The New Jersey Thoroughbred Horsemen’s Association (NJTHA), which operates Monmouth Park, has moved one step closer to recouping legal costs of $3.4m which were laid down as a bond by the major sports leagues in the legal fight that led to the strikedown of PASPA.
The US Third Circuit Court of Appeals voted this week in favor of the association which is also seeking $150m in damages arising from alleged loss of revenue.
The NJTHA filed its suit against Major League Baseball, the National Basketball Association, the National Football League, the National Hockey League, and the National Collegiate Athletics Association in the wake of the US Supreme Court’ decision to overturn PASPA.
It contested that the leagues’ stance preventing New Jersey from offering legal betting led the venue to lose $150m in revenue. Put in perspective, since PASPA’s demise, Monmouth Park has earned $28m in revenue from legal sports wagering.
Offering its take on the situation was analyst PlayNJ.com which noted: “The NJTHA sought two amounts: $3.4m from a bond posted as a security in the original PASPA case and nearly $150m in damages. The latter is how much Monmouth Park estimated it lost as a result of not being able to offer sports betting while Murphy vs. NCAA (originally Christie vs. NCAA) was going on.”
Citing the original complaint, it added: “For example, lost estimated sportsbook win that Monmouth Park could have had during the period October 26, 2014 – May 14, 2018 is $149,977,173. This sum does not include other damages Monmouth Park has suffered as the result of having been prevented from accepting sports bets.”
The estimate at this point, said PlayNJ.com, might be a “bit high but “not entirely out of line”.