BetMakers, which provides intelligent wagering platforms, trading solutions, analytics, as well as odd comparisons to operators, has teamed up with Darby Development and the New Jersey Thoroughbred Horsemen’s Association. This partnership will see BetMakers distribute data and amend odds for the Thoroughbred Association, as well as Darby Development.
Once the fixed odds betting market goes live in New Jersey, BetMakers and its partners expect a massive influx of registrations. Racing has always been an important vertical in the gambling market because it often has several events running throughout the year, which means that punters never get bored or run out of things to wager on. This, with the success of an already successful sport betting market, is the perfect recipe for growth in the newly launched fixed odds market.
BetMakers alongside the NJ Thoroughbred Association and Monmouth Park entered into a one-of-a-kind partnership last year that will see BetMakers:
- Distribute and managed fixed odds wagering on horse races in the Garden State.
- Integrate its fixed-odds technology for operators in the state.
- Supply international racing bodies with the chance to offer their racing in the state through BetMakers.
Since this partnership was formed, BetMakers has been working hard to forge relationships and partnerships with international race tracks that would like to access the newly formed fixed odds market in the country. Bookmakers pay a small percentage of their handle or turnover to the race tracks that participate as rights fees.
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Fixed-Odds Betting for Horse Races Coming
The rollout of fixed-odds wagering in the Garden State is expected to occur this year. Fixed-odds betting on horse races in the state was passed by a unanimous vote of the legislature before it was signed into law by Governor Phil Murphy. In particular, the association hopes to roll out fixed-odds wagering in March 2022.
In the US, market attention has always been placed on the advancement of fixed odds sports wagering. However, very little attention has been placed on the growth of horse racing- until recently. For years, the horse racing industry had been benefiting from the unilateral ban on sports wagers which had been imposed by the federal government. However, ever since the Supreme Court overturned PASPA, the gambling market in the country has grown significantly.
Fixed-odds betting is expected to transform the thoroughbred industry immensely, unlocking new sources of revenue that not only flow back to the operators and stakeholders but also the participants that have helped to make the sport great. As of March 2022, fixed odds wagers on thoroughbred racing meetings will be provided at Monmouth Park. Shortly after the launch in Monmouth, fixed odds wagers on horse races should be available to other punters via licensed sportsbooks in New Jersey.
At present, fixed odds is available to licensed sportsbooks through BetMakers. BetMakers, thanks to fixed-odds management and distribution agreement with Monmouth Park, as well as the state’s Thoroughbred Horsemen’s Association has an exclusive 15-year contract. As a result of this partnership. Any sportsbook that intends to offer customers fixed odds bets on races must first have an agreement or partnership with BetMakers.
All protections have been put in place to ensure that all participants are protected. For instance, the Horseracing Act governs out-of-state signals while the players themselves are protected through FOWA, also commonly known as the Fixed Odds Wagering Act. BetMakes also has minimum guarantees with the association and Monmouth when it comes to payments.
In addition to paying the Rights Fess to race tracks all over the world, BetMakers has also already set up the Global racing network. This network launched in New Jersey and provides a uniform set of regulations and conditions for both racing bodies, as well as bookmakers. This will ensure that the correct data and content are reported and distributed.
In total, BetMakers is hoping to have selected at least 5 online sports and casino operators ahead of the March debut. Once these sports and casino operators have been approved, punters will be allowed to place bets on a range of horse racing markets via online sites, as well as physical casinos, OTBs, as well as various track venues.
New Jersey will be looking to replicate the same results as Australia. In Australia, when fixed odds was legalized, it grew in popularity among modern punters and delivered significant industry growth, as well as the generation of more funds for the racing industry. BetMakers is uniquely positioned to capitalize on this new market in the US because it not only has experience but also the technology needed to make the new market a hit.
Online bets on horse races have been legal in the US in 37 states but exclusively on a pari-mutuel basis. With fixed odds bets finally coming this March, the growth opportunities now seem endless. In 2020, the horse racing market in the country delivered a handle of $10 billion.
Although this is a great number, the growth rate in the industry has been sluggish over the last 10 years and the advent of sports betting created even more risks to those in the racing market. Had fixed odds betting not been legalized in New Jersey, the market was at risk of being left behind the gambling gold rush that has been taking place since 2018.
Final Thoughts
BetMakers has done its best to create a solution that fits into the country’s larger horse racing ecosystem. It is not clear whether the other states will welcome fixed odds betting this year. However, if New Jersey’s fixed odds bets on horse races market experience the same level of success as its sports betting market, there is no reason why other states should not follow suit and legalize their own markets.
Indeed, US horse racing can grow into an even bigger market. Horse racing is huge in other parts of the world such as Australia, which also has a thriving fixed odds betting market embedded into its ecosystem.
