Australian gaming technology company BetMakers Technology Group announced today that the awaited legalization of fixed odds wagering on horses in New Jersey is now a reality after the bill was signed into law by Gov. Phil Murphy on August 5.
Exclusivity to Manage Fixed Odds
The bill that was unanimously approved by the Senate and General Assembly in June makes the Garden State the first US jurisdiction to legalize fixed odds betting on horse racing, justifying BetMakers’ strategy built around the vertical, while also setting a legal precedent for the company’s push for the legalization of fixed odds wagering in other states.
The introduction of Fixed Odds betting on horse racing by law in New Jersey is a historic moment for wagering in the United States and a landmark achievement for BetMakers.”Todd Buckingham, CEO, BetMakers Technology Group
In early 2020, BetMakers signed an exclusive 10-year deal with New Jersey Thoroughbred Horsemen Association (NJTHA) and the operator of Monmouth Park racetrack, Darby Development LLC, to deliver and manage fixed odds on thoroughbred horse racing in New Jersey.
Following the legalization, the New Jersey Racing Commission (NJRC) and the Division of Gaming Enforcement (DGE) are expected to consider regulatory rules for fixed odds wagering on horse racing, while Monmouth Park is planning on offering win, place, and show betting on its own races as soon as the regulatory framework is in place.
Our partners, BetMakers, are ready to go and we are open for business. What this means is that any wagering operator in New Jersey who wants to bet Fixed Odds on horse racing must have an agreement through our partners, BetMakers, which will enable us to control the returns paid to the racing industry.”Dennis Drazin, Chairman and CEO, Monmouth Park
In anticipation of the legalization of fixed odds on horse racing, BetMakers acquired the racing, tote and digital business from Sportech, a deal greenlighted by shareholders in December 2020 and completed in June 2021, to expand its capabilities and accelerate growth in the US.
As we have stated, the acquisition of the Sportech assets provides BetMakers with a platform to target strong growth in the United States, including with respect to Pari Mutuel and Fixed Odds wagering.”Nick Chan, Chairman, BetMakers Technology Group
Speaking about the legalization, BetMakers CEO Todd Buckingham outlined that the company would be looking to confirm a date when the first bets at Monmouth Park will be taken as a first step, followed by an expansion of fixed odds wagering on horses online via operators with an agreement with BetMakers in place.
While the company is excited by the imminent to start Fixed Odds betting, we are also mindful about doing it the most sustainable way that rewards our partners, and we will be looking to reach scale over the next 12 months.”Todd Buckingham, CEO, BetMakers Technology Group
BetMakers CEO concluded by highlighting the potential for horse racing to benefit from recent developments in sports betting, as well as the unique position BetMakers has by sitting at the forefront of this opportunity.