Paddy Power Betfair agrees sports betting deals with US racetracks

Bookmaker Paddy Power Betfair's US wing has reached long-term agreements to provide retail and online sports betting to New Jersey's Meadowlands Racetrack and Tioga Downs in New York pending legislative and regulatory authorization.

PPB, which recently announced that it would combine its US operations with fantasy sports company FanDuel after the Supreme Court overturned a ban on sports betting, expects to complete the tri-state area by the end of the third quarter.

"Meadowlands Racetrack has the potential to be among the best, if not the best, sports betting venues in the US. Combining these premier facilities with the global sports betting prowess of Paddy Power Betfair is a great match and will enable us to bring an unparalleled sports betting experience to customers in the northeast," said Kip Levin, chief executive of Betfair US.

"Sports betting is a great opportunity for Meadowlands and Tioga Downs," said Jeff Gural, chairman of New Meadowlands Racetrack and Tioga Downs.

"We went through a diligent process and reviewed several options to provide customers with the best sports betting experience possible. In the end, Betfair's world-leading products and experience proved the best choice. We are eager to get started with our partners, with whom we have had a long relationship for racing with TVG, on this exciting venture," he added.

The US Supreme Court paved the way for states to legalise sports gambling when they struck down a 1992 federal law that banned the practice in most places, setting off a rush by businesses and states to cash in on an untapped billion dollar industry.