New Jersey legislators approve fixed-odds wagering for horseracing

Legislators in the American state of New Jersey reportedly passed a measure early last week that could allow local horseracing aficionados to begin placing fixed-odds wagers from as soon as next month.

According to a report from the New York Post newspaper, the New Jersey State Senate and the New Jersey General Assembly unanimously passed a measure last Monday that would offer sportsbetting patrons the ability to lock in the particular odds of a horseracing bet at the time of purchase. This bi-partisan piece of legislation is now headed to the desk of New Jersey Governor Phil Murphy and could purportedly be in full effect by the time the eastern state’s Monmouth Park Racetrack hosts its popular Haskell Stakes event on July 17.

Customer comfort:

The newspaper reported that the fixed-odds legislation is the brainchild of New Jersey General Assembly members Ralph Caputo and Ronald Dancer and would permit horseracing aficionados in ‘The Garden State’ to enjoy a facility that is already commonplace in nations such as Australia and the United Kingdom. The fixed-odds capacity has purportedly been designed to give punters the ability to place bets safe in the knowledge that their odds will not be subsequently shortened owing to fluctuating conditions or market demand.

Explicit expansion:

In its own report on the issue and the weekly The Blood-Horse news magazine detailed that parimutuel wagering is already a staple at the three horseracing tracks in New Jersey. However, the legislation now before Murphy would allow this trio and their associated simulcast partners to offer compatriot fixed-odds markets under the authority and supervision of the New Jersey Division of Gaming Enforcement.

Instant interest:

Australian wagering technologies firm BetMakers Technology Group Limited is reportedly likely to be among the first to take advantage of this legislation should it receive Murphy’s signature courtesy of a deal it inked in February with Monmouth Park Racetrack. The Sydney-listed innovator purportedly earlier asserted that the alliance will see its BetMakers DNA Proprietary Limited subsidiary serve as ‘the only approved official distributor of fixed-odds horseracing content’ for the thoroughbred track owned by the New Jersey Sports and Exposition Authority.

Further fruits:

Todd Buckingham serves as the Chief Executive Officer for BetMakers Technology Group Limited and he reportedly welcomed the passage of legislation that could set ‘the right legal and commercial framework for introducing fixed-odds betting into the United States through New Jersey’. The firm’s boss also purportedly stated that the measure has become popular because it may help ‘to facilitate growth in the horseracing industry’ and he is now ‘excited about what this opportunity means for the racing industry in New Jersey and more broadly in the United States’.

Reportedly read a statement from Buckingham…

“We are pleased that the bill, after minor amendments, has now passed full votes on the floor of the New Jersey State Senate and the New Jersey General Assembly. The legislative process has been thorough and exhaustive in terms of our consultative approach with lawmakers and stakeholders in the New Jersey racing industry.”