New Jersey saw a unanimous decision with both houses authorizing the legalization of fixed-odds wagering bill. The bill dealt with horse races and is underway for being signed by Governor Phil Murphy. The date has been scheduled for the 17th of July. The expected date is set to see the highly anticipated beginning of fixed-odds betting at Monmouth Park coinciding with the Haskell day.
The Australian firm, BetMakers is handling the fixed-odds betting operations. BetMakers international operations head, Dallas Baker, stated how the Haskell day had been the choicest date to get fixed-odds betting up and running. Sources confirmed how this had all along been a goal of the firm that involves a lot of work. The firm is confident to give fixed-odds betting the go-ahead at the right time.
Advocating fixed-odds wagering for a long time, Monmouth Park aims to turn around things for U.S. racing as it did for Australia. The racing scene in Australia saw a massive explosion with the legalization of fixed-odds betting. It resulted in a whopping increase impacting the racing handle and healthy purse increments. Baker also mentioned how Australia underwent changes in the past decade due to the deregulation of online betting. This, in no time, encouraged the growth of the racing handle and the purse money. The major goal is to replicate what happened in Australia utilizing the opportunities that exist in the U.S but on a stricter timeline that is probably less than ten years. Australia registers 25 billion dollars through wagering in racing out of its 24.6 million residents annually. The figure is 15 billion dollars more in comparison to what the U.S records through betting.
Fixed-odds betting might potentially help to solve what has become a significant problem in American horse racing. Because major bettors who use computer programs to place their wagers are permitted to bet at the latest possible moment, it is typical for odds to drop on a horse during the race. For obvious reasons, this dissatisfies bettors.
Monmouth’s commitment to fixed-odds wagering has led to BetMakers being observant in screening tracks to add on to its betting menu. Baker did not specify the signing of the number of tracks but has complied, hinting at a positive response. He further mentioned a few tracks, probably a dozen had been signed up already.
The bill establishes the legal framework for accepting fixed-odds wagers as long as commercial arrangements with the other tracks are in place. Quite a number have already joined up, with more expected in the coming weeks. A complete selection of international racing will also be available.