Horse racing punters in the Garden State can finally start placing fixed odds bets alongside the conventional parimutuel wagers at Monmouth Park. Fixed odds horse bets have been official since May 7th, giving punters even more variety than ever before. Fixed-odds betting came to New Jersey after BetMakers entered into a strategic partnership with Darby Development and the New Jersey Thoroughbred Horseman Association.
Darby Development runs the day-to-day operations of Monmouth Park racetrack and will work hand in hand with BetMakers to deliver and manage fixed-odds horseracing in the state. The agreement is slated to run for 10 years and is the first of its kind in the country. Once fixed-odds horseracing matures in New Jersey, BetMakers expects to debut similar operations and services in other parts of the country.
BetMakers is the only permitted official distributor of fixed-odds horseracing in the state and will provide a much-needed solution for local and global racing bodies to access licensed betting operators in New Jersey. As a result of this new market, bookmakers will now be offering fixed odds wagers on horseracing tournaments and events where the racing body or right holder permits this type of wagers on horse races.
Now that fixed-odds horseracing is legal in New Jersey, punters will now place their wagers easily at any of the available self-service terminals. At first, the launch will also be complemented by the rollout of a new website and app that will be dedicated solely to betting on fixed odds. As you can expect, both the website and the app will be powered by BetMakers in partnership with Equibase.
BetMakers has stated that it also plans to work with established sportsbook operators in New Jersey to debut fixed odds betting in their various established apps. BetMakers also intends to establish wagering on suitable out-of-state tracks that have a fixed-odds content distribution contract with the brands’ international racing network division.
What we cover
What are the particulars of fixed-odds betting at Monmouth Park?
BetMakers believes that fixed-odds wagering will appeal not only to horse racing customers but also to people that currently enjoy sports betting. Even though everything is now above board with Fixed-odds gambling on horse racing becoming a reality, Monmouth Park will still have to take things slow as it works out the bends and twists of this new market.
Since it was made official, Fixed-odds gaming on horse racing has been accessible from every race at the track. New Jersey residents should note that wagers are currently limited to live tellers in 2 locations at the track. Punters can place fixed-odds bets for win, place, as well as a show with a $1 minimum.
Any punter that wins a wager that nets $5000 or higher will have to get approved by a wagering manager at the park first. Win bets for place and show that are higher than $2000 will also be approved by the manager first. Although Fixed-odds betting on horse racing is being allowed at Monmouth Park for the first time, people have actually been placing fixed odds bets for decades in various parts of the world.
Fixed-odds betting is a relatively simple concept to grasp, even for first-timers. If one has ever placed a sports bet online or in a physical sportsbook, then they can easily adapt to this new system of placing bets. Under the fixed odds system, a punter can place a wager at the listed odds and once the race has finished, the punter is paid off at the odds listed on the wager.
Those who have been asking for Fixed-odds betting on horse racing contend that this new system is a whole lot easier as opposed to the old pari-mutuel system of betting on horse races. This is why BetMakers is hopeful that it will attract more sports bettors that are looking to try something new with Fixed-odds betting on horse racing.
Most of the established horse racing gamblers are in support of this new system that will be utilized in conjunction with pari-mutuel betting. Many horse racing punters have complained over the years regarding late odd changes in the customary pari-mutuel system, particularly when those late odds changes end up driving down the winning price. Fixed-odds betting has stepped in to alleviate these concerns and frustrations, which is why many punters are eager to give it a try.
In addition to the rules discussed above, there are some forewarnings to this new system that punters in New Jersey should be aware of. For example, even though New Jersey’s rules explicitly state that punters must accept the pay-out listed on their slip, the Park has been granted an exclusion to that condition by the Gaming Enforcement in the event of one or more scratches.
Under the exclusion, punters that wager on a horse who scratches out of the race will be entitled to receive a refund, which is great news. However, it should be noted that in the event of a scratch, all the remaining wagers that were placed before the scratch will be subject to deduction as deemed appropriate by the track officials. According to officials, this is the same system and process that is applied in all other jurisdictions that have long offered this type of wagers on horse races.
Final Thoughts
Even though fixed odds will soon be available via the website, it is not expected to be available via apps for at least a month or three. In addition, placing fixed odds bets on races will only be allowed at Monmouth Park. Several other tracks in the country have expressed interest in permitting Monmouth Park to accept fixed-odds wagers from New Jersey residents.
However, officials say that it will be a few months before any new tracks are made available. To support its future mission of expanding into even more states, you should expect to see BetMakers forging partnership agreements with other US-based racetracks. Horse racing lovers should also expect to see BetMakers establish agreements with international tracks that are looking to supply content to licensed bookmakers in New Jersey.
