New Jersey gets it right with fixed bet horse racing bets

Go to the New Jersey figure.

By handcuffing jockeys as they use their crops, the state that brought the equestrian watch back about 2,000 years ago may pave the way for a bold new path to the future of gambling in American horse racing. ..

In what must be considered progress, the State Senate and the General Assembly unanimously voted last week to approve fixed odds bets for horse racing. Created by Democrat Ralph Capto and Republican Ronald Dancer, the bill will give Monmouth Park partner BetMakers a green light to unfold what they have been preparing for years. That is, to provide this separate betting market alongside the existing mutual pool.

Democratic Governor Phil Murphy’s inevitable signature is next month’s Haskel Stakes, where New Jersey bettors should finally be able to enjoy what English and Australian players have had for generations. It means that.

In other words, if an equestrian looks at the board 5 minutes before the race and is afraid that their 10-1 odds will be significantly shorter, he or she can bet on a bookmaker to fix that price. I can do it. Similarly, if the same player doesn’t want to deal with bookmaker restrictions on multi-race or exotic betting, Paris Mutual is still there. Private bookmakers do not assume the risk of pick 6 that the mutual pool can handle.

Betters still need to be a good or lucky handicap to come out before, but due to the expansion of options they are already winners. This is a reason to celebrate for horse players who have been overwhelmed by the surge in takeaway rates and the last second batch betting by computer players.

Headquartered in Australia, BetMakers signed a 10-year contract with Monmouth Park in early 2020, providing the infrastructure to place fixed odds bets as soon as it was legalized. The company also has contracts with three trucks: Colonial Downs, Emerald Downs, Grants Pass Downs, Lone Star Park, Fairmount Park’s FanDuel site, and Canada.

But what stands out due to their absence are big boys and girls. Stronach Group (1 / ST Bet is a VSiN sponsor), New York Racing Association, Churchill Downs Inc. Has not participated yet. Their economic model is based on parimutuel betting and there is no doubt that they want a big part of the action from something like BetMakers before making their race part of the fixed odds menu. ..

But in the end, they will line up. The public will demand it. This is different from the simultaneous broadcast of Nickel and Dime, which CDI and Nevada have been competing for nearly two years. These are big bucks when the betting per race actually grew, as the sport didn’t stop during the pandemic. Anyone who has invested in a thoroughbred gambling business will not want to lose.

When opening tens of billions of dollars a year in legalized sports gambling across the country, it may not have the huge footprint left by the 2018 US Supreme Court ruling. However, especially if the jockey feels like New Jersey, it will be nationwide encouraged to bring fixed odds models to nearby racing apps.

New Jersey gets it right with fixed bet horse racing bets

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