Australian sports betting and data distribution company BetMakers announced that it extended its New Jersey exclusive fixed odds and data delivery agreement from 10 to 15 years.
The betting data provider signed an amended agreement with Darby Development LLC and the New Jersey Thoroughbred Horseman Association (NJTHA). Darby Development LLC operates the Monmouth Park Racetrack in Oceanport, New Jersey, under a five-year lease together with the New Jersey Sports and Exposition Authority.
NJ Fixed Odds Betting is Going to Start from March 2022
Under the amended deal, BetMakers and its New Jersey partners have agreed that the Australian-listed company will be the exclusive fixed-odds distributor for thoroughbred horse racing events in New Jersey for the next 15 years.
Darby Development chairman, Dennis Drazin, said he was excited about the “introduction of fixed-odds betting” on horse racing events in New Jersey.
The Darby Development CEO expects thoroughbred fixed odds betting to start in the Garden State in March 2022. He went on to say that they had already set a date for online fixed-odds wagers – May 7 2022, before the start of the racing season at Monmouth Park.
A Provision to Preserve Existing Pari-Mutuel Revenues
Drazin added that launching fixed odds betting on NJ horse races took longer than planned, but that they had to take their time to make sure that stakeholders were protected and given the best chances to profit from fixed-odds wagering.
BetMakers agreed to preserve Pari-Mutuel revenue streams despite fixed-odds introduction, and Drazin thanked the Australia-listed betting company for their patience and guidance during the negotiation process.
The Perfect Betting Model for Horse Racing
Todd Buckingham, BetMakers CEO, was pleased with the extension his company got and said that Dennis Drazin and the people at Darby Development created an ideal race betting model that would help everyone involved in fixed odds wagering feel the perks that come with it.
He said he felt that the model they agreed on was the best form of fixed-odds betting for New Jersey and was also the ideal model to keep horse racing betting as fair as possible.
Buckingham added that with the betting configuration they agreed on, everyone involved in horse racing, from participants and sportsbooks to racing bodies and rights holders would get the protection and benefits they deserved.
Lastly, the BetMakers CEO expressed his excitement for being able to give bettors the chance to fix the odds of their runner when betting on a win, or when compiling place or show wagers. He said he believed that fixed odds betting would bring a new audience to horse racing, and was looking forward to the model going live into other states too.
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