SYDNEY, AUSTRALIA: BetMakers Technology Group Limited’s subsidiary, BetMakers DNA Pty Ltd has signed an agreement with New Jersey Thoroughbred Horsemen Association (Horsemen) and Darby Development LLC., to deliver and manage Fixed Odds horse racing into New Jersey along with exclusive distribution of Monmouth Park racing content throughout other parts of the United States and internationally.
Under terms of the agreement (which is the first of its kind for Fixed Odds betting on horse racing in the United States), BetMakers will be the only approved official distributor of Fixed Odds horse racing content in New Jersey, providing a solution for racing bodies from both the U.S. and internationally to access licensed wagering operators (bookmakers) operating in New Jersey.
The agreement allows bookmakers to offer Fixed Odds betting on horse racing events where the racing body or rights holder allows Fixed Odds betting to occur. BetMakers now intends to form agreements with other U.S.-based and international race tracks that would like to access the New Jersey Fixed Odds market by offering their content to bookmakers licensed in New Jersey.
Bookmakers will need to agree to the terms under the New Jersey fixed odds model which pays a portion of its ‘Handle’ (turnover) back to the race track as ‘Rights Fees’. BetMakers has established the ‘Global Racing Network’ which will initially launch in New Jersey and provide a uniformed set of standard conditions for both racing bodies and bookmakers to allow clarity of reporting and distribution of data and content.
BetMakers will be working with Monmouth and relevant parties to provide data and integrity reporting solutions to ensure racing integrity on all Fixed Odds betting on racing in New Jersey.
As part of the agreement BetMakers’ will exclusively distribute Monmouth Park racing into other U.S. and international regions. Monmouth will make its tote pools available for international bookmakers, which the parties believe will assist the growth of the domestic tote pools and underpin the sustainability and growth of New Jersey Horse Racing and the sustainability and growth of New Jersey Horse Racing.
BetMakers will now start discussions with relevant bookmakers operating in New Jersey (and those looking to operate in the region) who would like to add Fixed Odds horse racing to their offerings.
New Jersey has been one of the pioneers for Fixed Odds sports betting in US and the current sports betting annual turnover is more than $US 4.5 billionn.
BetMakers Chief Executive Officer, Todd Buckingham, said: “We have been working with racing bodies and bookmakers from all parts of the world to develop the best solution that fits into the horse racing ecosystem. We believe that U.S. horse racing has the potential to be the largest betting sport in the US, including basketball, American football and baseball. There is a real opportunity for the U.S. horse racing market to grow like it has in Australia, which has seen prize money levels double over the past 7-10 years based on a funding model that is equitable to all participants.”
Monmouth Park Chief Executive Officer, Dennis Drazin, said: “We have been instrumental in the roll out of sports betting into the US and now we will be the driver of Fixed Odds horse racing in New Jersey and hopefully throughout the U.S. We selected BetMakers as our partner in delivering this concept due to their extensive knowledge and understanding of what is required to make this a success.”
“Our focus at Monmouth Park is ensuring we get the best return for our product and I believe this deal with the team at BetMakers, given their wagering, compliance and technology capabilities, provides us with a solution that can deliver a successful venture.”
Mr Drazin and representatives of Monmouth Park intends to visit Australia prior to the 2020 season to meet with Racing officials to better appreciate how fixed odds has impacted the Australian industry.
Mr Drazin commented: “We are excited to come to Australia as part of an education piece to understand how we can maximize the return on our racing for our participants including owners, breeders, trainers, horse handlers and operational staff at Monmouth Park.”