Posted: August 6th 2021, 09:11 NS.
Last updated: August 6, 2021, 11:09 NS.
Fixed odd horse racing in New Jersey is officially legal following Governor Phil Murphy's (D) signature on the law passed in May.
Murphy's delay in signing legislative bills 4909 — unanimously approved bipartisan legislation — was due to a bunch of bills passed on the final day of the New Jersey Legislature in 2021 sessions. Murphy officials said they needed enough time to see the unprocessed portion of the decree.
AB4909 allows Fixed odds to bet on races at three state racetracks (Monmouth Park Racetrack, Meadowlands Racetrack, Freehold Racetrack).
Betting on horse racing traditionally involves betting on the parimutuel method, with odds not fixed until the race begins. Conversely, fixed odds betting allows the gambler to fix the odds at the time of betting, similar to traditional sports betting.
Fixed odds bets are recognized for the growth of horse racing in overseas markets, especially in Australia. Horse racing has been a dying industry in the United States for many years, as evidenced by the fact that many tracks across the country are either closed or no longer hosting live races.
Sportsbook can participate
New Jersey fixed odds betting bill allows people within state boundaries to bet on Monmouth, Meadowlands, or Freehold races from 18-years and older. The law sets a minimum stake of $ 1.
New Jersey citizens can facilitate fixed betting online or directly on horse racing, or go to an old school and make a phone call. BetMakers, an experienced Australian-based fixed-odds horse betting company, has an annual agreement with New Jersey to handle 02-3 track lines.
BetMakers offers fixed odds to licensed sports betting companies in New Jersey, including mobile operators.
Consent sportsbook participants such as DraftKings, FanDuel, BetMGM must share 50% of fixed odds horse stakes income with jockeys. These funds will be allocated to future thoroughbred and harness racing wallets.
The day when the New Jersey Gaming Enforcement Department (DGE) confirms certain rules of the 90 fixed odds horse racing bill and finalizes the management rules.
Handed over in May for AB, the jockey wanted to place fixed odds bets live in time for summer marquee events such as Haskel and UN stakes in July.
American Pharoah Pharaoh finishes 37-year triple crown drought 2015 Kentucky Derby, Preakness Stakes, Belmont Stakes. His next race took place in Haskel less than two months after his historic feat.
There was no new bet on Monmouth Park, but Monmouth Park CEO Dennis Drazin is still excited during the summer season.
Like sports betting, New Jersey will be the first state to legalize fixed odds betting on horse racing. We are very excited about what this can do for the industry. Our partner, BetMakers, is ready. "
Drazin helped lead New Jersey. Legal liability to overturn the long-standing federal ban on sports betting. The state won the proceedings in May 2018, when the US Supreme Court decided to ban outdoor sports betting. Nevada was unconstitutional.