The Assembly Tourism, Gaming, and Arts Committee passed Bill A4909 with a majority vote on Tuesday this week as part of the legislative process in the General Assembly, allowing fixed odds wagering on horse races in a fixed-odds wagering scheme. New Jersey is a step closer to bringing fixed odds betting for horse racing, with Bill A4909 being passed in the New Jersey General Assembly.
The change will be well received by BetMakers and PointsBet. Back in July 2020, the Australian companies collaborated to launch fixed odds horse racing betting in the United States through an agreement led by Monmouth Park CEO Dennis Drazin.
The Assembly and Senate will vote on New Jersey Assembly Bill 4909 next. The bill, which would allow New Jersey a new way to gamble on horse races, is scheduled to pass both floors. After passing, the bill would be sent to Governor Phil Murphy for his signature before becoming law.
Bill A4909 was approved by the General Assembly after a similar bill, S3090, was approved by the Senate Budget and Appropriations Committee in New Jersey last September. This was also overwhelmingly approved by a vote of 11-0.
The legislation was promoted by Assembly Gaming Committee Chairman Ralph Caputo and Deputy Republican Leader Assemblyman Ronald S Dancer and received a yes vote of 7-0.
The Assembly Appropriations Committee convened soon after the hearing to review the Bill. It was passed by a majority of 11-0 after a prolonged hearing.
Fixed-odds betting allows gamblers to make bets on horses based on the odds available at the time the bet is made. This causes the odds to adjust up until the last second before the start of a race, depending on new facts. This is not actually available to players in New Jersey’s restricted sports betting industry. They can, though, if A4909 continues on its upward trajectory.