Fixed Odds Horse Racing Betting comes to New Jersey

You could never accuse the New Jersey betting industry of standing still and failing to be proactive in introducing new wagering products. In a radical new move, the Garden State is leading the way in the U.S. by introducing fixed odds betting on horse racing.

The new service was initially announced in February by Monmouth Park (a Garden State race track in Oceanport, New Jersey) in partnership with BetMakers, an Australian gaming technology company with vast experience in establishing and managing fixed-odds wagering Down Under. Earlier this month, BetMakers signed on the dotted line to provide the fixed odds service to the Monmouth Park operators, Darby Development LLC, for 10 years.

The BetMakers fixed-odds betting is not intended to be a replacement for pari-mutuel wagering in the United States, however, it will be offered as an add-on service in order to give bettors more choice with a wider range of exotic betting types.

Fixed Odds Betting vs Pari-Mutuel Wagering – What are the differences?

Unlike pari-mutuel wagering, where odds are constantly updated based on the wagers that are placed, fixed-odds betting allows a horse racing bettor to know precisely what their exact payoff will be if their wager is a winner. Odds are still continually adjusted, just as they are in betting on NFL, NBA, MLB, NHL and other sports, however, the current price is locked when the wager is placed.

The ability of last-minute “whale” bettors to influence the odds with huge bankrolls is thereby eliminated, making for more ‘democratic’ wagers.

Just as a fixed odds product appeals to sports bettors who are familiar with betting at an exact price, the availability of data and racing information to facilitate fully informed decision-making by customers will be an added bonus.

New Jersey and the U.S. racing industry in general will benefit from more competitive pricing, increased transparency, enhanced product development to meet the interests of contemporary bettors who spend more time online than their predecessors and expect information in easy-to-access modern formats. The clearer administration of rules will mean for fairer horse racing betting and help kill off illegal black-market betting, just as sports wagering has done in the Garden State.

Darby CEO a fan of what Fixed Odds Betting will mean moving forward

Dennis Drazin, Darby Chief Executive Officer is clearly a fan of Fixed Odds and what it will mean for New Jersey’s bettors;

“When I speak to our consumers, bettors tell me they are tired of having a horse go into starting gate at one price and, a furlong into the race, the price is half what it was when they left the gate,” he said.

People will get a fairer shake this way.” Drazin continued.

In the early part, this will probably be smaller than what you will see five or 10 years from now,” he said. “It might be like what we have seen with exchange wagering, that there will be a learning curve before people switch over. Probably a lot of people will just still use the pari-mutuel system. But this (fixed odds betting) should appeal to a younger demographic. They will be more interested in this and so will bettors who really understand the value of their wagers and feel they can get a better shake with fixed-odds betting.”

Fixed Odds Betting to spread across the U.S.

Under the agreement, BetMakers will have exclusive distribution rights to incorporate Monmouth Park racing into other international markets and U.S. states while Monmouth Park will make its tote pools accessible to international bookmakers, which in turn is will assist the growth of the domestic tote pools for bettors across the U.S. wagering market.

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