on-track and mobile wagering platforms. New Jersey sports betting operators are allowed up to three mobile licenses, or “skins,” as part of their primary license; Monmouth earlier signed a deal with SugarHouse Casino, a Philadelphia, Pa., property operated by Rush Street Gaming.
The licensing partnership with theScore was announced Dec. 18. Monmouth will share in any revenue generated from the new platform.
“theScore has one of the leading sports apps in North America, a world-class reputation for mobile sports development, and a large and highly-engaged audience,” Darby Development Chief Executive Officer Dennis Drazin said. “Combined with Bet.Works’ best-in-class technology and their team of experienced sports book operators that will power theScore’s digital sports betting platform, we’re thrilled to welcome them to our exclusive family of partners offering sports wagering in New Jersey.”
“With the rapid growth of mobile and in-game wagering, we are perfectly positioned to deliver a unique and amazing sports betting experience,” said John Levy, founder and CEO of theScore. “Our large and engaged app audience spans every single U.S. state and highly indexes with sports betting enthusiasts. We can’t wait to bring a sports betting product to market and capitalize on this exciting opportunity in New Jersey and other regulated states.”
Parties to the agreement are Darby Development, the NJTHA and Score Digital Sports Ventures Inc. The release states that pursuant to the agreement, “Darby is entitled to a certain percentage of the revenue derived from Score’s operation of the sportsbook, subject to certain annual minimum guaranteed amounts as well as certain upfront fees and renewal fees, if applicable. The agreement has a term of up to 15 years, consisting of an initial term of five years, which is extendable for two successive five-year terms at the option of Score.”
Score also executed a binding term sheet with Bet.Works US, whose proprietary sports betting technology will power theScore’s online and mobile sports betting platforms. Pursuant to the multi-year agreement, Bet.Works will be the exclusive supplier of sportsbook and casino technology to theScore in the United States and also provide certain operational services to theScore to facilitate its sports betting operations.