Fixed-odds racing bill heads to New Jersey Senate committee
Odds provider BetMakers satisfied with clarity over vertical launch timeline
A fixed-odds racing betting bill has been introduced into the New Jersey Senate six months after Monmouth Park hired Australian odds provider BetMakers to introduce the vertical to the state.
The bill, sponsored by Senator Vin Gopal, will be presented to the Senate’s Wagering, Tourism & Historic Preservation Committee and then to the governor if approved.
Monmouth CEO Dennis Drazin told EGR North America back in September that fixed-odds betting had been put on hold, pending further decisions by the NJ attorney general.
In February, BetMakers and Monmouth Park presented NJ-licensed operators the option of partnering with the pair to provide fixed-odds racing to their customers using BetMakers’ lines and technology.
PointsBet was one of the first operators to sign on with BetMakers in July, while also extending the deal to its casino partners in other licensed states.
BetMakers CEO Todd Buckingham said: “While the bill still needs to pass through the legislative process, and be signed into law by the governor, it gives BetMakers and its customers clarity as to the process and a timeline.
“This now allows licensed wagering operators to set up and prepare for the opportunity to offer fixed-odds betting on horseracing in New Jersey to their customers,” he added.
Buckingham said that many NJ operators had expressed interest in introducing fixed-odds betting on racing, while Monmouth’s Drazin said he expected the introduction of the vertical to give pari-mutuel betting a boost in NJ.
Flutter closed its NJ Betfair racing exchange in October as the product had not performed well.
“For a variety of reasons, including a customer base used to exotic wagers and a reluctance by major US racing associations to embrace the different business model, it never hit the critical mass needed for it to be viable,” FanDuel’s COO Kip Levin said at the time.