With Monmouth Park set to open its 76th season on May 28, the New Jersey State Assembly on Thursday passed a bill that could change the landscape of horse betting in the Garden State.
Fixed odds wagering moved closer to becoming a reality after the state Assembly voted 74-0-1 on A4909, sponsored by Assemblymen Ralph Caputo and Ronald Dancer, that would permit the new betting platform that is widely popular in England and Australia.
The bill now moves to the state Senate and, if approved, would then go to Gov. Phil Murphy (D) for his signature.
Plenty of Support For Bill
The Senate version (S3090) of the bill is sponsored by state Sens. Vin Gopal and Paul Sarlo, co-sponsored by state Sens. Steven Oroho and Declan O’Scanlon, Jr. It has the support of Assembly Speaker Craig Coughlin and Senate President Stephen M. Sweeney.
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“This is an exciting new wagering opportunity for our fans and we’re grateful for the support from our legislators and Governor Murphy, who continue to ensure the success of Thoroughbred racing in the state,” Dennis Drazin, CEO and chairman of Darby Development, LLC, the operators of Monmouth Park, said in a news release. “Our hope is that we can be up and running with Fixed Odds wagering in time for the TVG.com Haskell Stakes on July 17 — or sooner if possible.”
How Fixed Odds Wagering Works
Fixed odds wagering allows bettors to retain the odds at the time of their bet, as opposed to pari-mutuel wagering, where odds are not finalized until betting is completed.
Monmouth Park would become the first track in the U.S. to offer the wager.
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.
Monmouth Park’s 53-day meet kicks off with four straight days of live racing from Friday through Monday over the Memorial Day weekend. Post time on Fridays is 5 p.m. ET. Post time on Saturdays, Sundays and Monday holidays is 12:15 p.m. ET.