Betmakers Technology on track to debut fixed odds horseracing in US
New Jersey fixed odds bill unanimously passes Senate and General Assembly
Betmakers Technology is set to become the first betting operator to offer fixed odds horseracing in the US after a New Jersey bill authorizing the practice unanimously passed in both the Senate and General Assembly on June 21.
The fixed odds bill is now headed to Governor Phil Murphy’s desk for signing into law.
The successful conclusion of the legislative process will allow Betmakers — an Australia-based operator that has an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator of Monmouth Park racetrack — to roll out fixed odds thoroughbred racing in the Garden State.
Betmakers announced its market access deal through Monmouth Park back in February 2020, but had to wait out a “thorough and exhaustive” legislative process, according to CEO Todd Buckingham.
“We are pleased that the bill, after minor amendments, has now passed full votes on the floor of the Senate and General Assembly in New Jersey,” said Buckingham.
“We feel the support for fixed odds as a solution to facilitate growth in the horse racing industry in the US gaining momentum throughout the industry. We are excited about what this opportunity means for the racing industry in New Jersey and more broadly in the US.”
While pari-mutuel horseracing has long been regulated and offered in the US, the nature of pari-mutuel pools — where the odds can shift significantly after bets are placed — is not very conducive to casual betting.
Betmakers’ horse racing product should prove much more relatable to recreational bettors, who will now be able to wager on horses in a similar way to how they bet on their favorite sports teams.