Members of the state Senate and General Assembly in New Jersey voted to approve unanimously fixed odds betting on horse races and leave final legalization to Gov. Phil Murphy’s signature.
Expanding Wagering Options for Horse Racing Bettors
The bill, introduced by Republican Assemblyman Ronald Dancer and Democrat Assemblyman Ralph Caputo, is expected to allow bettors on horse racing in the Garden State to see an expansion of wagering options entertained by players in England and Australia for generations.
The availability of a separate betting market alongside existing pari-mutuel wagering is expected to become a reality as soon as next month’s Haskell Stakes, and while it does not amend the need for horseplayers to be lucky handy-cappers, the expansion of betting options is already a win for them.
If they want to lock a favorable price that may go down due to last-minute batch betting by computer players, bettors can turn to bookies. Respectively, if they want to escape limits on multi-race or exotic bets, they can utilize pari-mutuel operators, which assume the risk that cannot be matched by any bookie.
Positioned to Deploy Fixed Odds Betting Infrastructure
The fixed odds betting impending legalization is good news for Australian sports betting technology company BetMakers, which already positioned itself to capitalize on the legal move after a 10-year deal with Monmouth Park in early 2020 to provide on-course management of fixed odds on the racetrack’s behalf.
BetMakers also has similar agreements with a number of racetracks nationwide, including Colonial Downs in Virginia, Emerald Downs in Washington, Grants Pass Downs in Oregon, Lone Star Park in Texas, and Fairmount Park in Pennsylvania, as well as three racetrack properties in Canada.
The sports betting technology supplier then agreed with a deal with Australian-based sports betting brand PointsBet to introduce fixed-odds betting on horse racing in New Jersey as soon as the state legalizes this type of wagering to position itself to maximize gains from the potentially lucrative new market.
And while other racetrack operators like Stronach Group, which operate thoroughbred racing and pari-mutuel wagering via its 1/ST brand, as well as big player Churchill Downs Incorporated (CDI), are currently not prepared to offer the new sports betting option, they are expected to fall in line soon due to the revenue potential presented by growing wagering in a sport which proved resilient during the pandemic.
The legalization of fixed-odds in New Jersey is also expected to initiate a nationwide push for expansion, especially after the benefits of the new sports betting market to bettors and operators in the Garden State will be at full display.