A resolution is at hand in a lawsuit over millions of dollars stemming from New Jersey’s years-long battle to overturn a federal ban on sports betting.
According to a judge’s order entered Monday in Trenton, the major pro sports leagues and the NCAA have reached an agreement with the New Jersey Thoroughbred Horsemen’s Association, the group that sought to open a sports betting site at Monmouth Park Racetrack in 2014 when the federal ban was still in place.
The U.S. Supreme Court didn’t overturn the federal sports betting ban until 2018, but the horsemen’s association had sought to recover a $3.4 million bond the leagues had posted in the fall of 2014 when they convinced a judge to issue a restraining order to stop the track from offering sports betting while the federal case was still being litigated.
U.S. District Judge Freda Wolfson’s order entered Monday didn’t specify the amount of the settlement. It is expected to be finalized within the next 30 days.