Sports betting in New Jersey will have a new option as Gov. Phil Murphy signed bill A4909 on Thursday, which authorizes fixed odds wagering on horse races within the Garden State.
The bill, co-sponsored by state assemblymen Ronald S. Dancer and Ralph R. Caputo and state senators Vin Gopal and Paul A. Sarlo, is awaiting regulatory approval from the New Jersey Racing Commission and the Division of Gaming Enforcement.
On June 21, the State Assembly passed the bill by a vote of 71-0 to permit fixed odds wagering in the state.
Starting Up At Monmouth Park
Monmouth Park would have the distinction of becoming the first track in the U.S. to offer the wager.
“We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and Senate President Steve Sweeney, in advancing fixed odds wagering,” Dennis Drazin, chairman and CEO of Darby Development LLC, the operator of Monmouth Park, said in a news release. “It provides our patrons with another wagering option that we firmly believe will be a popular one.”
Australia-based BetMakers Technology Group 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.
How Fixed Odds Works
Fixed odds wagering gives NJ gambling options, allowing bettors 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 Park, fixed odds will be offered on win, place and show betting at the outset, 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 will also show fixed odds for each race during the track’s in-house televised feed of races.
Fixed odds wagering will begin with Monmouth Park races, with the expectation that it will expand to other tracks that agree to permit fixed odds wagering on their races.
The Meadowlands in East Rutherford and Freehold Raceway are the other two racetracks within the Garden State.