There might be a Christmas present for New Jersey bettors like Monmouth Park CEO and president Dennis Drazin said he expects to launch fixed-odds betting at the Oceanport, NJ racetrack in the next few weeks.
With the New Jersey racing season coming to an end until May, Drazin said the initial fixed-rate betting offering will take place on-site at Monmouth Park via bets via simulcast. Then an online component will be added, bringing in sportsbooks, online casinos and iGaming.
“Fixed odds regulations were distributed by the New Jersey Gaming Enforcement Board,” said Drazin, a watcher working with Betmaster. “I believe we can have all the documents signed and ready for it hopefully by Christmas or January at the latest. We’ll start with the actual work at Monmouth Park. and it may take a little while longer to reach agreements in place with online operators. We want to focus on getting this right. I think it’s going to be a huge hit. It’s going to grow. slowly. I don’t expect big numbers overnight, but it will grow.”
Fixed rate bets, quite popular among European and Australian gamblers, allow bettors to lock in wins, position and display prices on their bets, unlike bookmakers pari-mutuel where the odds can fluctuate and increase or decrease after a bet is placed. The placed odds and the final odds are not determined until betting stops.
According to Dallas Baker, BetMakers’ head of international operations, about 14 North American races and a large number of international venues have signed agreements allowing Monmouth to accept fixed-rate bets on races. their race.
Among the American tracks on the list that are currently running races are Hawthorne, Lone Star Park, and Tampa Bay Downs.
“Also, we have many other projects that have agreed in principle with most of them just at the ‘paperwork’ stage and we look forward to officially announcing and welcoming they boarded the train,” Baker said. “January is a good time to start. The regulations are a 57-page document and you have to look at it carefully. We’re ready to go.”
In addition to Monmouth, among other organizations that have agreed to allow Monmouth and BetMakers to offer fixed odds bets on simulcast on their races are Canterbury Park, Colony Downs, Emerald Downs, Fairmount Park, Grants Pass, Assiniboia Downs, Century Downs, and Centuries mile.
New York Racing Association CEO and President Dave O’Rourke has previously said that he likes the concept of odds pegs and is willing to allow Monmouth to offer fixed-rate bets on NYRA races , but an agreement has not been signed.
