Fixed-Odds Wagering Will Soon be Available at Monmouth
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Photo: Mark Wyville/EQUI-PHOTO
The field runs into the first turn for the Haskell Stakes at Monmouth Park
Fixed-odds wagering will be available at Monmouth Park in the coming weeks after Gov. Philip Murphy signed legislation Aug. 5 approving the new bet, with implementation awaiting regulatory approval from the New Jersey Racing Commission and the Division of Gaming Enforcement.
Monmouth Park, working in conjunction with BetMakers Technology Group, will be the first racetrack in the country to offer fixed-odds wagering, a popular bet in Europe and Australia.
"We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and Senate president Steve Sweeney, in advancing fixed-odds wagering," said Dennis Drazin, chairman and CEO of Darby Development, the operator of Monmouth Park.
The bill was co-sponsored by state Assemblymen Ronald S. Dancer and Ralph R. Caputo and state Senators Vin Gopal and Paul A. Sarlo.
Fixed-odds wagering allows bettors to retain the odds at the time of their bet, as opposed to pari-mutuel wagering, where odds are not finalized until betting is completed.
When it is available at Monmouth Park, fixed odds will be offered on win, place, and show betting at the outset, with a minimum wager of $1.
Monmouth Park will also show the fixed odds for each race during the track's in-house televised feed of races.
Fixed-odds wagering will begin with Monmouth Park races, with the expectation that it will expand to other tracks that enter into an agreement to permit fixed-odds wagering on their races.