BetMakers Technology Group has extended its fixed-odds and data distribution deal with Darby Development, operator of New Jersey’s Monmouth Park racetrack, and the New Jersey Thoroughbred Horseman Association (NJTHA).
The agreement, signed via BetMakers’ BetMakers DNA Pty subsidiary, comes in the wake of New Jersey legalizing fixed-odds betting on racing.
It will extend BetMakers’ exclusive rights for delivering and managing fixed-odds betting on thoroughbred horse racing into New Jersey from the initial period of 10 years to a longer term of 15 years.
Global Racing Network (GRN), the trading name of the subsidiary, will now become the exclusive representative of the NJTHA to enter into new relationships related to fixed-odds wagering on thoroughbred racing in New Jersey.
The NJTHA also authorised GRN to license and distribute any thoroughbred content to third parties for the provision of fixed odds wagering on win, place, and show bets.
It will also serve as the NJTHA’s exclusive licensee for providing fixed odds wagering within New Jersey on live thoroughbred content from inside the state.
In addition, Darby Development and Monmouth Park has appointed GRN as the exclusive licensee of the racecourse’s thoroughbred content for the provision of fixed odds wagering within New Jersey.
“I believe the model that has been agreed for fixed odds betting on horse racing in New Jersey is the best model globally for the sustainability of horse racing and the fairest model for all participants, including racing bodies, rights holders, and operators of sportsbooks,” BetMakers chief executive Todd Buckingham said.
“We look forward to updating the market on the sub licenses deals which we expect to award to operators over the coming months.”
“Lastly, we are very excited to be able to deliver a new product to one of the most important stakeholders in racing – the punters – who will be able to have the choice to fix the price of their runner when placing a win, place or show bet.
“We believe this choice of option will open up horse racing to a sizeable new audience and we look forward to fixed odds wagering on racing being rolled out into other states and jurisdictions.”
New Jersey in August last year became the first US state to legalize fixed-odds horse racing betting when its Governor Phil Murphy signed a new bill into law.
Widely known as the Fixed-Odds Wagering Act, the legislation allows customers to place fixed-odds horse racing bets through official license-holders, rather than only pari-mutuel bets.
BetMakers signed its initial 10-year fixed-odds agreement with Darby and the NJTHA in February 2020, ahead of the legislation passing.
“I understand it has taken some time to progress and reach the stage of launching fixed-odds,” Darby Development chairman and chief executive Dennis Drazin said. “[However] it was important to ensure stakeholders in thoroughbred racing in New Jersey were not only protected but given the best opportunity to capitalize on fixed odds betting on thoroughbred content within New Jersey.
“BetMakers has already contributed significantly to Monmouth Park and to the horsemen in New Jersey and we see BetMakers as a strong long-term partner to assist us in our endeavours to make horse racing the best it can be.”
Christian Stuart, who was last week appointed as BetMakers’ North America chief executive, said there had been an “overwhelmingly positive response” to the introduction of fixed odds betting on sports in the US, predicting there would be a similar reaction to fixed-odds betting on racing.
“Fixed odds – and the certainty of price setting for the person placing the bet – has attracted a new audience of people betting on sport, and I expect this will be the case for horse racing.
“Having recently joined BetMakers in a key role in the US – and understanding the model that has been created for fixed odds betting on horse racing in New Jersey – I believe it presents a good opportunity for sportsbooks to add racing to their fixed odds offerings to customers.”