Drazin the bar
HORSE RACING CAN EXPLOIT THE SPORTS BETTING CROSSOVER FROM THE KENTUCKY DERBY all the way to the
Belmont Stakes, horse racing has become ingrained into US society. The introduction of regulated sports betting, said Dennis Drazin, will only increase its exposure
W
ith the continual advancement of legalized sports betting in the United States following the repeal of the Professional and Amateur Sports Protection Act of 1992 (PASPA), horse racing is tipped to benefit from the influx of punters and opportunities that arise. Dennis Drazin, Attorney at Drazin & Warshaw, PC, explained that the domino-effect of states legalizing could lead to a ‘crossover’ effect between legalized wagering and the horse racing industry. During his induction to the Sports Betting Hall of Fame in April, Drazin explained: “I think there is a lot of crossover that can be developed. Right now we have a healthy horse racing market and we do pari-mutuel wagering. Several years ago we started doing exchange wagering. “But the opportunity now with sports betting lets you cross market by having things such as pick-fours, pick-fives, pick-sixes with several legs being horse races and other legs being sporting events and parlays. It gives you the opportunity to market both at the sports bettors, as well as the horse race wagering public. “A lot of our horse racing fans have been wagering on sports betting
for a long time anyway, albeit it was illegal before but now it is legal in New Jersey and will become legal in many other states in the next several years. “I think that there are a lot of marketing experiences that we can draw upon to get both industries have some synergies and expand its growth
“I DON’T SEE THAT WE’RE CANNIBALIZING EACH OTHER, I THINK WE’RE BOTH GROWING OUR MARKETS AND WILL CONTINUE TO EXPAND”
an instrumental role in the repeal of PASPA, Drazin saw the Supreme Court decision as a victory for New Jersey policy makers. “There were so many memorable moments in the process, but I guess the most significant one that stands out is the day at Monmouth Park when we took the first sports bet,” he added. “Governor Murphy came and placed the first bet, there were thousands of people there, you couldn’t move within the space. It was an overwhelming feeling of satisfaction having accomplished so much in changing a historic landmark for the country.
through both briefs. I don’t see that we’re cannibalizing each other, I think we’re both growing our markets and will continue to expand.” Drazin, who is also CEO of Monmouth Park in New Jersey, was one of the first people to be present at the race track when the first legalized bets were placed back in 2018. Having played
“You know sports betting through the Supreme Court’s decision was a victory for state’s rights and we always believed that state’s rights to have it all should be fulfilled in one moment where everyone came together. We were able to witness the first bet, and with the crowd, it was probably the most magnificent experience during the process.” •
50 OFFICIAL SPORTS BETTING GUIDE TO G2E • OCTOBER 2019