New Jersey Horsemen Settle $150 Million Sports Betting Case For $3.4 Million

According to the Thoroughbred Daily News, horsemen in New Jersey have settled a years-long lawsuit with the NFL, MLB, NBA, NHL, and the NCAA for $3.4 million — far less than the $150 million the group claimed it was owed.

The settlement was reached out of court and entered into the record this week by U.S. District Court Chief Judge Freda Wolfson.

The $3.4 million will come from an escrow bond the leagues put up in 2014 when they first became entangled in a civil suit with horsemen while attempting to stop Monmouth Park from hosting sports betting. In 2018 a U.S. Supreme Court ruling made sports betting legal in New Jersey, and $150 million had been the figure the New Jersey Thoroughbred Horsemen’s Association (NJTHA) claimed it had missed out on in the four years in between.

The escrow bond had originally been designed to cover revenue losses for a one-month period when Monmouth was subject to a court injunction barring sports betting at the start of the civil case.

In exchange for getting the bond amount, NJTHA will decline to pursue the case any farther.

Read more at Thoroughbred Daily News

The post New Jersey Horsemen Settle $150 Million Sports Betting Case For $3.4 Million appeared first on Horse Racing News | Paulick Report.

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