Fixed-Odds Horse Race Betting Comes to New Jersey
A significant change has happened regarding horse race betting in the state of New Jersey. For the first time fans of the sport can place fixed-odds bets.
The new betting service has been introduced by BetMakers Technology Group, Darby Development, and the New Jersey Thoroughbred Horseman Association. As time passes it will probably lead to the evolution of services offered by the 24 sportsbooks in NJ listed there. This is good news for people who enjoy betting on horse races in the state.
What is the difference between fixed-odds betting and pari-mutuel betting?
The changes to the betting landscape in New Jersey came into being on May 7, 2022. They were enabled by the passing of the Fixed-Odds Wagering Act in August 2021. The act was passed into law by Governor Phil Murphy.
It means that it’s now possible to place fixed odds bets on horse races as well as pari-mutuel wagers at Darby Development’s Monmouth Park, using self-service terminals.
Fixed odds bets are the most popular form of wagering in the UK. They give people the opportunity to choose the odds in place at a specific time and bet against the bookmaker. This is different to pari-mutuel bets where wagers are placed into a pool and those wagering are betting against each other.
Websites and apps offering fixed-odds betting accompany Monmouth Park bets
The launch of fixed-odd betting at Monmouth Park is being supplemented by a website and a mobile app where fixed odds betting is possible. The website and app are powered by BetMakers and Equibase.
In more good news for sports fans, Betmakers are liaising with other sportsbooks operators to enable fixed-odds betting using a variety of apps. Representatives of the company have said how proud they are to have revolutionized the US sports betting landscape in this way.
The changes are a significant event in the long history of horse racing in the US. They represent exciting news for enthusiasts who love the sport. They now have more freedom when it comes to placing bets in New Jersey and this freedom is set to expand even further as more of the New Jersey sportsbooks come on board with fixed odds betting on horse racing.
The launch of the fixed betting facilities comes after BetMakers extended the deal it already had with Darby Development and the NJTHA concerning fixed-odds betting solutions. The initial period that the deal covered was ten years. This has now been increased to 15 years.
This is a great opportunity to improve the range of betting options available to people who enjoy wagering on thoroughbred horse racing in New Jersey. From being restricted to pari-mutuel wagers they now have the chance to benefit from access to fixed-odds betting. The selection of places where this fixed-odds wagering is available are limited right now but opportunities will expand in the coming years as more sportsbooks begin to provide the facility.