New Jersey becomes first state to legalize fixed-odds betting as Governor signs bill

News  /  Published 06 Aug 2021  / 

New Jersey has become the first US state to legalize fixed-odds horse racing betting after its Governor Phil Murphy signed a new bill into law.

Widely known as the Fixed-Odds Wagering Act, the legislation will allow customers to place fixed-odds horse racing bets through official license-holders, rather than only pari-mutuel bets.

Licensees will be obligated to pay a share of their revenue from such wagering to the standardbred or thoroughbred permit holder.

Murphy’s signature comes after the bill secured unanimous approval in both the New Jersey Senate and Assembly in June.

Online wagering solutions provider BetMakers, which has an exclusive 10-year fixed-odds agreement on thoroughbred horse racing in New Jersey, welcomed the announcement.

In February 2020, BetMakers agreed a deal with the New Jersey Thoroughbred Horsemen Association and Darby Development, operator of Monmouth Park racetrack, to deliver and manage fixed-odds horseracing into the state.

Following the signing of the bill, BetMakers will be able to proceed with plans to offer fixed-odds betting to consumers in the state.

“The introduction of fixed-odds betting on horse racing by law in New Jersey is an historic moment for wagering in the US and a landmark achievement for BetMakers,” BetMakers’ chef executive Todd Buckingham said.

“New Jersey become the first state in the US to offer fixed-odds betting on horse racing and opens the door for the thoroughbred industry to offer fixed-odds betting markets on racing in the same way as sports.

“Legalized fixed-odds betting on horse racing in the US has been a pillar of BetMakers’ strategic vision and this announcement enables the company to press forward with the roll-out of fixed-odds betting in New Jersey, while also setting a precedent legal framework that is relevant for our discussion with other states in the US.”

 

Source: iGB North America