Fixed-odds horse racing betting is now legal in New Jersey. Bettors in the Garden State can now place these wagers on thoroughbred racing conducted at Darby Development’s Monmouth Park in Oceanport. The new launch follows legislation passed by both the Senate and General Assembly on 21 June 2021, which made it the first state to legalize this service.
The first fixed-odds bet was taken on Friday, and this form of gaming was also conducted at the Monmouth Park season launch meeting, on Sunday. Fixed-odds wagering on the meeting was conducted on course with full end-to-end technology and services solutions delivered by Australia-based BetMakers Technology Group.
The new product gives bettors the choice to fix the price of their runner when placing a win, place or show bet. BetMakers describes this choice of option as opening up horse racing to “a sizable new audience” and looks forward to seeing it rolled out into other states and jurisdictions.
After the initial launch on Monmouth Park meetings, the planned expansion is now scheduled to roll out fixed-odds wagering to further horse racing meetings in the coming weeks, BetMakers announced, with up to 10 meetings each day from North American tracks before the intended addition of international meetings.
We are pleased to announce that Fixed Odds betting on Thoroughbred Racing has successfully launched in New Jersey under the landmark legislation passed on 21 June 2021— TheBetMakers (@TheBetMakers) May 9, 2022
Read announcement: https://t.co/NsMIMN0zcz
🐎 $BET #wagering #technology pic.twitter.com/XHJ8HXCohR
Additionally, the company has also been contracted to provide online fixed-odds solutions for Monmouth Park, which the company expects to launch by the next quarter. With the licensing framework for this type of betting now in place, BetMakers says it aims to engage existing US online sportsbooks looking to include horse racing as part of their wagering offering.
"This was a momentous occasion for BetMakers and US horse racing in general,” commented BetMakers’ North American CEO Christian Stuart on Sunday. "We believe horse racing is the untapped vertical for sports bookmakers as they look to deliver more content more often to their acquired databases with products that can deliver solid margins"
"There has been an overwhelmingly positive response to the introduction of fixed-odds betting on sports in the US, and I believe there will be a similar response to fixed-odds betting on horse racing,” Stuart had also said in January. "Fixed-odds has attracted a new audience of people betting on sport, and I expect this will be the case for horse racing.”
The ASX-listed holding company and global provider of wagering products and services further stated it “continues to lead the charge” to deliver what BetMakers believes is “the renaissance of horse racing in the United States.”
And with this bet, fixed odds wagering is officially off and running at Monmouth Park. pic.twitter.com/rj0fGSYC6h— Monmouth Park (@MonmouthPark) May 6, 2022
The company first announced an NJ exclusive agreement to deliver fixed-odds and data distribution in January this year, for a period of 15 years. The business signed the deal with Monmouth Park racetrack operator Darby Development LLC and the New Jersey Thoroughbred Horsemen Association.
Under the deal, NJTHA has appointed the company as its exclusive representative to enter into any written agreement thereby approving, denying or conditioning the conduct within New Jersey of fixed-odds wagering on thoroughbred racing, including NJ thoroughbred content, or any thoroughbred content originating outside of NJ by online operators.
The New Jersey Thoroughbred Horsemen Association also authorizes the business to license and distribute any thoroughbred content to third parties for the provision of fixed-odds wagering on win, place, and show bets; while Monmouth Park appoints the company as the exclusive licensee for the provision of fixed-odds wagering within the state.
"I understand it has taken some time to progress and reach the stage of launching fixed-odds, however, it was important to ensure stakeholders in thoroughbred racing in New Jersey were not only protected but given the best opportunity to capitalize on fixed-odds betting,” commented Darby Development LLC Chairman and CEO Dennis Drazin in January.
As part of the agreement, BetMakers included a provision to ensure existing pari-mutuel revenues are preserved with the introduction of fixed-odds, the parties explained at the time. Furthermore, the racetrack operator described the company as a “strong long-term partner” to assist in the endeavor of offering the best horse racing possible.
"I believe the model that has been agreed for fixed-odds betting on horse racing in New Jersey is the best model globally for the sustainability of horse racing and the fairest model for all participants, including racing bodies, rights holders, and operators of sportsbooks," BetMakers said earlier this year.
The initial launch will be complemented by the rollout of a new website and a mobile app for fixed-odds betting, powered by BetMakers and racing data provider Equibase. Betting on eligible out-of-state tracks will be opened on those under a fixed-odds content distribution agreement with BetMakers’ Global Racing Network division.