BetMakers recently announced that it had secured the rights to offer Fixed Odds Betting at Monmouth Park Racetrack in New Jersey. In the new partnership BetMakers will manage Fixed Odds betting at the Garden State racetrack through cash betting terminals and kiosks.
The official deal is between BetMakers DNA Pty LTD and Darby Development LLC, who is the operator of Monmouth Park, and the New Jersey Thoroughbred Horseman Association. The deal is for a time period of five years and before it is official BetMakers must get regulatory approvals from both the New Jersey Division of Gaming Enforcement (DGE) and the New Jersey Racing Commission.
The arrangement allows BetMakers to handle Fixed Odds betting at Monmouth Park every day the venue is open and not just on race days. There is no launch date for Fixed Odds betting at Monmouth Park and because of that and current market factors the projections for fiscal year 2021 is not known. BetMakers expects that starting fiscal year 2022 an annual revenue of $1 million could be generated.
The new deal is not the first one with BetMakers and Development LLC and the New Jersey Thoroughbred Horseman Association. On February 5 of this year BetMakers brokered a 10-year deal with the those two to offer its Fixed Odds horse racing services to licensed New Jersey online bookmakers.
Todd Buckingham, the CEO at BetMakers, said, “This new deal gives BetMakers the rights to offer Fixed Odds betting using on-course terminals and manage wagering through our Managed Trading Services division. We believe this will be the first time in the U.S. that on-course patrons will be able to bet Fixed Odds on horse racing via betting terminals and at kiosk windows. We believe this will provide Monmouth Park patrons with a truly unique betting experience, and one that will be the future of betting on horse racing in the U.S. market. The new Agreement shows the full breadth of BetMakers’ services that we can offer to operators both online and in a retail environment. It is a solution that can be replicated to allow expansion of these services to other tracks and betting venues, including casino throughout the U.S.”
Monmouth Park CEO Dennis Drazin commented on the deal as well, saying, “We have always been forward thinking in the way we approach our business in terms of commercial outcomes and customer experiences, and bringing Fixed Odds betting to Monmouth Park for our patrons is another exciting concept to fulfil both of these aims. We believe that under this deal with BetMakers we will bring more people into our venues, which we can benefit from not only by adding an extra revenue stream via Fixed Odds, but also create more engagement to bring new customers into racing.”
While a launch date has not been set for offering BetMakers’ Fixed Odds at Monmouth Park the racetrack is scheduled to start races on July 3. This comes after New Jersey Governor Phil Murphy greenlighted the tracks in New Jersey to resume horse racing. On July 18th the biggest race of the season will take place at Monmouth Park in the $1 million Haskell States.
BetMakers will have to pay the cost for supplying and maintaining the Fixed Odds betting terminals and kiosks at Monmouth Park. The cash betting terminals and kiosks at the racetrack will be managed by a BetMakers developed central risk management system. The expected bills for these things is expected to cost BetMakers around $250,000.
New Jersey has been at the forefront of Fixed Odds betting in the U.S. In 2019 the Garden State took in a Fixed Odds betting handle to the tune of $4.5 billion. In the new deal BetMakers believes it will be offering the very first horse racing Fixed Odds legal betting in the United States.
Buckingham stated, “There are two key factors behind our optimism on Fixed Odds betting on horse racing in the U.S. Firstly, we know that U.S. punters have shown an appetite for Fixed Odds on other sports through their $4.5 billion annual turnover on sports in New Jersey alone, and secondly we have seen the strong trend in Australia that has seen Fixed Odds betting become the dominant type of betting option preferred by punters.” He went onto say, “This new deal gives us the opportunity to build the perfect model at Monmouth Park to modernize the offering on horse racing through Fixed Odds betting, which we believe will be adopted throughout other racetracks in the U.S. market.”