With all the attention on the state Gaming Commission’s new whip rule that has been in place since Monmouth Park’s opening day on May 28, some good news came out of Trenton to the iconic Jersey Shore venue on Monday.
The New Jersey State Assembly passed bill A4909, sponsored by Assemblymen Ralph Caputo and Ronald Dancer, by a vote of 71-0 to permit fixed odds wagering in the state.
What Happens Next
After the bill was substituted for S3090 in the state Senate, it passed the Senate earlier in the afternoon a vote of 40-0, which also included both of the state’s harness racing tracks — Freehold Raceway and The Meadowlands — to continue to have races as a condition for keeping its sports betting licenses.
It was then received in the Assembly for a second reading on concurrence and passed by a unanimous vote.
Fixed odds wagering is widely popular in England and Australia.
The bill now moves to Gov. Phil Murphy (D) for his signature.
Monmouth Park would become the first track in the U.S. to offer the wager, which could be implemented for the track’s marquee event on July 17 as the Oceanport track hosts the Grade 1, $1 million Haskell Stakes.
This year’s Haskell will be contested 11 weeks after the Kentucky Derby runs on May 1 and six weeks after thoroughbred racing’s Triple Crown schedule concludes June 5 with the Belmont Stakes.
Last year’s Haskell saw Authentic, the sport’s Horse of the Year, triumph en route to victories in the Kentucky Derby and Breeders’ Cup Classic.
How Fixed Odds Wagering Works
Fixed odds wagering allows bettors to retain the odds at the time of their bet instead of pari-mutuel wagering, where odds are not finalized until betting is completed.
Australia-based BetMakers Technology Group would deliver and manage the new fixed odds wagering at the state’s lone thoroughbred racing track in Oceanport after entering into an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen’s Association and Darby Development, LLC in 2020.