Fixed odds betting on thoroughbred racing in New Jersey moved a step closer to launch on Thursday.
Australian-based BetMakers Technology Group (BET) announced it has received notice from the New Jersey Racing Commission and the Division of Gaming Enforcement outlining regulatory framework that supports approved legislation for fixed odds wagering within the state.
BetMakers would deliver and manage the new fixed odds wagering system after entering into an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen’s Association and Darby Development, LLC in 2020.
“We are extremely pleased to have been notified of the regulatory framework that supports the recently approved legislation for fixed odds betting on thoroughbred horse racing and we now look forward to working with our partners to deliver and manage Fixed Odds betting on thoroughbred racing within this market,” BetMakers CEO Todd Buckingham said in a news release.
“New Jersey will be the first state to approve fixed odds betting on horse racing and we believe this will create the framework that allows the sport of horse racing to capture a significant portion on the sports betting market that is taking off in the U.S.”
BetMakers said it expects to start facilitating fixed odds betting at Monmouth Park in Oceanport before the end of this year. However, the track will not begin its next live racing meet until the summer of 2022.
How We Got Here
On June 21, the State Assembly passed the bill for signature from the governor. On Aug. 5, Gov. Phil Murphy signed bill A4909, which gave the all-go sign to authorize fixed odds wagering on horse racing within the Garden State.
Monmouth Park would have the distinction of becoming the first track in the U.S. to offer the wager.
How Fixed Odds Works
Fixed odds wagering allows bettors in New Jersey to retain the odds at the time of their bet. This differs from pari-mutuel wagering, where odds are not finalized until betting is completed.
When it is available at Monmouth, fixed odds will be offered on win, place and show betting, with a minimum wager of $1.
There will be designated fixed odds windows throughout the grandstand and clubhouse, with televisions displaying the current fixed odds. The track also will show fixed odds for each race during the track’s in-house televised feed of races.
Fixed odds wagering will begin with Monmouth races, with the expectation that it will expand to other tracks that agree to permit fixed odds wagering.
The Meadowlands in East Rutherford and Freehold Raceway are the other two racetracks within the Garden State.