After making progress last year, fixed-odds horse racing is set to take another big step in New Jersey sports betting this year.
On Thursday, BetMakers Technology Group announced the launch of MonmouthBets, the first fixed-odds mobile app for racing in the U.S.
The Australian-based company has partnered with Monmouth Park for years as they’ve worked to develop a fixed-odds racing product. Last year, the New Jersey track offered fixed odds at a few betting windows.
This year, the New Jersey mobile betting app will be available to bettors across the Garden State.
As the name implies, fixed-odds wagering means the odds are locked in for bettors once they make their wagers. Pari-mutuel odds can swing significantly, and in some cases, bettors see their odds drop as a race begins thanks to late infusions of wagers from computer betting accounts.
“Fixed odds betting will help to form a healthy betting ecosystem for horse racing in New Jersey and beyond, with the transformative potential to provide a massive benefit to the entire racing industry,” BetMakers CEO Jake Henson said in a statement.
In addition to races at Monmouth, which starts its meet on Saturday, BetMakers announced that several tracks will be available for fixed-odds wagering through the app or at the Oceanport track.
Tracks in the MonmouthBets network include Tampa Bay Downs, Canterbury Park, Delaware Park, Hawthorne Race Course, Emerald Downs and Century Mile.
BetMakers expects the app to showcase 80 race cards this month, with that number more than doubling in ensuing months.
Fixed odds for races at those tracks will only be available in New Jersey.
The History of Fixed Odds
Calls for offering fixed odds in horse racing have been made for years. Proponents believe it’s necessary for the future of the sport.
Some in racing, though, have pushed back on efforts as they fear a fixed-odds product would erode the pari-mutuel market that provides the funding for horsemen.
The betting public, though, wants to see fixed odds. BetMakers cited a survey indicating 83% of racing bettors would like a fixed-odds option, and two-thirds of American sports bettors said they would be more inclined to bet on a horse race if fixed-odds options were available.
“We’re excited about the prospect of being able to offer fans the ability to wager online, as easily and conveniently as they now do with sports betting, through this innovative app for fixed odds horse racing,” said Dennis Drazin, CEO and Chairman of Darby Development LLC, operator of Monmouth Park. “We believe it will attract new customers, drive growth and increase handle significantly.”
Moves by FanDuel, DraftKings
As BetMakers and Monmouth Park roll out the fixed-odds app, there are other developments taking place between sportsbooks and tracks. That includes both FanDuel New Jersey and DraftKings New Jersey.
FanDuel has integrated its pari-mutuel racebook into its iGaming platform. That allows FanDuel users in certain states to make horse racing bets and wager from the same account they use for sports betting or iGaming.
DraftKings New Jersey has launched an advanced deposit wagering (ADW) platform that utilizes Churchill Downs’ TwinSpires platform.
PointsBet also has created an ADW that is available in 25 states across the country.
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