In a January 24 open letter to the Thoroughbred racing industry, Monmouth Park CEO and President Dennis Drazin said the long-awaited start of fixed-rate betting The New Jersey racetrack will take place in March.
Drazin had previously set a target of 2021 and early January 2022 for the launch of the new staking system, but stated in the letter that fixed-rate bets would begin at Monmouth on a March date. unspecified and then, before Oceanport, NJ, the track’s May opening date, will expand to be available online through New Jersey licensed sportsbooks.
Drazin writes: “Under this model, I believe that fixed odds betting can transform the Purebred industry by opening up new revenue that can go back to stakeholders and participants, and growing develop the sport we all love. “It’s time for the Thoroughbred racing industry to join the fixed-odds betting boom that has seen over $10 billion annually bet on sports in New Jersey alone.”
Drazin also said that BetMakers Technology Group, which has a monopoly on fixed-odds betting in New Jersey, has established minimum guarantees with Monmouth and the New Jersey riders.
One is an agreement to hold harmless up to $1 million for any reduction in the wallet due to reduced wins, positions and pari-mutuel bets caused by fixed odds bets.
There is also a minimum commitment of $1 million to wallets over the next 15 years from BetMakers, and Drazin said BetMakers has committed to Monmouth $1 million in revenue, which will help cover the cost of a new wallet. The new, big-screen internal monitor will be announced at the upcoming Monmouth meetup.
Drazin writes: “While we expect and expect that Fixed Odds will provide much higher returns and returns in New Jersey, these minimum guarantees provide us with some certainty. certain of the success of the Fixed Odds rollout on the masters in the state.”
Drazin added that the agreements made were related to Thoroughbred racing only, not to Standard racing.
“All indications are that there will be a similar positive reaction from bettors/acceptors of fixed odds bets on horse racing,” said Drazin while referring to placing bets. Fixed-rate betting on sports has been wildly successful in the states where it has become legal. “The certainty of bettor pricing has attracted a new audience of sports bettors and we expect this to be the case in horse racing. We believe we can. reach a whole new audience — many times larger than what currently exists — through fixed odds.”
