New Jersey Becomes the First State to Offer Fixed-Odds Horse Racing, As Governor Murphy Signs Uncontested Bill
Bill A4909, known as the Fixed-Odds Wagering Act, will allow punters in New Jersey to place bets on fixed-odds horse racing events, rather than only having the option to make pari-mutuel bets.
The bill passed in the Assembly in uncontested fashion, with 74 votes in favor of the bill and just one abstention. It then went to the Senate, which made minor changes to the bill, which then passed again in the Assembly with 71 votes in favor and none against.
The bill was signed into law in August 2021 by Governor Phil Murphy.
The bill outlines the importance of the horse racing industry to the economy and the general welfare of the people of the state, with hopes that specifics of the bill will continue to bolster the space.
One such aspect is that operators must pay 50% of profits after reasonable deductions back into the industry, namely to the permit holders of standardbred and thoroughbred horses.
The bill also dictates that operators who allow those on the self-exclusion list to make a bet could be fined up to $5,000, while any person on the self-exclusion list will be unable to collect winnings from said bets.
BetMakers, an Australian-based racing data and analytics supplier, secured the 10-year contract to act as the exclusive manager of fixed-odds horse racing in New Jersey, with Darby Development’s Monmouth Racetrack the first to serve fixed-odds betting.
Naturally, BetMakers want to utilize their position as the exclusive provider of fixed-odds betting in New Jersey, with other tracks in the state being targeted for deals.