The announcement of ushering in fixed-odds racing for horses is set to gain steam. An approach by the officials of the New Jersey racing to promote the same on a much larger scale a year ago is gaining fruition. This is especially across the US, wherein the decider was the passing of a bill by the state assembly. The vote saw the figures of 74-0-1 that could lead to the establishment of a regulatory framework. One that is mandated as a prerequisite for wagering in racing matches.
The bill, if approved by the Senate, will be passing over for a final signature by Governor Phil Murphy. The rules and regulations relating to fixed-odds racing will be enforced by New Jersey’s Gaming Enforcement Division within ninety days. This is once if the bill goes on to become a law. There is an insistence by the single-track operator of the state for a prior launch.
The CEO of Monmouth Park operator for Darby Development, Dennis Drazin, quipped his take on the possibility of fixed-odds wagering. This Friday will see the beginning of 2021 meet by Monmouth Park. Barring the holidays of Labor Day and Memorial Day, the track of Oceanport will see running from Fridays onto Sundays till September 26.
Fixed-Odds Product sees a new manager in an Australian Conglomerate
The BetMakers Technology Group of Australia has struck up a deal with the Thoroughbred Horsemen’s Association of New Jersey coupled with Darby Development. One that was materialized in February of 2020 that saw an agreement for 10-years coming through with the allowance of forging partnerships. One that the BetMakers are entitled to enforce with New Jersey-based licensed sportsbooks. Thereby leading to multiple outlets offering fixed-odds racing to its clientele. Forging relationships with several other tracks abroad and across the US have long been the plan of BetMakers. This leverages the bettors across New Jersey in placing their fixed-odds options. Especially for other track races.
Todd Buckingham, the CEO of BetMakers quipped about the efforts the company was working on. This included incorporating other tracks and looking after the regulations to facilitate the growth of fixed-odds.
Sports Betting takes over Horse Racing
Wagering for horse racing has been segregated as a pari-mutuel market across the US. However, there are a few exceptions in Nevada amongst certain sportsbooks that are keen on bigger events. This includes the likes of Kentucky Derby and is more of an option for placing fixed-odds. The odds are not known, and the bettors are left in jeopardy with changes that sum up the fixed-odds racing. Wherein wagers are chipped in the pool till the very last moment. Thus, corroborating statements that favor betting as a product for which the fan base must be broadened, which is more to the likes of sports betting.