The state of New Jersey has legalized fixed-odds horse racing betting. Bettors in the Garden State may now make these bets on thoroughbred racing at Darby Development’s Monmouth Park in Oceanport, which opened in April. 

The new service has become available due to legislation enacted by the Senate and the General Assembly on June 21, 2021, making it the first state to authorize this kind of service.

Horse Racing to Significant New Audience

On Friday, the first fixed-odds bet was placed, and this kind of gambling was also used at the Monmouth Park season launch meeting, which took place on the following day. 

BetMakers Technology Group, located in Australia, provided complete end-to-end technology and services solutions to ensure that fixed-odds wagering on the meeting ran smoothly and successfully on the day. 

When making a win, place, or show bet, bettors will now have the option of fixing the price of their runner, thanks to the new product.

BetMakers characterizes this option as “offering up horse racing to a significant new audience” and anticipates that it will be expanded to additional states and jurisdictions in the future.

More racing meetings to offer fixed-odds wagering

Following the successful launch of fixed-odds wagering on horse racing meetings at Monmouth Park, BetMakers has announced that it will roll out fixed-odds wagering on additional horse racing meetings in the coming weeks. It will start up to ten sessions a day from North American tracks per day before adding international races.

Additionally, the firm has been hired to supply Monmouth Park with online fixed-odds solutions, which the company anticipates launching within the next quarter. 

With the regulatory structure for this form of gambling now in place, BetMakers says it intends to collaborate with current US online sportsbooks who are interested in including horse racing as a wagering option in their wagering portfolio.

Darby Horse Racing secures new deal with New Jersey

In January of this year, the business established an exclusive arrangement with the state of New Jersey to provide fixed-odds wagering and data dissemination for a duration of 15 years. The agreement was inked by the company with the operator of Monmouth Park racecourse, Darby Development LLC, as well as the New Jersey Thoroughbred Horsemen Association. 

NJTHA has appointed the company as its exclusive representative to enter into any written agreement 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 New Jersey by online operators, according to the terms of the agreement.

New Jersey referred as strong long-term partner

New Jersey Thoroughbred Horsemen Association also grants the company authority over any thoroughbred content that is licensed and distributed by third parties for the purpose of providing fixed-odds wagering on win, place, and show bets; and Monmouth Park has appointed the company as its exclusive licensee for the provision of fixed-odds wagering within the state of New Jersey. 

According to the parties ‘ explanation at the time, a provision was incorporated as part of the agreement to guarantee that current pari-mutuel income be protected after the implementation of fixed-odds betting. Furthermore, the racecourse management referred to the corporation as a “strong long-term partner” who would contribute to the effort of providing the greatest horse racing experience possible at the track.

Additionally, a new website and mobile app for fixed-odds betting will be launched in conjunction with BetMakers and horse racing data supplier Equibase to complement the first launch of Fixed Odds. Those tracks that have signed a fixed-odds content distribution deal with BetMakers’ Global Racing Network subsidiary will be able to accept bets on qualified out-of-state tracks beginning this month.